Stratview Research delivers key insights on the global Ultra High Purity Silicon Carbide Market. According to Stratview Research, the market is segmented by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium Heavy-Duty Commercial Vehicle), by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), by Product Type (Router-based System, Portable System, and Sensor-based System), by Deployment Type, and Rest of the World [Brazil, Argentina, and Others]).
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Market Insights
The report suggests that the overall Ultra High Purity Silicon Carbide Market is likely to witness an impressive CAGR of 15.2% during the forecast period. Surge in demand for ultra high purity silicon from the semiconductor industry coupled with increasing use of quantum computing, artificial intelligence, and 5G technology is the major factor expected to fuel the growth of the market during the forecast period. Furthermore, the product is highly utilized in the manufacturing of semiconductor devices as it offers plethora of advantages including high thermal conductivity, low defect density, high resistivity, and uniform electric behavior, thereby assisting the growth of the market over the forecast period.
Market Segments' Analysis
Based on the application type, the market is segmented as semiconductor, LEDs, and others. The semiconductor application type segment ruled the market in 2021, and is estimated to maintain its irrefutable lead during the forecast period as well. The growth of the segment is on account of the excellent properties offered by the product, which include high corrosion resistance, strength, temperature, frequency, and purity. These properties make the product suitable for next-generation power devices, such as power converters of hybrid and electric vehicles, high voltage switches, power inverters for air conditioners industrial equipment, DC/AC converters for wind and solar power, and thin-film coatings.
In terms of regions, in 2021, Asia-Pacific accounted for the largest volumetric share of 48.0% of the ultra high purity silicon carbide market. The region is estimated to maintain its incontestable lead during the forecast period as well. The growth of the region’s market is driven by the growing demand from the electronics and subsequently, semiconductor industries. Furthermore, countries including South Korea, Taiwan, Japan, and China, which are among the top 10 producers of semiconductors in the world, drive the growth of the regional market. The Asia-Pacific region alone represented over 45% of the share in the global semiconductor production. Besides, the continuous rise in the production of consumer electronics, industrial electronics, computer hardware, mobile phones, electronic component, and LEDs in the region is likely to generate more demand for the product in the regional market over the forecast period.
Key Players
The following are some of the key players in the Ultra High Purity Silicon Carbide Market:
- Washington Mills
- CoorsTek Inc.
- JJISCO Inc.
- Pacific Rundum Co., Ltd.
- American Elements
- LG Innotek.
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