Based on material, the silicon carbide segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to properties such as low weight, high strength, low thermal expansion, excellent thermal shock resistance, high wear resistance, and high chemical resistance. Due to these properties, silicon carbide is preferred by various end-use industries such as electrical and electronics, transportation, and medical, among others.
The electrical and electronics industry uses advanced ceramics on a large scale. Demand is increasing in this industry due to advanced ceramics’ superior properties such as excellent corrosion resistance and low thermal expansion, when compared to metal and plastics.