Silicon Carbide Market is projected to be worth USD 11 Billion by 2030, registering a CAGR of 22% during the forecast period (2020 - 2030).
Silicon Carbide Market OverviewSilicon Carbide Market is projected to be worth USD 11 Billion by 2030, registering a CAGR of 22% during the forecast period (2020 - 2030). In semiconductor electronic devices, silicon carbide is used in white gap semiconductor materials that are frequently used at high temperatures or high voltages. Sometimes the two conditions are combined. Carborundum is another name for silicon carbide. Silica and carbon make up the compound. It has a lower switching frequency and a much higher power rating than silicon, making it one of the hardest materials. When the environmental conditions are extreme, silicon carbide has the potential to be used in high-power switching applications. Despite being a highly acceptable and demanding compound to be used, silicon carbide manufacturers have only a few reasons and properties that have encouraged it. COVID-19 AnalysisWith the growing pandemic situation, we are seeing it get worse by the day. Global markets appear unaffected by the new normal to some degree. There's just one sector in demand and being used to the fullest extent right now, which is the health sector. It is no surprise that the silicon carbide market has been affected like all other global markets and companies, although there has been steady growth among silicon carbide companies over the last seven years. Coronaviruses are negatively impacting the film industry.As part of the government's effort to strengthen this market, all major players are participating. There are huge losses for the smaller companies. Silicon carbide companies that are medium and largely flourishing are also being shut down, which automatically lag them behind in the market. Support from the government has helped this market in reviving back.Competitive LandscapeA thin layer of silicon carbide serves as a barrier to alloys, and since the silicon carbide industry is fragmented, players hold only a marginal share. The market is dominated by,• CUMI EM• AGSCO Corp• Saint-Gobain• ESD-SIC BV andMarket Dynamics:DriversThere is a tremendous increase in the global silicon carbide market value. A semiconductor material's properties are driving the silicon carbide market to reach new heights for different reasons. The fact that semiconductor devices can easily operate at high temperatures and voltages makes them necessary and highly used. As well as the increase in demand from steel production and steel processing, the recycling industry has also flourished globally, thanks to the operation of all its recycling units. Furthermore, silicon carbide's global growth is greatly influenced by the growing role of the automotive industry.OpportunitiesDue to a variety of reasons and factors, the silicon carbide market trends show that the market is booming across the globe. The overall growth of all this can lead to many more opportunities to make it even bigger. In addition to the growing automotive market around the world, the growing silicon carbide market also offers a chance for further growth. China has already surpassed the global average on the census count. The automotive industry in China is experiencing growth of over 8% annually. Consequently, China is now expected to gain more in the years that follow. It is believed that silicon carbide will eventually replace pure silicon due to the increasing substitution of pure silicon technology. Therefore, silicon carbide consumption globally will increase.RestraintsDue to the phenomenal growth of this market on a global scale. On its way to success, it encounters several hindrances and obstacles that prevent it from making any further progress. I will mention here only a few reasons among the many that restrict silicon carbide's growth. The silicon carbide replacement of floor silicon is hard to expect, however, the high costs associated with the process have made the task a challenging one. A second issue is the high prices for silicon carbide devices, which are higher than pure silicon due to the low yields and low production volumes. The high price makes silicon carbide unattractive to consumers.Technology AnalysisAs a consequence of technological advancements, modern businesses have gained several advantages. Understanding trends in the market is vital for understanding how an organization can effectively strategize. The company will be able to plan better than its competitors, allowing it to gain an edge over them.Segmental AnalysisBased on product, application, and region, silicon carbide is segmented in the global silicon carbide market.Product SpecificOn the global market, silicon carbide is classified by product into black, green, metallurgical, briquette, and micro grit silicon carbide.Based on the ApplicationVarious markets for silicon carbide have been established based on their applications, including steel and energy, aerospace and aviation, electronics and semiconductors, and medical and health care. There are several applications in which silicon carbide plays a significant role, including steel and energy. In second place are the electronic and semiconductor industries and the automobile industry.Region SpecificOn a global scale, silicon carbide is distinguished by region into North America, APAC, Europe, Latin America, the Middle East, and Africa.The Asia Pacific is the biggest market and region.Regional AnalysisObtaining information about the silicon carbide market in the global market has been given depending on the region, which includes Asia Pacific Europe Central and North America, and the Middle East.The Asia Pacific has been recorded in the report as both the largest shareholder in value and volume terms for 2016, with the Asia Pacific being the most prominent market across the globe. In total, it is estimated that about half of the global silicon carbide market was acquired by the company. This growth rate is projected to continue during the next forecasted period.The market is being driven by India and China together. Infrastructural and industrial development demand increasingly more steel and energy.Approximately one-third of the market is in North America, which is driven primarily by the automobile industry. Due to the massive demand for commercial vehicles, this region is expected to grow significantly over the next few years.With the growing demand for silicon carbide, the U.S. ranks fifth among countries or regions in the commercial vehicle production industry.In the forecasted period, the euro is expected to grow steadily. In addition to Russia, Germany, and the Netherlands, Europe has other major markets like France. A substantial portion of the growth of the market in Europe has been attributed to the Atascocan industry.Recent Developments• November 2021: Aehr Test Systems, a global supplier of semiconductor test and reliability qualification equipment, announced that it has received a $7.6 million order for WaferPak full wafer Contactors from a lead silicon carbide test and burn-in customer to meet their increased production capacity requirements.• November2021: BorgWarner, a global technology leader focused on developing innovative and sustainable mobility solutions for the automotive market, has been awarded a contract by a major OEM to supply high voltage inverters for battery electric vehicle (BEV) platforms, which include a variety of passenger cars and trucks. The business award is the company's greatest major silicon carbide (SiC) inverter victory to date and the first in North America.• Silicon carbide has wide gap semiconductor material which is the property making it more reliable in today’s market hence it is used in semiconductor electronic devices. These semiconductor devices can tolerate high temperatures and high voltage.• Development in the steel manufacturing and steel processing industries in addition to the recycling units has made silicon carbide demand in the market.• Demand and development in the life of people increase the desire to buy new commercial vehicles.• Silicon carbide structure, silicon carbide crystal structure, and silicon carbide density make it uniquely acceptable and hence is used in new technologies.• Silicon carbide products are now largely accepted due to silicon carbide prices and silicon carbide uses.Report OverviewThere are eight major elements to this silicon carbide market report: a market overview, Covid 19 Analysis, market dynamics, value chain analysis, market segmentation, regional analysis, competitive landscape, and recent developments.This report introduces the factors that contribute to the growth of the silicon carbide market in the global market as well as the factors that limit its growth.There are also various growth opportunities to be found, according to the report, in the silicon carbide market for the forecasted period. COVID 19 is estimated to have an impact on the silicon carbide market as well. It is also projected to grow at a rapid pace soon.The Target AudienceGlobally, silicon carbide is marketed to a wide range of audiences including production process industries, silicon carbide manufacturers, potential investors, traders, and distributors, raw material suppliers, and nationalized laboratories.
|Market Size||2030: USD 11 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Grindwell Norton (India), ESK SIC GmbH, Dow Chemical Company (US), Carborundum Universal (India), Entegris Inc (US), Norstel AB (Sweden), Renesas Electronics Corporation (Japan), ROHM Co Ltd (Japan), Toshiba Corporation (Japan), Microsemi Corporation (US)|
|Key Market Opportunities||The ability to operate at high temperature has positively impacted the growth of the market.|
|Key Market Drivers||Growth in this market is attributed to strong demand from steel manufacturing and steel processing industry along with its recycling units|
To motivate the silicon carbide market growth, major industries such as aerospace & aviation, steel & energy, medical & healthcare, automotive, electronics & semiconductors, and military & defense are expected to play a large role.
The silicon carbide market is heavily influenced by companies across the world such as ESK SIC GmbH, Dow Chemical Company (US), Grindwell Norton (India), Entegris Inc (US), Carborundum Universal (India), Renesas Electronics Corporation (Japan), Norstel AB (Sweden), Microsemi Corporation (US) Toshiba Corporation (Japan), ROHM Co Ltd (Japan), and others.
Over the forecast period, Silicon carbide is projected to be the biggest market in the Asia Pacific.
The semiconductor industry would be able to access silicon carbide due to its wide gap, facilitating its use.
The development of the global silicon carbide market will be largely driven by India and China.