The silicon carbide market was valued at US$ 712.85 million in 2019 and is projected to reach US$ 1,810.56 million by 2027; it is expected to grow at a CAGR of 12.5% from 2019 to 2027.

Silicon carbide, also known as carborundum, is a semiconductor material widely used in electronics and semiconductor industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting. It is also used in the components of pumps used to drill and extract the oil in oilfield applications. Rising demand for silicon carbide in various application industries has led to an increase in the investments by manufacturers, governments, and research institutes in its production.

Based on type, the silicon carbide market has been segmented into black silicon carbide and green silicon carbide. The black silicon carbide segment accounted for a larger market share in 2019, and the green silicon carbide segment is expected to register a higher CAGR in the market during the forecast period. Black silicon carbide is an extremely hard man-made mineral that possesses high thermal conductivity along with high strength at elevated temperatures, e.g., at 1000?C, SiC is 7.5-times stronger than aluminum oxide. SiC has a modulus of elasticity of ~410 GPa and can operate with the desired strength at temperatures up to 1600?C; also, it does not melt at normal temperature but dissociates at 2600?C. Black silicon carbide is usually available in the form of blocks, gains, and powder. It is employed as bonded and industrial abrasives, coated abrasives, refractories and ceramics, and refractories and ceramics. Black silicon carbide powder is widely utilized for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts due to its lower cost.

Based on region, the silicon carbide market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific holds the largest share in the market, followed by North America. Further, China dominates the silicon carbide market in Asia Pacific, followed by India and Rest of Asia Pacific, respectively. The high demand for silicon carbide from the automotive, electronics and semiconductors, medical, and other industries is driving market growth in Asia.

A few of the players operating in the silicon carbide market are Fiven ASA, AGSCO Corp, Carborundum Universal Limited, ESD-SIC, ESK-SIC GmbH, Futong Industry Co. Limited, Electro Abrasives, LLC, Washington Mills, Tifor B.V., and Grindwell Norton Ltd.

The size of overall global silicon carbide market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the silicon carbide market.