The impact of the COVID-19 outbreak has compelled several manufacturers and industries to rethink their operations to gradually recover from the losses incurred for years to come. The organic chemicals industry suffered a huge setback due to halted production and a limited supply of raw materials. With the vaccination process picking up pace in countries like China, India, the U.S., the U.K., and Germany, manufacturers are gradually heading towards the road to recovery with an improved supply chain and streamlined production activities.
The following report provides forecast and analysis of the global silicon carbide market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of value (US$ Mn) and volume (Tons), according to a Fact.MR study.
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Global Silicon Carbide Market: In-Depth Assessment on Key Segments
The global silicon carbide market is segmented on the basis of product, application and region.
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Key Takeaways of Silicon Carbide (SiC) Market Study
- Black Silicon Carbide will gain over 4X growth during the forecast period. Budding electric automotive industry and increasing consumption from steel and construction end-uses will invigorate demand.
- Electrical & electronics segment will grow 3.6X through the projection period. Low coefficient of thermal expansion and high resistance to thermal shock make SiC an ideal raw material for electrical & electronics manufacturers.
- APAC (East Asia and Southeast Asia & Oceania) account for more than 50% share of total market value with a prolific growth rate of 16% through 2029. Developing markets such as China, India, and Indonesia are propagating energy efficient automotive manufacturing, further increasing the demand for silicon carbide to be used in EV batteries.
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The market report gets rid of the following queries:
- Which regions are the market players targeting to gain a competitive edge?
- What is the growth forecast of the global market in region?
- What is the Y-o-Y growth rate of the global market?
- Which segment will have the maximum share of the global market by the end of year?
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