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Silicon Carbide Market - By Type (Black SiC, Green SiC), By Application (Automotive, Energy & Power, Industrial Aerospace & Defense, Electronics & Optoelectronics, Steel & Metallurgy), Forecast 2023 - 2032

  • Report ID: GMI6019
  • Published Date: Jun 2023
  • Report Format: PDF

Silicon Carbide Market Size

Silicon Carbide Market size was valued at over USD 800 million in 2022 and is anticipated to grow at a CAGR of over 18.5% between 2023 and 2032 owing to expansion in the industrial and manufacturing sectors. Silicon carbide is widely used in industries such as metalworking, abrasives, and refractories. With growing development in various industries, such as automobile, aerospace & metal, the demand for SiC-based materials for cutting, grinding, polishing & other applications will also increase.
 

Silicon Carbide Market

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Silicon carbide is a combination of silicon and carbon. It is known for its physical & chemical properties including thermal conductivity, high hardness, low thermal expansion, and excellent resistance to heat & corrosive environments.
 

Limited availability of raw materials can hinder market growth. Silicon carbide production relies on the availability of high-purity silicon and carbon precursors. Any interruption or restriction in the availability of these raw materials can affect supply and lead to price volatility, hampering market growth.
 

COVID-19 Impact

The COVID-19 pandemic had negative impacts on the silicon carbide market. The global pandemic led to disruptions in supply chains and manufacturing operations globally. Restrictions on international trade, lockdown measures, and reduced workforce availability affected the production & distribution of silicon carbide. The pandemic led to a decrease in the demand for SiC products in some sectors, especially automotive and industrial. The automotive industry faced major challenges due to production disruptions, declining consumer demand, and supply chain disruptions. These factors also affected the demand for SiC-based power electronics used in electric cars and other automotive applications.
 

Silicon Carbide Market Trends

One of the prominent trends in the silicon carbide industry is the development of advanced manufacturing processes & technologies. There are ongoing efforts to improve the quality, yield, and cost-effectiveness of SiC wafers & devices. Innovations in SiC epitaxy, wafer bonding, and device packaging techniques are facilitating the production of large & high-quality SiC wafers. These advancements are expected to enhance the scalability and commercial viability of silicon carbide devices, thereby increasing their accessibility across a wide range of industries and applications. Furthermore, there is a rising focus on integrating silicon carbide with other advanced materials & technologies.

 

Silicon Carbide Market Analysis

Global Silicon Carbide Market Size, By Type,

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Based on type, the silicon carbide market is segmented into black SiC and green SiC. The black SiC segment held a share of around 50% in 2022 and is expected to grow at a lucrative pace by 2032. The black SiC segment is characterized by its black color and hardness & abrasive properties. Black silicon carbide is often used in abrasive applications and is widely used for grinding, cutting & polishing in the metalworking, automotive, aerospace, and construction industries. Black SiC also plays an important role in ensuring the quality, durability, and versatility of cutting & grinding applications. These factors contribute to the overall market growth.
 

Global Silicon Carbide Market Share, By Application

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Based on application, the market is segmented into automotive, energy & power, industrial aerospace & defense, electronics & optoelectronics, and steel & metallurgy. The electronics & optoelectronics segment held a dominant silicon carbide market share with a market size of over 200 million in 2022. Silicon carbide has emerged as the material of choice in electronic applications due to its excellent electrical properties. SiC-based power semiconductors, such as diodes and transistors, have higher efficiency, faster switching, and lower power loss than their silicon-based counterparts. The rising demand for electronic devices in various industries, such as automobiles, renewable energy, and commercial electronics, is driving the use of SiC electronics. Furthermore, the transition to renewable energy is also increasing the demand for silicon carbide in photovoltaic applications. SiC is used in photovoltaic (PV) inverters that convert solar energy into usable electricity. SiC-based power electronics in photovoltaic inverters provide higher performance & reliability as well as improve solar power conversion & integration. The rising deployment of solar & wind power systems around the world is driving the demand for SiC-based electronics in this segment.
 

China Silicon Carbide Market Size

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Asia Pacific is the dominant region in the global silicon carbide market with a share of over 30% in 2022. The region has the largest silicon carbide industry in the world and has witnessed substantial growth in recent years. It is expected to continue the growth trajectory over the forecast period. The increasing demand for SiC-based electronic devices in the regional automotive segment can be attributed to their role in enhancing the performance and range of electric vehicles, which in turn, is driving the SiC market growth in Asia Pacific.
 

Rising market shares, the demand for energy solutions, and government initiatives to promote electric & renewable energy vehicles are also leading to market growth. The Asia Pacific region is home to some of the world's largest auto industries including China, Japan, and South Korea. The growing use of Electric Vehicles (EVs), renewable energy, and other energy-efficient technologies in the region can be attributed to government incentives & efforts to reduce pollution. These incentives/programs include financial support, financial assistance, and policies to encourage the use of SiC in electrical energy. Government support has created a favorable environment for the silicon carbide industry growth in the region.
 

Silicon Carbide Market Share

Some of the major players operating in the silicon carbide market are:

  • AGSCO Corporation
  • Carborundum Universal Ltd
  • CoorsTek Inc
  • Entegris Inc
  • ESD-SIC b.v
  • Gaddis Engineered Materials
  • Grindwell Norton Ltd
  • IMERYS Mineral (India) Pvt Ltd
  • Morgan Advanced Materials
  • Saint-Gobain S.A
  • Schunk Ingenieurkeramik GmbH
  • SK Siltron Co Ltd
  • Snam Abrasives Pvt Ltd
  • Tokai Carbon Co Ltd
  • Washington Mills

 These players focus on strategic partnerships and new service launches & commercialization for market expansion. Furthermore, they are heavily investing in research to introduce innovative services and garner maximum revenue in the market.
 

Silicon Carbide Industry News:

  • In May 2022, SK Siltron increased the production capacity of its new Bay City plant in the U.S. with an annual capacity of 100,000 silicon carbide wafers. This investment ensured its long-term commitment to producing the key element in the semiconductor supply chain in Michigan.
     

The silicon carbide market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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By Type

  • Black SiC
  • Green SiC
  • Others

By Application

  • Automotive
  • Energy & power
  • Industrial
  • Aerospace & Defense
  • Electronics & Optoelectronics
  • Steel & Metallurgy
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • ANZ
    • Singapore 
  • Latin America
    • Brazil
    • Mexico 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

In 2022, the global market size for silicon carbide was valued at more than USD 800 million and will grow at over 18.5% CAGR from 2023 to 2032 on account of the rapid expansion of the manufacturing and industrial sector globally.
The silicon carbide industry size from the electronics & optoelectronics application segment reached more than USD 200 million in 2022, attributed to the superior electrical properties of silicon carbide.
Asia Pacific market for silicon carbide accumulated 30% market share in 2022, driven by favorable government initiatives focused on encouraging the adoption of electric & renewable energy vehicles in the region.
Notable silicon carbide industry players include Gaddis Engineered Materials, IMERYS Mineral (India) Pvt. Ltd, Saint-Gobain S.A, SK Siltron Co., Ltd., Grindwell Norton Ltd, Morgan Advanced Materials, and Schunk Ingenieurkeramik GmbH, among others.

Silicon Carbide Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 201
  • Countries covered: 17
  • Pages: 150
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