Aluminum Carbide Market is to Touch $19061.1 million by 2030; Bolstering Growth of the Electrical & Electronics Industry and Rising Demand for the Building & Construction Industry Propels Market Growth.

Market Overview:

The Aluminum Carbide Market size is estimated to reach $19061.1 million by 2030, growing at a CAGR of 8.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Aluminum Carbide Market Size, Share & Trends Analysis Report- By Form (Powder and Block), By Application (Cutting, Chamfering, Drilling, Engraving, Grooving and Others), By End-Use Industry (Transportation (Automotive, Aerospace, Marine, and Locomotive), Building & Construction (Residential, Commercial, and Infrastructure), Metal Fabrication, Electrical & Electronics, Machinery, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Bolstering growth of the electrical & electronics industry and rising demand for the building & construction industry are fueling the growth of the Aluminum Carbide industry during the forecast period.

Asia-Pacific Dominated the Market in 2023:

In 2023, the Asia-Pacific region dominated the Aluminum Carbide market, capturing a substantial share of 42%. This leadership is largely attributed to the extensive applications of aluminum carbide across various industries, particularly in automotive manufacturing. The region's robust automotive sector is bolstered by a growing number of manufacturers and a rising demand for automotive compounds. Notably, China, Japan, and India are recognized as some of the largest car markets globally. In 2022, China alone accounted for approximately 23.56 million passenger car sales, solidifying its position as a key player in the automotive landscape and driving aluminum carbide demand. 

Aluminum Carbide Market: Key Takeaways

Bolstering Growth of the Electrical & Electronics Industry is Driving the Market Growth:

Aluminum carbide is utilized as fine particles in aluminum matrices within the electronics sector, which is expanding rapidly due to increased demand for devices like smartphones and PCs. The India Brand Equity Foundation projects India's electronics manufacturing industry will reach $520 billion by 2025. Global semiconductor sales hit a record $574.1 billion in 2022, reflecting a 3.3% increase from 2021. In China, electronic manufacturing saw a 0.9% year-on-year growth in Q1 2023. This rising production is expected to drive demand for aluminum carbide for applications such as cutting and drilling, further boosting market growth in the electrical and electronics industries.

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Market Growth Driven by Rising Demand for the Building & Construction Industry:

Aluminum carbide's high mechanical strength makes it ideal for abrasives and cutting tools in construction. Demand is driven by growing applications like cutting and drilling. The construction sector is booming due to increased investment and urbanization. Saudi Arabia's futuristic city NEOM, part of Vision 2030, is being built with a $500 billion investment. NEOM is expected to house 450,000 people by 2026, 1.5-2 million by 2030, and eventually 9 million by 2045. Rising global construction projects are anticipated to increase aluminum carbide demand for cutting and drilling, boosting market growth in the building and construction industry. 

Scope of the Report: 

Aluminum Carbide Market: Competitive Landscape

• Key companies profiled in the Aluminum Carbide Market are Mitsubishi Materials Corporation, Merck KGaA, American Elements, Carl Roth GmbH + Co KG, Thermo Fisher Scientific, Nanoshel
• ESPI Metals, Henan Alfa Chemical Co., Ltd., Shanghai Xianxin Nano Technology Co., Ltd., Meryer (Shanghai) Chemical Technology Co., Ltd., and others.

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