The global silicon carbide market was valued at US$ 3,821.4 million in 2019, according to Silicon Carbide Market Report, by Product Type (Black SiC, Green SiC, and Others) by End-User (Steel & energy, Automotive, Aerospace & aviation, Military & defense, Electronics & semiconductors, Medical & healthcare, and Others), and by Region (North America, Asia Pacific, Europe, and Rest of the World), published by Coherent Market Insights.
The global silicon carbide market was estimated to be valued more than US$ 3,821.4 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 15.3% during the forecast period (2020 to 2027). 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. 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.
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Browse 50 market data tables* and 45 figures* on "Silicon Carbide Market” - Global Forecast to 2027.
Key Trends and Analysis of the Silicon Carbide Market:
- The aerospace & aviation end-user segment accounted for substantial share of around 23.20% across the global market owing to its superior mechanical and hardness properties. Silicon carbide is ideal materials for the production of military aircraft structure and vehicle armor. Moreover, silicon carbide is also used in other applications such as scanning mirrors and space-based telescopes. Thus, increasing demand for silicon carbide from the military and defense industry is projected to foster market growth over the forecast period.
- 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.
- 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.
- These players are constantly engaged in mergers and acquisitions to gain competitive advantage over other players. For instance, In January 2020, Entegris, Inc., a provider of specialty chemicals and advanced materials solutions, announced that it has acquired Sinmat, a CMP slurry manufacturer. Also, In December 2019, STMicroelectronics announced the closing of the full acquisition of Swedish silicon carbide (SiC) wafer manufacturer Norstel AB (“Norstel”).
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 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 years.
By Product Type
- Black SiC
- Green SiC
- Steel & energy
- Aerospace & aviation
- Military & defense
- Electronics & semiconductors
- Medical & healthcare
- North America
- Asia Pacific
- Rest of World