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

Global 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).

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.