USD 3.35 billion
Report ID:
SQMIG15E2336 |
Region:
Global |
Published Date: March, 2025
Pages:
184
|Tables:
65
|Figures:
76
Global Silicon Carbide Market size was valued at USD 3.35 billion in 2023 and is poised to grow from USD 3.71 billion in 2024 to USD 8.36 billion by 2032, growing at a CAGR of 10.7% during the forecast period (2025-2032).
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.
US Silicon Carbide Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 3.35 billion
Largest Segment
Green Silicon Carbide
Fastest Growth
Green Silicon Carbide
Growth Rate
10.7% CAGR
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Global Silicon Carbide Market is segmented by Device, Wafer Size, Type, Production Method, Application and region. Based on Device, the market is segmented into SiC Discrete Device, SiC MOSFETs, SiC Diodes and SiC Module. Based on Wafer Size, the market is segmented into Up to 150 mm and >150 mm. Based on Type, the market is segmented into Black Silicon Carbide, Green Silicon Carbide and Others. Based on Production Method, the market is segmented into Acheson process, Physical Vapor Transport (PVT), Chemical Vapor Deposition (CVD) and Other production methods. Based on Application, the market is segmented into Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors and Medical & Healthcare. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
With a sales share of nearly 26.0% in 2022, the electrical and electronics segment was the Silicon Carbide 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.
With a revenue share of more than 54.0% in 2022, the black SiC product segment dominated the global Silicon Carbide 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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Demand for SiC Devices to Bolster Market Growth
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).
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.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 3.35 billion |
Market size value in 2032 | USD 8.36 billion |
Growth Rate | 10.7% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Silicon Carbide Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Silicon Carbide Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Silicon Carbide Market size was valued at USD 3.35 Billion in 2023 and is poised to grow from USD 3.57 Billion in 2024 to USD 6.37 Billion by 2032, growing at a CAGR of 6.70% during the forecast period (2025-2032).
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). '3M Company (United States)', 'AGSCO Corporation (United States)', 'Carborundum Universal Limited (India)', 'Dow Chemical Company (United States)', 'ESD-SIC b.v. (Netherlands)', 'Fujimi Corporation (Japan)', 'Gaddis Engineered Materials (United States)', 'Grindwell Norton Limited (India)', 'Henan Huaxi Furnace Refractory Co., Ltd. (China)', 'Henan Yichuan Ruishi Abrasive Co., Ltd. (China)', 'Hyperion Materials & Technologies (United States)', 'Jiangsu Leyuan New Materials Group Co., Ltd. (China)', 'Morgan Advanced Materials plc (United Kingdom)', 'Norstel AB (Sweden)', 'Renesas Electronics Corporation (Japan)', 'Saint-Gobain S.A. (France)', 'Showa Denko K.K. (Japan)', 'Tianzhu Yutong Silicon Carbide Co., Ltd. (China)', 'Washington Mills Electro Minerals Corporation (United States)', 'Xiamen Powerway Advanced Material (China)', 'Zibo Huanyu Grinding Material (China)'
A crucial part of the world's electrical infrastructure is power electronics. The power electronics sector offers a wide range of power devices that convert alternating current to direct current (or vice versa) in systems. They are also designed to lessen energy loss and boost system effectiveness. SiC devices are silicon-carbide compound semiconductors, including SiC diodes and modules. They may operate at greater current densities and temperatures and feature wide band gaps, fast drift velocities, high breakdown voltages, large critical electric fields, and high thermal conductivities.
Silicon carbide is also used in a variety of industrial and manufacturing applications, such as cutting tools, grinding wheels, and refractory materials. The growth of the manufacturing sector in developing countries is driving the demand for silicon carbide in these applications.
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.
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