Silicon Nitride Market is Growing Exponentially in Order to Gain More Demand by 2023
According to the new market research report "Silicon Nitride Market by Type (Reaction Bonded Silicon Nitride, Hot Pressed Silicon Nitride, Sintered Silicon Nitride), End-use Industry (Photovoltaic, Automotive, General Industrial, Aerospace, Medical), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Silicon Nitride Market is estimated at USD 90 million in 2018 and is projected to reach USD 127 million by 2023, at a CAGR of 7.2% between 2018 and 2023. The need for high-performance materials in demanding applications is expected to drive the market.
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Drivers & Opportunities in global industry:
- Use of Silicon Nitride as an Alternative in the End-Use Industries
- Use of Silicon Nitride in the Medical Industry
- Adoption of Electric and Hybrid Vehicles
Medical is projected to be the fastest-growing end-use industry during the forecast period.
In the medical industry, silicon nitride is used as a material for manufacturing surgical screws, plates, and bearings for use in applications such as prosthetic hips, knee joints, and dental implants. Silicon nitride composites are also used in cervical spacers and spinal fusion devices. It is biocompatible, bioactive, bacterial resistant, and shows excellent bone affinity.
Also, silicon nitride can provide an exceptionally smooth and wear-resistant surface for applications, such as bearings for hip and knee replacements in the medical industry. The market for silicon nitride in the medical industry is in the nascent stage and is expected to grow the fastest in the coming years.
Sintered silicon nitride (SSN) is projected to be the largest segment of the silicon nitride market during the forecast period.
SSN exhibits properties such as high-temperature strength, superior thermal shock resistance, creep resistance, good fracture toughness, oxidation resistance, and excellent wear resistance. SSN is used in applications such as components in glow plugs in diesel engines, pre-combustion chambers, turbochargers, rocker arm pads in spark ignition engines, and components in exhaust gas control valves.
APAC is projected to be the largest market during the forecast period.
APAC is the largest silicon nitride market, and this trend is expected to continue until 2023. China accounted for the largest market in the region, followed by Japan, South Korea, and India in the year 2017. China is also projected to grow the fastest, in terms of consumption, between 2018 and 2023. There is an increase in the consumption of silicon nitride in the automotive industry. Growing innovation and the rising demand for improved products in the end-use industries are driving the use of silicon nitride in the region.
The leading silicon nitride powder manufacturers are UBE (Japan), Denka (Japan), AlzChem (Germany), H.C. Starck (Germany), Yantai Tomley Hi-Tech Advanced Materials Co. Ltd (China), and Vesta Si (Sweden). The leading players for the fabrication of silicon nitride are 3M (US), CeramTec (Germany), Kyocera Fine Ceramics (Japan), Morgan Advanced Ceramics (UK), Toshiba (Japan), Rogers Corporation (US), and CoorsTek (US). These players adopted expansions, acquisitions, new product launches, and agreements as their key growth strategies from 2014 to 2018, which helped them increase their capacities and cater to the widening customer base.
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