Report : North America Silicon Carbide Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Black Silicon Carbide and Green Silicon Carbide), End-Use Industry (Automotive, Aerospace and Aviation, Military and Defense, Electronics and Semiconductor, Medical and Healthcare, Steel, and Others), and Country
Black Silicon Carbide Segment to Dominate North America Silicon Carbide Market during 2020–2027
According to a new market research study on “North America 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$ 336.76 million by 2027 from US$ 123.38 million in 2019. The market is estimated to grow at a CAGR of 13.5% from 2020 to 2027. The report provides trends prevailing in the North America silicon carbide market along with the drivers and restraints pertaining to the market growth. Expansion of electronics and semiconductors industries and diversified range of applications are the major factor driving the growth of the North America silicon carbide market. However, high material cost associated with silicon carbide hinder the growth of North America silicon carbide market.
In case of COVID-19 outbreak, countries in North America, especially the US, 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 North American countries, such as Canada, Mexico, and Costa Rica. 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 North America 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 North America silicon carbide market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North American countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for silicon carbide.
Agsco Corp., Carborundum Universal Limited, Futong Industry Co. Limited, Electro Abrasives, LLC, Washington Mills, Tifor B.V., and Grindwell Norton Ltd. are among the leading companies in the North America 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 North America Silicon Carbide market as follows:
North America Silicon Carbide Market – By Type
- Black Silicon Carbide
- Green Silicon Carbide
North America Silicon Carbide Market – By End-User Industry
- Aerospace and Aviation
- Military and Defense
- Electronics and Semiconductor
- Medical and Healthcare
North America Silicon Carbide Market – By Country
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