Global silicon carbide market market was valued at US$ 8.59 Bn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 13.92 Bn by 2030. Silicon carbide is one of the hardest compounds that have excellent power switching frequency and power rating. This property makes it ideal for electronic applications. It is produced by mixing petroleum coke and sand in high pressure and temperature conditions. Silicon carbide is broadly used in high-power devices, optoelectronics devices, high-temperature devices, and high-frequency power devices.
Global silicon carbide market- Impact of Coronavirus (Covid-19) Pandemic
The global market for silicon carbide was impacted to some extent amidst the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown and travel restrictions which resulted in the seizure of all industrial activities. However, as the manufacturing facilities involved in various sectors such as electronics, automobile, medical, steel, and others are slowly resuming their operations after mid-2020, the demand for silicon carbide is expected to once again gain momentum in the upcoming year 2030.
Figure 1. Global Silicon Carbide Market , By Application, 2022
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Global Silicon Carbide Market - Drivers
Increasing demand for semiconductor devices
Increasing production of automobiles
Growth in the automotive sector is projected to propel the market growth of silicon carbide. Increasing production of automobiles around the globe is driving demand for silicon carbide. According to the stats from the European Automobile Manufacturers Association, around 92.8 million motor vehicles were produced globally in 2020 and more than 80 million passenger cars were produced around the world in 2020. Hence, increasing production of automobiles around the globe is majorly driving the market growth of silicon carbide.
Global Silicon Carbide Market - Restraints
Increasing use of Gallium nitride as a substitute in place of silicon carbide
Silicon carbide is a brittle material and this poses major challenges during the production of small components that are used in semiconductor devices. This factor is expected to hinder the market growth of silicon carbide. Increasing use of gallium nitride as a substitute in place of silicon carbide in power modules application is projected to hamper the market growth of silicon carbide over the forecast period.
Silicon Carbide Market Report Coverage
|Market Size in 2022:
|US$ 8.59 Bn
|Historical Data for:
|2018 to 2021
|2023 to 2030
|Forecast Period 2023 to 2030 CAGR:
|2030 Value Projection:
|US$ 13.92 Bn
AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd
|Restraints & Challenges:
Global Silicon Carbide Market - Segmentation
On the basis of application in 2022, the Black SiC segment has accounted for the largest market share of 58.0% in terms of value. Black silicon carbide (SiC) is a semi-friable abrasive often used for general abrasive applications in bonded abrasive tools, lapping, polishing, tock tumbling, glass etching, and frosting. Green silicon carbide is of higher purity than black silicon carbide. Green silicon carbide is sharp and friable, which makes it a good abrasive. It is the hardest of the conventional abrasives and is used to grind less ductile materials of lower tensile strength such as carbides and ceramics.
Global Silicon Carbide Market - Opportunities
Evolving renewable energy applications of SiC
Silicon carbide devices allow solar power systems to achieve 98% efficiency while dramatically reducing inverter size and total cost of ownership in most cases. These converters can also operate at higher frequencies, greatly reducing the size and cost of the magnetic elements required, thereby reducing the overall system cost. These benefits enable the strategic use of clean and green energy in large-scale solar farms, home solar panels, and electric vehicle chargers. Ecosystem players such as ON Semiconductor and WOLFSPEED INC. offer SiC devices for solar power systems. For instance, WOLFSPEED INC. provides a wide range of SiC MOSFETs and SiC diodes, whereas ON Semiconductor offers SiC discrete MOSFETs and SiC modules
Figure 2. Global Silicon Carbide Market, By Region, 2022
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Global Silicon Carbide Market - Trends
Capacity expansion plan by key manufacturers
Capacity expansion plan by key manufacturers to cater to growing needs around the globe is one of the emerging trends in the market. For instance, in September 2019, Cree, Inc. a manufacturer of silicon carbide (SiC) technology, announced plans to establish a silicon carbide corridor on the East Coast of the U.S. with the creation of the largest silicon carbide fabrication facility. Such initiatives by key manufacturers will favor the market growth of silicon carbide over the forecast period. Strategic alliance such as acquisition and merger by key players is one of the current trends in the industry.
For instance, in March 2020, SK Siltron, a global producer of semiconductor wafers, announced that it has completed the acquisition of DuPont's Silicon Carbide Wafer (SiC Wafer) unit, a producer of semiconductor silicon wafers. The acquisition was valued at US$ 450 million. The goal of this acquisition is to meet the demand from consumers and governments for sustainable energy and environmental solutions.
Global Silicon Carbide Market - Regional Insights
Asia Pacific dominated the global silicon carbide market in 2022 accounting for 6.2% in terms of value. Players in the regional steel industry include China, India, Japan, and South Korea. Because of the significant steel manufacturing industries in these nations, numerous foreign suppliers have opened offices throughout Asia Pacific. The region's manufacturing capabilities have significantly improved over the past ten years, which has encouraged the growth of downstream industries and advanced the penetration of SiC in the area. In 2022, Europe had a sizable revenue share. The introduction of coronavirus has had a significant influence on the area's economic development. The lockdown's consequences for manufacturing operations spread to most industries, including steel, automotive, and aerospace, among others.
Global Silicon Carbide Market - Key Developments
Global Silicon Carbide Market - Key Players
Major players operating in the market include AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd.
*Definition: Silicon carbide is a hard refractory material of silicon and carbon. It is also known as carborundum. It occurs in nature as the extremely rare mineral moissanite silicon carbide, also known as SiC, is a semiconductor base material that consists of pure silicon and pure carbon. You can dope SiC with nitrogen or phosphorus to form an n-type semiconductor or dope it with beryllium, boron, aluminum, or gallium to form a p-type semiconductor.
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