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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Silicon carbide (SIC) is a chemical compound that is also known as carborundum. Basically, it is a compound of silica and carbon. It is capable of delivering high power switching applications.

The global silicon carbide market is projected to surpass US$ 11,965.9 million by the end of 2027, in terms of revenue, growing at CAGR of 15.3% during the forecast period (2020 to 2027).

Drivers

Escalating demand for semiconductors devices is propelling the market growth of the silicon carbide. 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 again 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 2019 and more than 80 million passenger cars were produced around the world in 2017. Hence, increasing production of automobiles around the globe is majorly driving the market growth of the silicon carbide. 

Regionally, Asia-pacific dominated the global silicon carbide market in 2019, reporting 55.3% market share in terms of revenue, followed by Europe and North America, respectively.

Figure 1. Global Silicon Carbide Market, Revenue Share (%), By Region, 2019

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.

Market Opportunities

The growing popularity of black silicon carbide that is gaining huge demand from automotive and steel industries is expected to serve major opportunities. Black silicon carbide is crystalline in nature with and is widely used across grinding and polishing, abrasives, wear-resistant, and refractory products due to resistance to oxidation and thermal shock and high-temperature strength property. Moreover, black silicon carbide is cost-effective as compared to green silicon carbide.

Increasing application of the product in the aviation and aerospace industry is projected to bring new market opportunities over the forecast period. Silicon carbide is a suitable product for developing lightweight structural components of aircraft. For instance, silicon carbide is used in conjunction with titanium to produce titanium matrix composites that are highly corrosion-resistant, are comparable to stiffness and tensile strength of aerospace metals. Moreover, they are 40% to 70% lighter than other materials used in the aerospace application. 

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Silicon Carbide Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 3,821.4 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 15.3% 2027 Value Projection: US$ 11,965.9 Mn
Geographies covered:
  • North America
  • Europe
  • Asia Pacific
  • Rest of World
Segments covered:
  • By Product Type: Black SiC, Green SiC, Others
  • By End-User: Steel & energy, Automotive, Aerospace & aviation, Military & defense, Electronics & semiconductors, Medical & healthcare, and 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 which can be implemented in electro-mechanical computing systems
  • Increasing production of automobiles around the globe
Restraints & Challenges:
  • Increasing use of Gallium nitride as a substitute in power modules application

Figure 2. Global Silicon Carbide Market – Opportunity Analysis

Silicon Carbide  | Coherent Market Insights

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. 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 3. Global Silicon Carbide Market, Revenue Share (%), By Product Type, in 2019

Silicon Carbide  | Coherent Market Insights

On the basis of product type, black SiC dominated the global silicon carbide market in 2019 with around 57.0% of market share in terms of revenue, followed by green SiC and others, respectively.

Figure 4. Global Silicon Carbide Market – Value Chain Analysis

Silicon Carbide  | Coherent Market Insights

Global Silicon Carbide Market - Impact of Coronavirus (Covid-19) Pandemic

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.

Competitive Section

Key players are operating in the global silicon carbide market are 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.

Few Recent Developments

  • In April 2019, Amcor has launched AmLite Ultra Recyclable, its first packaging product made from the company’s more sustainable high-barrier polyolefin film. The new high-barrier laminate can package a range of food, home, and personal care, and pharmaceutical products

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 2019. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labor.

However, the high cost of the silicon carbide-based electronic devices due to low manufacturing volume and yield is affecting the demand for the product. This factor is expected to restrict the market growth of the silicon carbide over the forecast timeframe.

Key features of the study:

  • This report provides in-depth analysis of global Silicon Carbide market size (US$ Billion and Kilo Tons), and Compound Annual Growth Rate (CAGR %) for the forecast period (2020 – 2027), considering 2019 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 into market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
  • It profiles leading 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 the management authorities of companies to make informed decision regarding their future product launches, Product Type up-gradation, market expansion, and marketing tactics
  • The global Silicon Carbide market report caters to various stakeholders in this industry including investors, suppliers, global Silicon Carbide 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
      • By Product Type
        • Black SiC
        • Green SiC
        • Others
      • By End-User:
        • Steel & energy
        • Automotive
        • Aerospace & aviation
        • Military & defense
        • Electronics & semiconductors
        • Medical & healthcare
        • Others
    • Europe
      • By Product Type
        • Black SiC
        • Green SiC
        • Others
      • By End-User:
        • Steel & energy
        • Automotive
        • Aerospace & aviation
        • Military & defense
        • Electronics & semiconductors
        • Medical & healthcare
        • Others
    • Asia Pacific
      • By Product Type
        • Black SiC
        • Green SiC
        • Others
      • By End-User:
        • Steel & energy
        • Automotive
        • Aerospace & aviation
        • Military & defense
        • Electronics & semiconductors
        • Medical & healthcare
        • Others
    • Rest of the World
      • By Product Type
        • Black SiC
        • Green SiC
        • Others
      • By End-User:
        • Steel & energy
        • Automotive
        • Aerospace & aviation
        • Military & defense
        • Electronics & semiconductors
        • Medical & healthcare
        • Others
  • 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.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By End-User
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • PORTER’s Analysis
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
  4. Global Silicon Carbide Market - Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Silicon Carbide Market – COVID-19
    • Impact Analysis
  5. Global Silicon Carbide Market, By Product Type, 2017 - 2027 (US$ Million and Kilo Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Black SiC
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Green SiC
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Others
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
  6. Global Silicon Carbide Market, By End-User, 2017 - 2027 (US$ Million and Kilo Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Steel & energy
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Automotive
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Aerospace & aviation
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Military & defense
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Electronics & semiconductors
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Medical & healthcare
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Others
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
  7. Global Silicon Carbide Market, By Region, 2017- 2027 (US$ Million and Kilo Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Region, 2020 - 2027
    • North America
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million and Kilo Tons)
      • Market Size and Forecast, By End-User, 2017- 2027 (US$ Million and Kilo Tons)
    • Europe
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million and Kilo Tons)
      • Market Size and Forecast, By End-User, 2017- 2027 (US$ Million and Kilo Tons)
    • Asia Pacific
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million and Kilo Tons)
      • Market Size and Forecast, By End-User, 2017- 2027 (US$ Million and Kilo Tons)
    • Others
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million and Kilo Tons)
      • Market Size and Forecast, By End-User, 2017- 2027 (US$ Million and Kilo Tons)
  8. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • AGSCO Corporation
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Carborundum Universal Ltd.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Entegris Inc.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • ESK-SIC GmbH
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Gaddis Engineered Materials
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Grindwell Norton Ltd.
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Norstel AB
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Saint-Gobain Ceramics Materials GmbH
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Snam Abrasives Pvt. Ltd. 
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 50 market data tables* and 45 figures* on "Global Silicon Carbide Market” – global forecast to 2027

FAQgrowicon

Frequently Asked Questions

The market for global silicon carbide is forecast to surpass US$ 11,965.9 million by 2027 witnessing a CAGR of 15.3% between 2020 and 2027.
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 growth of the market in the region.
Capacity expansion plan by key manufacturers to cater to growing needs around the globe which is expected to favor market growth over the forecast period.
Increasing use of Gallium nitride as a substitute in place of silicon carbide in power modules application is expected to hamper the growth the market during the forecast period.
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.
The market was estimated to be valued around US$ 3,821.4 Million in terms of revenue in 2019.
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