Key Driving Factors of Black Silicon Carbide Market
Black silicon carbide will quadruple its market value and continue holding more than half of the overall market share due to increasing usage in the automotive, steel, and construction industries.
Electrical & electronics will triple their share in the end-user segment, on the back of silicon carbide’s physical properties, making it an ideal raw material for electrical and electronics applications.
APAC (East Asia, South East Asia, and Oceania) will account for more than 50% of the global market value. This growth is invigorated by emerging economies such as China, India, and Indonesia, where the developing automotive manufacturing is employing silicon carbide in EV batteries.
Increasing plug-in hybrid (PHEV) applications and electric vehicles (EV) are expected to enhance revenues from the automotive sector.
Key Driving Factors of Black Silicon Carbide Market
A positive trend in electric vehicle manufacturing is pushing demand for silicon carbide. They prevent loss of charge and ensure the vehicles run for longer distances, thereby supporting the market’s rise.
The booming automotive industry in developing nations such as China is creating revenue opportunities for market players to cater to consumer demand.
Governments in emerging economies supporting FDI investments are garnering significant attention from prominent SiC manufacturers.
Furthermore, incentive policies in developing countries are acting as a catalyst for high growth opportunities for innovators.