USD 3.33 billion
Silicon Carbide Market Size, Share, Growth Analysis, By Product(Black Silicon Carbide and Green Silicon Carbide), By Application(Steel, Automotive, Aerospace, Military & Defense), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15E2336 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
65
|Figures:
76
Silicon Carbide Market Insights
Silicon Carbide Market size was valued at USD 3.35 Billion in 2023 and is poised to grow from USD 3.57 Billion in 2024 to USD 6.37 Billion by 2032, growing at a CAGR of 6.70% during the forecast period (2025-2032).
Due to its endurance to high temperatures, silicon carbide is utilised as a raw material for refractory. The lining of kilns, furnaces, and reactors in numerous sectors, including cast iron, steel, aluminium, and metal, frequently uses refractory products. It is projected that the development in production in the aforementioned ferrous and non-ferrous industries will drive the market for refractory materials. More than $100 billion is invested in India's automotive sector, which accounts for 8% of all exports, 2.3% of the nation's GDP, and is anticipated to surpass China's automotive sector by 2025 to rank third internationally. In India, more than 2,000 semiconductor chips are designed annually, according to reports from the Department of Electronics and Information Technology. Future growth of the silicon carbide market may be aided by the growing semiconductor output. The U.S. consumption patterns for silicon carbide continue to be mostly constant, with increased product penetration seen in the domestic semiconductor market. One of the main areas of applications was the usage of the product in wafer form. The domestic market's vendors reported a solid increase in sales, with Washington Mills emerging as the leader in the American silicon carbide market.
US Silicon Carbide Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Green Silicon Carbide
Fastest Growth
Green Silicon Carbide
Growth Rate
6.70% CAGR
Global Silicon Carbide Market ($ Bn)
Country Share for Aisa Pacific Region (%)
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Silicon Carbide Market Segmental Analysis
Global Silicon Carbide Market is segmented on the basis of product, application and region. By product, the market is segmented into black silicon carbide and green silicon carbide. By application, market is segmented into steel, automotive, aerospace, military & defense, electrical & electronics, healthcare, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Silicon Carbide Market Analysis by Application
With a sales share of nearly 26.0% in 2022, the electrical and electronics segment was the Silicon Carbide market leader in terms of revenue. It is anticipated that a significant factor in the segment's growth will continue to be the product's growing importance in the creation of effective electronic chips. Outstanding features of the product, including its chemical stability, greater bandgap, high-frequency performance, and resistivity at high temperatures, are likely to aid in its adoption by the electrical and electronic industries. In 2022, the aerospace industry contributed the second-highest revenue. During the projection period, it is anticipated that usage of the product, particularly in the construction of jet turbines, will support sector expansion.
Over the anticipated time frame, the automobile segment is likewise anticipated to see a sizable CAGR. During the projected period, it is anticipated that abrasives based on products will continue to be a key factor in the segment's growth. However, the current slowdown brought on by the pandemic's development indirectly impacted the new order booking from the automotive sector. As the global automobile industry recovers in FY 2023, this trend is anticipated to be reversed.
Global Silicon Carbide Market Analysis by Product
With a revenue share of more than 54.0% in 2022, the black SiC product segment dominated the global Silicon Carbide market. This product group is offered in a number of formats, including block, grain, and powder. A lot of people prefer the product in grain form, particularly when making iron and steel in electric arc furnaces. The growing support for the use of electric arc furnaces to encourage the reduction of the consumption of natural raw materials is anticipated to support segment expansion over the forecast period.
During the projected period, the fastest CAGR is expected to be recorded by the green SiC product segment. The item is one of the toughest minerals created by humans and has exceptional strength even at very high temperatures. The material is frequently used in the creation of specialty ceramics due to its resistance to high temperatures. The increased production of wear-resistant seals, nozzles, and other products using specialized ceramics is predicted to have a beneficial impact on the growth of the green SiC market during the forecast period.
Global Silicon Carbide Market By Product
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Silicon Carbide Market Regional Insights
With a 60.0% volumetric share in 2022, the Asia Pacific region became the biggest regional market. Giants in the regional steel industry including China, India, Japan, and South Korea are represented there. Many foreign suppliers have opened operations throughout Asia Pacific as a result of these countries' significant steel manufacturing bases. The previous ten years have seen a significant improvement in the region's manufacturing capacity, which has encouraged the growth of downstream industries and advanced the penetration of SiC in the area.
In 2022, North America had a substantial volumetric share. During the projection period, the region is expected to experience an increasing CAGR in terms of revenue. The growing emphasis on the creation of clean steel is probably going to help the local steel-making industry's product demand. The substance's application in the production of steel results in steel that is cleaner and emits fewer emissions.
Global Silicon Carbide Market By Region
- Largest
- Fastest
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Silicon Carbide Market Dynamics
Global Silicon Carbide Market Drivers
Demand for SiC Devices to Bolster Market Growth
- A crucial part of the world's electrical infrastructure is power electronics. The power electronics sector offers a wide range of power devices that convert alternating current to direct current (or vice versa) in systems. They are also designed to lessen energy loss and boost system effectiveness. SiC devices are silicon-carbide compound semiconductors, including SiC diodes and modules. They may operate at greater current densities and temperatures and feature wide band gaps, fast drift velocities, high breakdown voltages, large critical electric fields, and high thermal conductivities.
- Silicon carbide is increasingly being used in power electronics due to its high efficiency and low losses. This includes applications such as solar inverters, wind turbines, and electric vehicle chargers. The growth of the renewable energy sector is also driving the demand for silicon carbide.
Global Silicon Carbide Market Restraints
Inadequacy of Materials to Pose as a Threat
- SiC materials, especially crystals, include tiny holes called micropipes all around the crystals. During the production of larger wafers, SiC devices are prone to flaws such as dislocations, prototype inclusions, and stacking faults. These flaws develop as a result of a poor balance between the precursors of silicon and carbon as well as local pressure or temperature instability. These faults deteriorate electrical properties and decrease gadget efficiency. The Silicon Carbide market growth rate for silicon carbide (SiC) would be hampered by this factor.
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Silicon Carbide Market Competitive Landscape
Details about each competitor are provided in the silicon carbide (SiC) market competitive landscape. An overview of the business, financial information, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacity, product launches, product breadth and depth, and application domination are among the information provided. The information mentioned above only relates to the companies' market-related focus on silicon carbide (SiC).
Top Player’s Company Profiles in Global Silicon Carbide Market
- 3M Company (United States)
- AGSCO Corporation (United States)
- Carborundum Universal Limited (India)
- Dow Chemical Company (United States)
- ESD-SIC b.v. (Netherlands)
- Fujimi Corporation (Japan)
- Gaddis Engineered Materials (United States)
- Grindwell Norton Limited (India)
- Henan Huaxi Furnace Refractory Co., Ltd. (China)
- Henan Yichuan Ruishi Abrasive Co., Ltd. (China)
- Hyperion Materials & Technologies (United States)
- Jiangsu Leyuan New Materials Group Co., Ltd. (China)
- Morgan Advanced Materials plc (United Kingdom)
- Norstel AB (Sweden)
- Renesas Electronics Corporation (Japan)
- Saint-Gobain S.A. (France)
- Showa Denko K.K. (Japan)
- Tianzhu Yutong Silicon Carbide Co., Ltd. (China)
- Washington Mills Electro Minerals Corporation (United States)
- Xiamen Powerway Advanced Material (China)
- Zibo Huanyu Grinding Material (China)
Global Silicon Carbide Market Recent Developments
- In September 2022, A leading manufacturer of semiconductor wafers, SK Siltron, declared that it would invest USD 1.65 billion by 2026 and dedicate USD 0.7 billion to expand wafer production in Gumi National Industrial Complex.
- In May 2022, SK Siltron revealed that the newly constructed USA Bay City factory would expand manufacturing capacity, expecting over 100,000 silicon carbide sheets annually.
- In March 2022, the introduction of 3.3 kV Silicon Carbide (SiC) power devices by Microchip Technology, a Silicon Carbide market leader in microcontroller, mixed-signal, analogue, and Flash-IP solutions, will enable customers to transition to high-voltage SiC quickly and easily. These power devices offer high efficiency, reliability, and the lowest resistance. These gadgets are lightweight, compact, and offer more effective power solutions for a variety of industrial applications, including electrified transportation, renewable energy, aerospace, and other fields.
Silicon Carbide Key Market Trends
- Silicon carbide is also used in a variety of industrial and manufacturing applications, such as cutting tools, grinding wheels, and refractory materials. The growth of the manufacturing sector in developing countries is driving the demand for silicon carbide in these applications.
Silicon Carbide Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global silicon carbide (SiC) market is a growing market that is expected to continue to grow in the coming years. SiC is a versatile material with a wide range of applications in various industries, such as automotive, aerospace, energy, electronics, and others. companies are investing in research and development, expanding their production capacity, and forming partnerships and collaborations to gain a competitive edge in the market. The global silicon carbide market is expected to continue to grow in the coming years, driven by the trends and drivers mentioned above. However, the market still faces challenges, including high production costs, the lack of a standardized supply chain, and competition from other materials such as gallium nitride (GaN) and silicon-based materials.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.33 billion |
| Market size value in 2031 | USD 5.97 billion |
| Growth Rate | 6.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Silicon Carbide Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Silicon Carbide Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Silicon Carbide Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Silicon Carbide Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Silicon Carbide Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Silicon Carbide Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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