Silicon Carbide Market Size & Forecast Report - 2026 to 2030

The global silicon carbide market size is expected to witness a significant CAGR of over 16% during the forecast period 2022 to 2028.   The sustainable demand for silicon carbide in the steel industry as a deoxidizing agent and the growing consumption of steel around the world are some of the major factors to drive the market growth. Furthermore, the growing automotive industry and the increasing penetration of electric vehicles are further anticipated to fuel the market over the forecast period. Moreover, the increasing production of steel across the globe and the increasing construction activities around the world are expected to drive the market growth.

Market Drivers:

Increasing demand for power electronics: Silicon carbide is extensively used in power electronics applications, such as inverters, converters, and electric vehicle (EV) charging stations. SiC-based power devices offer higher energy efficiency, higher voltage capabilities, and improved thermal management compared to traditional silicon-based devices. The growing demand for energy-efficient power electronics and the increasing adoption of electric vehicles drive the demand for silicon carbide.

Advancements in the electric vehicle market: The rapid expansion of the electric vehicle market is a significant driver for the silicon carbide market. SiC-based power electronics enable higher power densities, faster switching speeds, and reduced power losses in EVs, enhancing their performance and driving range. The need for efficient power conversion and charging infrastructure in the electric vehicle industry contributes to the demand for silicon carbide.

Increasing focus on renewable energy generation: The global shift towards renewable energy sources, such as solar and wind power, drives the demand for silicon carbide. SiC-based power devices are used in solar inverters and wind turbine systems to improve energy conversion efficiency and withstand high operating temperatures. The increasing installation of renewable energy systems worldwide supports the growth of the silicon carbide market.

Growth of the aerospace and defense industry: The aerospace and defense industry requires materials with high-temperature stability, lightweight properties, and superior mechanical strength. Silicon carbide meets these requirements and finds applications in aerospace components, aircraft engines, and defense systems. The growing aerospace and defense sector, driven by military modernization programs and the demand for fuel-efficient aircraft, contributes to the demand for silicon carbide.

Advancements in semiconductors and electronics: Ongoing advancements in semiconductor technology and electronics drive the adoption of silicon carbide. SiC-based power devices, such as diodes and transistors, offer improved performance, reliability, and efficiency in high-temperature and high-power applications. The continuous development of SiC-based semiconductors and their integration into various electronic systems support the growth of the silicon carbide market.

Increasing demand for high-temperature applications: Silicon carbide exhibits excellent thermal and chemical stability at high temperatures. It is used in applications such as ceramic heating elements, kiln furniture, and refractory linings. The demand for high-temperature materials and components in industries like metallurgy, ceramics, and glass manufacturing drives the utilization of silicon carbide.

Supportive government initiatives and policies: Governments worldwide are promoting the adoption of energy-efficient technologies and renewable energy sources to mitigate climate change and reduce carbon emissions. Incentives, subsidies, and favorable policies for electric vehicles, renewable energy projects, and energy-efficient solutions create a conducive environment for the silicon carbide market to thrive.

Technological advancements and production scale-up: Continuous research and development efforts in silicon carbide technology have led to advancements in manufacturing processes, product quality, and cost reductions. The expansion of production capacity and scale-up of silicon carbide production also contribute to market growth, ensuring a stable supply of SiC materials for various industries.

Market Snapshot:

Market Insights:

The global silicon carbide market is bifurcated into type, application, and geography. On the basis of type, the market is further segmented into black silicon carbide and green silicon carbide. The black silicon carbide segment dominated the global market in 2021 and is expected to hold the largest revenue share of over half of the market by the end of the analysis period. The growing consumption of steel in various end-use industries is one of the prominent factors to drive the segment growth. Furthermore, the continuous growth in the automotive industry in developing economies and the growing construction activities around the world are expected to fuel the segment growth over the forecast period.

On the basis of application, the global silicon carbide market is bifurcated into steel, automotive, aerospace, military & defense, electrical & electronics, healthcare, and others. The electric and electronics segment is accounted to grow at the fastest growth rate over the forecast period. The increasing penetration of power modules in semiconductors is one of the prominent factor driving the segment growth. The semiconductors fabricated on silicon carbide possess a wider band-gap, better thermal conductivity, and an improved critical electric field. Furthermore, the increasing demand for next-generation semiconductor devices in various industrial applications is further anticipated to fuel the segment growth over the forecast period.

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The silicon carbide comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The silicon carbide market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Type:

• Black Silicon Carbide
• Green Silicon Carbide

By Application:

• Steel
• Automotive
• Aerospace
• Military & Defense
• Electrical & Electronics
• Healthcare
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, the Asia Pacific dominated the global silicon carbide market in 2021 and is expected to hold the largest revenue share of around two-third market share by the end of the analysis period. The increasing investment in infrastructure projects and the increasing number of housing projects due to the increasing population are some of the major factors to drive the market growth in the region. Furthermore, the increasing production of electric vehicles in developing economies is further expected to boost market growth in the Asia Pacific. On the flip side, the rising focus of automobile manufacturers to provide lightweight vehicles is expected to drive market growth in North America at a significant CAGR over the forecast period.

Competitive Assessment:

Some of the major market players operating in the global silicon carbide market are AGSCO Corporation, Dow Chemical Co., Carborundum Universal Limited, Entegris, Inc., and ESK-SIC GmbH. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• AGSCO Corporation
• Dow Chemical Co.
• Carborundum Universal Limited
• Entegris, Inc.
• ESK-SIC GmbH
• ESD-SIC b.v.
• Grindwell Norton Ltd.
• Saint Gobain Ceramic Materials GmbH
• Cree Inc.
• Fuji Electric Co. Ltd.

Key Questions Answered by Silicon Carbide Market Report

• Global silicon carbide market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Silicon carbide submarket forecasts from 2022-2028 covering the market by type, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level silicon carbide markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market