Global Silicon Carbide Market was valued at US$ 8205.0 million in 2021, 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..

Global silicon carbide market was valued at US$ 8205.0 Million in 2021. Silicon Carbide market is expected to register a CAGR of 6.67 % over the forecast period (2022-2030), to reach US$ 14699.8 Million 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. 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.

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 year.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/silicon-carbide-market-4587

Browse 50 market data tables* and 40 figures* on "Global Silicon Carbide Market” - Forecast to 2030.

Key Trends and Analysis of the Global 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.

Key Takeaways of the Global Silicon Carbide Market:

  • On the basis of product type, black SiC dominated the global silicon carbide market in 2021 with around 57.0% of market share in terms of revenue, followed by green SiC and Others, respectively.
  • In July 2021, ON Semiconductor, a manufacturer of semiconductors introduced the latest addition to the XGS series of Complementary metal–oxide–semiconductor image sensors. The XGS 16,000 is a 16 Megapixel (Mp) sensor that provides high quality, global shutter imaging for factory automation applications including robotics and inspection systems program will enable company to offer more capabilities by providing integrated solutions through alignment with other companies in the Audio & Visual industry.
  • New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for silicon carbide are key strategies adopted by players in the global silicon carbide market. For instance, in December 2021, STMicroelectronics N.V., a Switzerland-based semiconductor company announced the introduction of third-generation STPOWER SiC MOSFETs for electric vehicles, powertrains, and other platforms where power density, energy efficiency, and reliability are basic criteria. This new and advanced design helps the manufacturer with the capability of fast charging and reduction in weight in case of an electric vehicle. Furthermore, they are used in industrial applications by enhancing the efficiency of motor drives, renewable-energy converters, and other applications

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