In 2023, the consumption of silicon carbide in steel production stood significantly higher than the forecasted values for the subsequent years. From 2024 to 2028, a sharp declining trend in the consumption is evident, starting with 1.25 thousand metric tons in 2024 and plummeting to 0.15568 thousand metric tons by 2028. Year-on-year, the forecast shows significant decrements: approximately -22% from 2024 to 2025, -28.5% from 2025 to 2026, -39.2% from 2026 to 2027, and -63% from 2027 to 2028. The Compound Annual Growth Rate (CAGR) over this period suggests a substantial contraction in demand.
Future trends to watch for in silicon carbide consumption include technological developments in steel production that might influence silicon carbide efficiency, possible shifts in steel demand, and innovations in alternative materials or processes that could further impact its usage. Regulatory changes regarding raw material usage and environmental considerations may also play a critical role.
