Silicon Carbide Market is projected to aid the industry growth during the forecast period 2022 to 2030
Silicon Carbide Industry Overview The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is anticipated to accelerate at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030. The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials. Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with w...