Silicon Carbide Market Overview
Silicon Carbide Market is projected to be worth USD 11 Billion by 2030, registering a CAGR of 22% during the forecast period (2020 – 2030).
Market Research Future (MRFR) report on the global silicon carbide market (2016-2023) studies the COVID-19 analysis on the key points that influence the growth of the market. The report discusses current competitors and global market trends, providing a thorough overview of both growth drivers and constraints, which may have a positive or negative effect on the industry’s outlook during the forecast period.
Silicon carbide (SIC) is also identified as carborundum and is a silica and carbon compound. SIC is one of the hard materials with outstanding performance, power switching frequency, and power rating compared to silicon. In addition, it has the potential to deliver high power switching applications in an extreme environment. Silicon carbide is an extensive gap semiconductor material used in semiconductor electronic devices that work at high temperatures or high voltage. This property has made silicon carbide highly preferable for end-use applications.
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Market Dynamics
Over the last seven years, the global demand for silicon carbide has seen steady growth and is heading into an expansion phase. Growth in this market is due to strong demand from the steel manufacturing and steel processing industries and its recycling units. The steel industries in the Asia Pacific is expected to contribute significantly in the coming years. The growing automotive industry around the globe also plays a crucial role in global growth. As per the OICA, China has emerged as a worldwide leader in automotive production with an annual growth rate of over 8%, which is expected to result in a significant rise in the demand in the coming years. In the last few years, the replacement of established pure silicon technology has risen year by year, increasing global demand for silicon carbide. Although growth in this market is held back by high costs associated with silicon carbide devices. Due to low production yields and low production volumes, silicon carbide products are priced at comparatively higher costs, which has posed as growth restraints.
Market Segmentation
The global market for silicon carbide market has been segmented based on product and application.
Based on products, the global market for silicon carbide has been segmented into green silicon carbide, black silicon carbide, and others (refractory, coated, metallurgical, metallurgical briquettes, and micro grit).
Based on application, the global market for silicon carbide has been segmented into steel and energy, aerospace and aviation, automotive, military and defense, electronics and semiconductors, medical and healthcare, and others. Steel and energy are the dominant segments for which silicon carbide is widely used, followed by electronics and semiconductors and the automotive segment. Medical and healthcare services are expected to see the fastest growth in the next five years.
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Regional Analysis
Region-wise, the global silicon carbide market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
In 2016, Asia Pacific emerged as one of the most promising markets in the world and had the highest market share in terms of both value and volume. After gaining more than half of the global economy, Asia Pacific is projected to continue leading over the forecast period. Increased sales of the various driver segments, such as steel and energy, electronics, semiconductor and automotive, are responsible for the region’s growth. India and China are jointly driving the Asia Pacific market because of the increasing demand for steel and energy powered by industrial and infrastructural growth.
North America is another attractive growth market, dominated by automotive demand. The region is expected to grow substantially due to the massive demand for commercial vehicles. The United States is one of the five largest commercial vehicle manufacturing markets in the world due to the growing demand for silicon carbide.
In the coming years, Europe will continue to expand, including major markets such as Russia, Germany, and the Netherlands. Established aerospace and aviation industries have contributed significantly to regional growth.
Key Players
Some of the leading participants in the global silicon carbide market are Carborundum Universal (India), Entegris Inc (US), ESK SIC GmbH, Renesas Electronics Corporation (Japan), Norstel AB (Sweden), ROHM Co Ltd (Japan), Toshiba Corporation (Japan), Grindwell Norton (India), Microsemi Corporation (US), Dow Chemical Company (US), and others.
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