USD 3.12 billion
Report ID: SQMIG15E2336 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 65 | Figures: 76
Silicon Carbide Market size was valued at USD 3.12 billion in 2021 and is poised to grow from USD 3.33 billion in 2022 to USD 5.24 billion by 2030, at a CAGR of 6.70% during the forecast period (2023-2030).
Due to its endurance to high temperatures, silicon carbide is utilised as a raw material for refractory. The lining of kilns, furnaces, and reactors in numerous sectors, including cast iron, steel, aluminium, and metal, frequently uses refractory products. It is projected that the development in production in the aforementioned ferrous and non-ferrous industries will drive the market for refractory materials. More than $100 billion is invested in India's automotive sector, which accounts for 8% of all exports, 2.3% of the nation's GDP, and is anticipated to surpass China's automotive sector by 2025 to rank third internationally. In India, more than 2,000 semiconductor chips are designed annually, according to reports from the Department of Electronics and Information Technology. Future growth of the silicon carbide market may be aided by the growing semiconductor output. The U.S. consumption patterns for silicon carbide continue to be mostly constant, with increased product penetration seen in the domestic semiconductor market. One of the main areas of applications was the usage of the product in wafer form. The domestic market's vendors reported a solid increase in sales, with Washington Mills emerging as the leader in the American silicon carbide market.
Global Market Size
USD 3.12 billion
Black Silicon Carbide
Black Silicon Carbide
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Global Silicon Carbide Market is segmented on the basis of product, application and region. By product, the market is segmented into black silicon carbide and green silicon carbide. By application, market is segmented into steel, automotive, aerospace, military & defense, electrical & electronics, healthcare, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Silicon Carbide Market Analysis by Application
With a sales share of nearly 26.0% in 2022, the electrical and electronics segment was the market leader in terms of revenue. It is anticipated that a significant factor in the segment's growth will continue to be the product's growing importance in the creation of effective electronic chips. Outstanding features of the product, including its chemical stability, greater bandgap, high-frequency performance, and resistivity at high temperatures, are likely to aid in its adoption by the electrical and electronic industries. In 2022, the aerospace industry contributed the second-highest revenue. During the projection period, it is anticipated that usage of the product, particularly in the construction of jet turbines, will support sector expansion.
Over the anticipated time frame, the automobile segment is likewise anticipated to see a sizable CAGR. During the projected period, it is anticipated that abrasives based on products will continue to be a key factor in the segment's growth. However, the current slowdown brought on by the pandemic's development indirectly impacted the new order booking from the automotive sector. As the global automobile industry recovers in FY 2023, this trend is anticipated to be reversed.
Global Silicon Carbide Market Analysis by Product
With a revenue share of more than 54.0% in 2022, the black SiC product segment dominated the global market. This product group is offered in a number of formats, including block, grain, and powder. A lot of people prefer the product in grain form, particularly when making iron and steel in electric arc furnaces. The growing support for the use of electric arc furnaces to encourage the reduction of the consumption of natural raw materials is anticipated to support segment expansion over the forecast period.
During the projected period, the fastest CAGR is expected to be recorded by the green SiC product segment. The item is one of the toughest minerals created by humans and has exceptional strength even at very high temperatures. The material is frequently used in the creation of specialty ceramics due to its resistance to high temperatures. The increased production of wear-resistant seals, nozzles, and other products using specialized ceramics is predicted to have a beneficial impact on the growth of the green SiC market during the forecast period.
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With a 60.0% volumetric share in 2022, the Asia Pacific region became the biggest regional market. Giants in the regional steel industry including China, India, Japan, and South Korea are represented there. Many foreign suppliers have opened operations throughout Asia Pacific as a result of these countries' significant steel manufacturing bases. The previous ten years have seen a significant improvement in the region's manufacturing capacity, which has encouraged the growth of downstream industries and advanced the penetration of SiC in the area.
In 2022, North America had a substantial volumetric share. During the projection period, the region is expected to experience an increasing CAGR in terms of revenue. The growing emphasis on the creation of clean steel is probably going to help the local steel-making industry's product demand. The substance's application in the production of steel results in steel that is cleaner and emits fewer emissions.
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Global Silicon Carbide Market Drivers
Demand for SiC Devices to Bolster Market Growth
Global Silicon Carbide Market Restraints
Inadequacy of Materials to Pose as a Threat
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Details about each competitor are provided in the silicon carbide (SiC) market competitive landscape. An overview of the business, financial information, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacity, product launches, product breadth and depth, and application domination are among the information provided. The information mentioned above only relates to the companies' market-related focus on silicon carbide (SiC).
Top Player’s Company Profiles in Global Silicon Carbide Market
Global Silicon Carbide Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global silicon carbide (SiC) market is a growing market that is expected to continue to grow in the coming years. SiC is a versatile material with a wide range of applications in various industries, such as automotive, aerospace, energy, electronics, and others. companies are investing in research and development, expanding their production capacity, and forming partnerships and collaborations to gain a competitive edge in the market. The global silicon carbide market is expected to continue to grow in the coming years, driven by the trends and drivers mentioned above. However, the market still faces challenges, including high production costs, the lack of a standardized supply chain, and competition from other materials such as gallium nitride (GaN) and silicon-based materials.
|Market size value in 2021||USD 3.12 billion|
|Market size value in 2030||USD 5.24 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Silicon Carbide Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Silicon Carbide Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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