Carbide Minerals Market to Garner Brimming Revenues by 2024

Industry Insights
Carbide minerals typically comprise types of minerals such as cohenite, haxonite, moissanite and tongbaite. Out of all these types, moissanite is the most important and widely used carbide mineral across the globe. Silicon carbide, which occurs in nature as rarest of rare mineral moissanite, is used in a diverse range of applications such as abrasives and cutting tools, automobile parts, structural materials, electric systems, power electronic devices, LEDs, astronomy, heating elements, thin filament pyrometry, jewelry, nuclear fuel cladding, nuclear fuel particles, catalyst support, steel production, carborundum printmaking and grapheme production. The growing demand from all these minerals is expected to drive the global carbide minerals market in the years to come.
Moissanite is amongst the hardest substances present on earth with hardness just below that of diamond and at par with those of boron and cubic boron nitride. Owing to such a high hardness, moissanite mineral is broadly used in the production of abrasive products, cutting tools and durable automotive parts and components. Moreover, moissanite possesses semiconductor properties, due to which, it is widely used in the production of a diverse range of electronic circuit elements such as light-emitting diodes and others. Furthermore, moissanite is growingly used in the jewelry industry as a gemstone and is a potential substitute for diamond. The growing demand for moissanite mineral from end-user industries such as abrasives, cutting tools, automotive, electronics and jewelry is predicted to drive the global carbide minerals market in the years to come.
Asia Pacific is anticipated to be the fastest growing market for carbide minerals in the coming few years, owing to the growing demand from developing countries such as China, India and South East Asian countries such as Thailand, Indonesia, Vietnam and Malaysia. Additionally, the nations in the geographies such as Africa, South America and the Middle East are showing robust economic growth since the last few years. These countries mainly include South Africa, Argentina, Brazil, Jordan, Saudi Arabia, Egypt and Israel. In addition, the U.S. and the European economies are gradually recovering from the economic downturn. All such industrial, economic, and demographic factors are ultimately creating a positive outlook for the global economy. Considering this positive outlook, the industries such as manufacturing, automotive, electronics and jewelry are anticipated to record a tremendous growth in the next six years. There is an astonishing market potential for the automobiles and consumer electronics industry in the countries such as India, China, Indonesia, Thailand and Brazil among others.
The major companies operating in the automotive and electronic markets are largely focusing on these developing countries for tapping the enormous market potential of these developing nations. The major manufacturers of automobiles and electronic products are setting giant manufacturing plants in these emergent countries. Due to this, the demand for carbide minerals in different end-user industries is projected to grow at a noteworthy rate in the next few years. Therefore, the global carbide minerals market is expected to witness a significant growth in the years to come.
Some of the major companies operating in the global carbide minerals market are AGSCO Corporation, Entegris Inc., The Dow Chemical Company, Carborundum Universal Ltd., ESK-SIC GmbH, ESD-SIC b.v., Saint-Gobain Ceramics Materials GmbH, Gaddis Engineered Materials, Norstel AB, Grindwell Norton Ltd., Snam Abrasives Pvt. Ltd., Timcal Ltd. and Xiamen Powerway Advanced Material Company Limited among others.
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