Asia Pacific Silicon Carbide Market is expected to reach US$ 1,118.92 million by 2027

Black Silicon Carbide Segment to Dominate Asia Pacific Silicon Carbide Market during 2020–2027

According to The Insight Partners market research study on “Asia Pacific Silicon Carbide Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by type, end-use industry and country” is expected to reach US$ 1,118.92 million by 2027 from US$ 436.40 million in 2019. The market is estimated to grow at a CAGR of 12.6% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific silicon carbide market along with the drivers and restraints pertaining to the market growth. Growth of the electronics and semiconductors industries and wide range of applications are the major factor driving the growth of the Asia Pacific silicon carbide market. However, the high cost of raw materials hinders the growth of Asia Pacific silicon carbide market.

In case of COVID-19 outbreak, countries in Asia Pacific, especially India, 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 Asia Pacific countries, such as Australia, Japan, and China. 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.

The market for silicon carbide market is segmented into type, end-user industry, and country. Based on type, the market is segmented into black silicon carbide and green silicon carbide. In 2019, the black silicon carbide segment held the largest share Asia Pacific silicon carbide market. Based on end-user industry the silicon carbide market is divided into automotive, aerospace and aviation, military and defense, electronics and semiconductor, medical and healthcare, steel, and others. The automotive segment is expected to the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific silicon carbide market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for silicon carbide.

Fiven ASA, Carborundum Universal Limited, Futong Industry Co. Limited, Electro Abrasives, LLC, and Grindwell Norton Ltd. are among the leading companies in the Asia Pacific silicon carbide market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The report segments the Asia Pacific Silicon Carbide market as follows:

Asia Pacific Silicon Carbide Market – By Type

• Black Silicon Carbide
• Green Silicon Carbide

Asia Pacific Silicon Carbide Market – By End-User Industry

• Automotive
• Aerospace and Aviation
• Military and Defense
• Electronics and Semiconductor
• Medical and Healthcare
• Steel
• Others

Asia Pacific Silicon Carbide Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific