The global silicon carbide market has seen a positive growth over the past few years and it has been estimated that the market will maintain the growth status during the forecast year.
The growth of global market is attributed towards the increasing demand of silicon carbide in its applications segment such as abrasive machining, thin films, Energy and steel, automobile parts, electric systems, electronics, steel production and others. The huge demand of silicon carbide in energy and steel has made it a leading application. Moreover, it has been analyzed that the market will be receive huge opportunity from the growing automobile and electronic industry.
The high cost of silicon carbide is one of the major growth restraint to the global market. Geographically, the global market has been categorized into North America, Asia-Pacific, Europe, Latin America and Middle East and Africa.