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 2024-2031

Silicon Carbide Market size was valued at USD 3.33 billion in 2022 and is poised to grow from USD 3.35 billion in 2023 to USD 5.97 billion by 2031, growing at a CAGR of 6.70% during the forecast period (2024-2031).

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, 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). '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)'

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 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.

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.