Silicon Carbide Market
Silicon carbide is typically used for finishing cast iron, non-ferrous metals, stone, leather, and rubber the sharp cutting characteristics of black silicon carbide is anticipated to give an uptick to its demand during the projection period. High thermal conductivity and energy efficiency of silicon carbide drive the global silicon carbide market to substantial growth during the forecast period
Market Dynamics
Robust growth in the steel industry due to the increasing production of steel is a prime factor driving the market growth of silicon carbide. Silicon carbide (SiC) is used as a deoxidizing agent in steel production. According to the India Brand Equity Foundation, India was the world’s second-largest steel producer with production standing at 111.2 million tons (MT) in 2020. As silicon carbide acts as a deoxidizing agent in steel production, its demand is increasing day by day in the steel-producing industry.
Increasing global demand for EVs due rapid adoption of zero-emission technologies is expected to drive the demand for silicon carbide. According to Global EV Outlook, 2021 by the International Energy Agency (IEA), registrations of electric cars increased by 41% in 2020, and around 3 million electric cars were sold globally. The rapid adoption of EV vehicles over fuel-based vehicles can play an important role in achieving the target of limiting the global temperature rise to 1.5°C, above pre-industrial times as decided in the Paris Agreement by the United Nations (UN).
However, the adoption of EVs must be supplemented with increasing investments in the construction of EV charging stations. The government of America has allocated capital of US$ 15 billion to build 500,000 EV charging stations. Similarly, on 10 April 2020, the Government of China invested US$ 1.42 billion (RMB 10 billion) to expand the charging network for EVs by 50% within the country. Around 600,000 charging points were established in 2020. Silicon carbide is used in EV charging infrastructure to deliver higher voltages and a higher level of power as compared to silicon-based charging infrastructure. A SiC fast DC charging solution can deliver 33% more power in 25% of the area and with 50% lower losses.
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