Mar 12,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Silicon Nitride Market.
It was estimated prior to this unanticipated outbreak that the Silicon Nitride Market was expected to grow at a CAGR of 7.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Silicon nitride is a chemical compound made of elements, silicon and nitrogen. It is a white, high-melting-point solid. It is prepared by heating powdered silicon between 1300 °C to 1400 °C in a nitrogen environment. It retains fracture toughness and high strength even at very high temperatures.
Silicon nitride is used as a high-temperature structural component for gas turbines, combustor parts, and automotive engines.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as reaction bonded silicon nitride, hot pressed silicon nitride, sintered silicon nitride, and others. The sintered silicon nitride segment is expected to remain dominant during the forecast period. Properties such as higher thermal shock resistance, high-temperature strength, creep resistance, better fracture toughness, excellent wear resistance, and oxidation resistance are the major factors expected to drive the growth of the segment during the forecast period.
Based on the end-use industry type, the silicon nitride market is segmented as photovoltaic, automotive, general industry, aerospace, medical, and others. The automotive industry dominated the market in 2019, and is likely to maintain its dominance during the forecast period as well. The growth of this segment is attributed to the high-temperature resistance property, which enables silicon nitride to be used in components of automobiles, such as engines. On the other hand, the medical industry is estimated to be the fastest-growing segment during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for silicon nitride during the forecast period, with China, Japan, India, and South Korea being the major growth engines of the region. The Asia-Pacific’s market for silicon nitride is driven by its increasing consumption, majorly in the automotive industry. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Some of the major silicon nitride manufacturers are-