Carbides are compounds constituting carbon or any other element with reduced electronegativity. The major aluminum carbide market growth factor is its application in abrasives with silicon carbides. Owing to its high strength, aluminum carbide is also in demand to be applied in metal cutting tools. These tools are highly regarded due to their precision and less material wastage qualities. Various end-use industries such as machinery, electronics, and metal fabrication are anticipated to drive the market. As per the market estimations projected by the IndustryARC’s business intelligence report, the aluminum carbide market is poised for exponential growth considering its use in abrasives during the forecast period of 2019 to 2024.
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Construction and Electronics Industries Supplementing Demand
Aluminum carbide market growth is indicated to be directly proportional to the rapidly growing abrasives market. Additionally, the demand of abrasives from a wide range of application industries such as construction and electronics is anticipated to reflect positively over the market. Abrasives are used for various applications such as polishing, cutting, drilling, grinding, buffing, and refining in these industries. In the construction sector, it is used to shape and surface building materials. It provides non-slippery traits to the floor, ramp, steps, stairways etc. On the other hand, aluminum carbide is used in the electronics industry is used for electrical transmission lines because of its lightweight.
Aluminum Carbides are also added to the aluminum matrix to control the creeping tendency of aluminum. This is done to decrease the possibility of failure in aluminum when exposed to elongated stress. Abrasives are also applied for fabrication of metal which is essential to give it an advantageous shape for application. Swiftly growing industries such as fabrication, electrical equipment, and transportation are generating a requirement base for abrasives which is further supplementing the market. Hydrolysis of aluminum carbide produces methane, which is a very powerful greenhouse gas and is also employed to produce electricity.
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North America to dominate the global aluminum carbide market
As per the regional insights in the IndustryARC’s report, North America is forecasted to dominate the market with the U.S contributing the highest share. Rapid development in the electrical and electronics industry in this region is stroking the demand. North America is followed by the APAC region, which is due to the growth in the construction industry in India and China wherein abrasives are highly applicable. The market in this research report is segmented under the end-use industries into metal fabrication, transportation, electrical equipment, machinery, and others. Metal fabrication leads the segment due to its indulgence with abrasives.
Rapid products launch forecasted by the companies
Some of the key players referred in the report are Sigma Aldrich (U.S.), BOC Sciences (U.S.), and ABSCO Ltd. (U.K.). To stay ahead of the curve, these companies have adopted the strategy of expanding product portfolio and launching them in the developed regions. For example- Sigma Aldrich have launched different size variants of carbide in powder form weighing between 50g to 200g. Among the mentioned companies, ABSCO Ltd. is another key supplier of aluminum carbides.
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Application of aluminum carbide in abrasives is the major market growth driver. Abrasives’ demand in a wide range of flourishing sectors such as construction, transportation, machinery, and fabrications is expected to positively impact the aluminum carbide market in the near future. Additionally, Methane procured via hydrolysis of this aluminum compound has various applications as a greenhouse gas and also in the electrical power supply sector, which is one of the most flourishing sectors across the globe. All these factors are anticipated to drive the market demand further during the forecast period 2019-2024.
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