Europe Silicon Carbide Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Black Silicon Carbide and Green Silicon Carbide), End-Use Industry (Automotive, Aerospace and Aviation, Military and Defense, Electronics and Semiconductor, Medical and Healthcare, Steel, and Others), and Country
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The silicon carbide market in Europe is expected to grow from US$ 85.11 million in 2019 to US$ 211.84 million by 2027; it is estimated to grow at a CAGR of 12.2% from 2020 to 2027.
The market for the Europe region includes Germany, France, Italy, the UK, Russia, and the rest of Europe. The chemical industry contributes a major share to the GDP of the region. This industry is supporting the growth of the economy by assisting with various materials to be used in end-use applications that result in the creation of a diversified array of business opportunities and services. The chemical and materials industry of the EU is considered to be a crucial industry as it significantly contributes to the country’s GDP as well as employs millions of people in the region. Increasing demand for silicon carbide in various product processing for end-use application in semiconductor, automotive, electrical, and other industries are influencing the silicon carbide (SiC) Market in Europe.
In case of COVID-19 outbreak, countries in Europe, especially France, reported an unprecedented rise in the number of confirmed cases, which led to the discontinuation of silicon carbide manufacturing activities, Other chemical and materials manufacturing sector has negatively impacted the demand for silicon carbide during the early months of 2020. Moreover, decline in the overall manufacturing activities has led to the discontinuation of silicon carbide components manufacturing projects, thereby reducing the demand for silicon carbide. Similar trend was witnessed in other European countries, such as Russia, the UK, Italy, Spain and Germany. However, the countries are likely to overcome this drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe silicon carbide market. Silicon carbide is a semiconductor, and it is being used widely in electronics and semiconductors industries as a replacement of silicon. It offers greater breakdown electric field strength, band gap, and thermal conductivity, along with enabling a wider range of p- and n-type control required for the construction of a device. For instance, silicon has a band gap of ~1.12, whereas silicon carbide offers a band gap of ~3.26. Similarly, thermal conductivity for silicon carbide is 1490 W/m-K, which is significantly higher than the thermal conductivity of silicon—150 W/m-K. A majority of silicon carbide is being used to make diodes that are used in power supplies and hybrid modules such as PV7. According to the statistics cited by the Semiconductor Industry Association (SIA), Europe sales of semiconductors witnessed a hike of 4.8% on year-to-year basis and a hike of 6.0% on month-to-month basis. Moreover, 2021 is likely to be a promising year for semiconductors businesses as per the predictions by the World Semiconductor Trade Statistics (WSTS) organization. Such promising statistics depict the growth of electronics and semiconductor industries, making them a lucrative market segment for the Europe silicon carbide market vendors.
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Europe Silicon Carbide Market Segmentation
Europe Silicon Carbide Market – By Type
- Black Silicon Carbide
- Green Silicon Carbide
Europe Silicon Carbide Market – By End-User Industry
- Automotive
- Aerospace and Aviation
- Military and Defense
- Electronics and Semiconductor
- Medical and Healthcare
- Steel
- Others
Europe Silicon Carbide Market, by Country
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Europe Silicon Carbide Market-Companies Mentioned
- Fiven ASA
- Carborundum Universal Limited
- Esd-Sic bv
- Esk-Sic GmbH
- Futong Industry Co. Limited
- Electro Abrasives, LLC
- Washington Mills
- Tifor B.V.
- Grindwell Norton Ltd.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe silicon carbide market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Europe silicon carbide market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the silicon carbide market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution