all report title image
  • Published On : Nov 2022
  • Code : CMI4587
  • Industry : Advanced Materials
  • Pages : 140
  • Formats :

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. The silicon carbide market is segmented by product, application, and geography. By product, the market is segmented into green SiC, black SiC, and other products.

Global silicon carbide market was valued at US$ 8205.0 Million in 2021, in terms of revenue, exhibiting a CAGR of 6.67% during the forecast period (2022 to 2030).

Drivers

Silicon carbide has a voltage-dependent resistance property, which is important in semiconductors. Increasing demand for semiconductor devices which can be implemented in motor drives, high-temperature sensors, and electro-mechanical computing systems is expected to foster the market growth. Hence, the growing demand for semiconductor devices is expected to propel the market growth of the silicon carbide.

Growth in the automotive sector is projected to propel the market growth of the 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 the silicon carbide. 

Key players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Mining industries in China have returned to normal operations in Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, iron ore producers are known to be the least impacted. Steel and iron ore industry globally has regained strength which is expected to lower the impact of Covid-19 pandemic on silicon carbide industry

Figure 1. Global Silicon Carbide Market Value Share (%), By Region, 2021

Silicon Carbide  | Coherent Market Insights

Market Restraints

Silicon carbide is a brittle material and this poses major challenges during the production of small components that are used in the 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 the silicon carbide over the forecast period.

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Silicon Carbide Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 8205.0 Mn
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 6.67 % Forecast Period: 2022-2030
Geographies covered:
  • Region: North America, Latin America, Eu`rope, Asia Pacific, and Middle East & Africa
Segments covered:
  • By Product Type: Black SiC, Green SiC, Others
  • By End User: Steel & energy, Automotive, Aerospace & aviation, Military & Defense, Electronics & semiconductors, Medical & healthcare, Others
Companies covered:

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

Growth Drivers:
  • Increasing demand for semiconductor devices
  • Increasing production of automobiles
Restraints & Challenges:
  • Increasing use of Gallium nitride as a substitute in place of silicon carbide 

Market Trends

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 United States with the creation of the largest silicon carbide fabrication facility. Such initiatives by key manufacturers will favor the market growth of the 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, 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.

Figure 2. Global Silicon Carbide Market Value Share (%), By Product Type, 2021

Silicon Carbide  | Coherent Market Insights

Recent Developments

  • In March 2022, Microchip Technology,  a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions announced the launch of 3.3 kV Silicon Carbide (SiC) power devices, which provide high efficiency and reliability and have the lowest resistance, helping customers to move to high-voltage SiC with speed and ease. These devices are small, light, provide more efficient power solutions, and help in electrified transportation, renewable energy, aerospace, and other industrial applications
  • In June 2020, Vitesco Technologies, a Germany-based company offering electric vehicles have signed a development partnership with ROHM Semiconductor, a Japan-based company that manufactures and designs semiconductors, integrated circuits (ICs), and other electronic components. Through this partnership, Vitesco Technologies increase the energy efficiency of electric vehicles using silicon carbide components from ROHM Semiconductor.
  • In November 2021, Qorvo, a US-based semiconductor company acquired UnitedSiC, US-based manufacture of silicon carbide power semiconductors. The deal broadens Qorvo's presence into fast-growing areas such as circuit protection, electric vehicles (EVs), renewables, industrial power, and data center power.

 Competitive Section

Major players operating in the global silicon carbide 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.

Silicon Carbide is typically used for finishing cast iron, non-ferrous metals, stone, lather, and rubber the sharp cutting characteristics of black silicon carbide is anticipated to give an uptick to its demand during the projection period. High thermal conductivity, and energy efficiency of silicon carbide drives the global silicon carbide market to a substantial growth during the forecast period.

Market Dynamics

Robust growth in the steel industry due to the increasing production of steel is a prime factor driving the market growth of the silicon carbide. Silicon carbide (SiC) is used as a deoxidizing agent in steel production. According to the India Brand Equity Foundation, India was the world’s second-largest steel producer with production standing at 111.2 million tons (MT) in 2020. As silicon carbide acts as a deoxidizing agent in steel production, its demand is increasing day by day in steel producing industry.

Increasing global demand for EVs due rapid adoption of zero-emission technologies is expected to drive the demand for silicon carbide. According to Global EV Outlook, 2021 by the International Energy Agency (IEA), registrations of electric cars increased by 41% in 2020, and around 3 million electric cars were sold globally. The rapid adoption of EV vehicles over fuel-based vehicles can play an important role in achieving the target of limiting the global temperature rise to 1.5°C, above pre-industrial times as decided in the Paris Agreement by the United Nations (UN).

However, the adoption of EVs must be supplemented with increasing investments in the construction of EV charging stations. The government of America has allocated capital of US$ 15 billion to build 500,000 EV charging stations. Similarly, on 10 April 2020, the Government of China invested US$ 1.42 billion (RMB 10 billion) to expand the charging network for EVs by 50% within the country. Around 600,000 charging points were established in 2020. Silicon carbide is used in EV charging infrastructure to deliver higher voltages and a higher level of power as compared to a silicon-based charging infrastructure. A SiC fast DC charging solution can deliver 33% more power in 25% of the area, and with 50% lower losses.

Key features of the study:

  • This report provides an in-depth analysis of global silicon carbide market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global silicon carbide market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study includes 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global silicon carbide market report caters to various stakeholders in this industry including investors, suppliers, safety knives manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global silicon carbide market

Detailed Segmentation:

  • Global Silicon Carbide Market, By Product Type:
    • Black SiC
    • Green SiC
    • Others
  •  Global Silicon Carbide Market, By End User:
    • Steel & energy
    • Automotive
    • Aerospace & aviation
    • Military & Defense
    • Electronics & semiconductors
    • Medical & healthcare
    • Others
  •  Global Silicon Carbide Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • Italy
      • France
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Middle East
      • Africa
  • Company Profiles
    • AGSCO Corporation*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Carborundum Universal Ltd.
    • Entegris Inc.
    • ESK-SIC GmbH
    • Gaddis Engineered Materials
    • Grindwell Norton Ltd.
    • Norstel AB
    • Saint-Gobain Ceramics Materials GmbH
    • Snam Abrasives Pvt. Ltd

 “*” marked represents similar segmentation in other categories in the respective

Frequently Asked Questions

Global silicon carbide market was valued at around US$ 8205.0 Million in 2021.
Increasing demand for semiconductor devices which can be implemented in electro-mechanical computing systems and increasing production of automobiles around the globe is fuelling the market all over the world.
Capacity expansion plan by key manufacturers to cater to growing needs around the globe which is expected to favor market.
Increasing use of Gallium nitride as a substitute in place of silicon carbide in power modules application is expected to hamper the market.
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.
The market is estimated to grow at around 6.67 % CAGR in the forecast period (2022-2030).

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