Silicon Carbide Market Research Report - Forecast to 2030

Silicon Carbide Market Research Report Information By Type (Black Silicon Carbide and Green Silicon Carbide), By Application (Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors, and Medical & Healthcare), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/CnM/0723-HCR | 138 Pages | Author: Chitranshi Jaiswal | October 2023         

Silicon Carbide Market Speak to Analyst Request a Free Sample

Global Silicon Carbide Market Overview

Silicon Carbide Market Size was valued at USD 1.93 billion in 2022. The Silicon Carbide industry is projected to grow from USD 1.98 Billion in 2023 to USD 2.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2023 - 2030). The increasing use of consumer electronics and the growing production of vehicles are the key market drivers propelling market growth.Silicon Carbide Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Silicon Carbide Market Trends

  • Growing application of silicon carbide in electronics and semiconductors to aid market growth

Silicon carbide (SiC), a semiconductor material made of silicon and carbon, is used to create high-voltage power devices, such as electric vehicles (EVs), power supplies, motor control circuits, and inverters. SiC has a number of benefits over traditional silicon-based power devices like IGBTs and MOSFETs. It is used in manufacturing electronic products and inverters in EVs, among others. Power electronic modules made with SiC are significantly more powerful and energy-efficient than those made with traditional semiconductors like silicon because SiC enables power devices to operate at much higher temperatures, voltages, and switching frequencies.

SiC devices are widely used in the automotive industry, particularly in manufacturing electric vehicles and plug-in hybrid vehicles (PHEVs). The power systems for next-generation EVs must be able to boost the vehicle's efficiency and the rate of battery recharge. SiC inverters are proving to be a crucial component of the answer to these problems. The inverter controls the amount of power supplied to the motor in accordance with driving requirements and converts the input direct current to alternating current. The inverter's importance increases as automotive electric buses gradually transition from 400 V to 800 V. An inverter based on SiC can achieve up to 99% efficiency, compared to a traditional inverter's 97% to 98% efficiency in transferring energy from the battery to the motor. It is crucial to emphasize how a one- or two-decimal-place increase in efficiency significantly impacts the entire vehicle. The increasing demand for EVs is anticipated to have a significant impact on the growth of the silicone carbide market growth. According to the International Energy Agency's (IEA) EV Outlook, 2021, there were about 3 million electric vehicle sales worldwide in 2020 and a 41% increase in electric vehicle registrations.

Figure 21 Electrical Car Sales form 2010-2021Electrical Car Sales form 2010-2021Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Due to its unique qualities, silicon carbide has been hailed as a possible silicon replacement. SiC technology is widely regarded as a trustworthy replacement for silicon. The comprehensive bandgap material provides unheard-of energy efficiency by lowering switching and conduction losses under particular loads and providing significantly better thermal management. SiC devices are also less expensive, require fewer external components, and have more dependable system designs. SiC's greater efficiency, smaller form factor, and lighter weight also allow for more intelligent designs with less cooling need, which has enormous innovation potential. Such characteristics of SiC have enhanced the market CAGR.

To cater to the demand, companies in the market are launching new products and studying to enhance the application of silicon carbide. This is another factor bolstering the growth of the Silicon Carbide market revenue.

Silicon Carbide Market Segment Insights

Silicon Carbide Type Insights

The Silicon Carbide market segmentation, based on type, includes Black silicon carbide and green silicon carbide. The black Silicon Carbide segment held the majority share in 2022, contributing to around ~66-68% of the Silicon Carbide market revenue. This is primarily owing to the growing chemical industry and increasing manufacturing capacities due to high demand in the market. Moreover, companies in the market are investing in expanding their manufacturing capacities, this is anticipated to propel the market growth during the forecast period.

January 2021: Pingluo Binhe Silicon Carbide Products Co., located in Ningxia, a black silicon carbide manufacturer in China, increased production by about 50% from about 10,000t to 15000t.

September 2022: Wolfspeed declared it would erect brand-new, multibillion-dollar materials manufacturing facility in North Carolina's Chatham County. The investment is intended to produce a more than 10-fold increase in Wolfspeed's current capacity for producing silicon carbide on its Durham campus, supporting the business's long-term growth strategy, accelerating the uptake of silicon carbide semiconductors across a wide range of end markets, and launching a new era of energy efficiency.

Silicon Carbide Application Insights

The Silicon Carbide market segmentation, based on type, includes steel & energy, automotive, aerospace & aviation, military & defense, electronics & semiconductors, and medical & healthcare. The electronics & semiconductors segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2022-2030. Rising semiconductor production worldwide and growing semiconductor adoption, which is leading to increasing semiconductor shipments across the globe, are also anticipated to be significant drivers of the growth of the market. The manufacturing of semiconductors uses silicon carbide extensively. Over one trillion units of semiconductors were shipped in 2020, a 14 percent increase from the number seen in 2020. Therefore, increasing semiconductor adoption is anticipated to favorably impact the Silicon Carbide market growth.

January 2022: Toshiba Electronic Devices & Storage Corporation introduced two silicon carbide (SiC) MOSFET Dual Modules: "MG600Q2YMS3," with a voltage rating of 1200V and drained current rating of 600A, and "MG400V2YMS3," with a voltage rating of 1700V and drain current rating of 400A. This launch is anticipated to create growth opportunities for the Silicon Carbide industry.

January 2023: onsemi introduced its silicon carbide (SiC) family, "EliteSiC". At the Consumer Electronics Show (CES) in Las Vegas, the company unveiled three new members of the family: a 1700 V EliteSiC MOSFET and two 1700 V avalanche-rated EliteSiC Schottky diodes.

Figure 2: Silicon Carbide Market, by Application, 2022 & 2030 (USD billion)Silicon Carbide Market, by Application, 2022 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Silicon Carbide Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Silicon Carbide Market accounted for USD 1.3 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to numerous businesses in this area engaged in producing silicon carbide ceramics, including those producing glass, glassware, machinery, aerospace, and defense products.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: SILICON CARBIDE MARKET SHARE BY REGION 2022 (%) SILICON CARBIDE MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe Silicon Carbide market accounts for the second-largest market share in 2022. The demand is anticipated to rise due to the quick adoption of zero-emission technologies worldwide. Further, the Germany Silicon Carbide market held the largest market share, and the UK Silicon Carbide market was the fastest-growing market in the European Region.

The North America Silicon Carbide market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the presence of increasing vehicle production and a sizable workforce in the automotive industry. Moreover, the U.S. Silicon Carbide market held the largest market share and Canada Silicon Carbide market is the fastest-growing market in the North American Region.

Silicon Carbide Key Market Players & Competitive Insights

Major market players, while a few well-established vendors are approaching integration with the development of value-added products for the electronics industry. Some players are focused on the development of abrasives-based SiC. Companies are also taking a range of initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, and collaboration with other players. Competitors in the Silicon Carbide industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Some of the business strategies manufacturers adopt in the Silicon Carbide industry are expanding the manufacturing capacity to meet the rising demand for it. In recent years, the Silicon Carbide industry has launched some new products in the market. The Silicon Carbide market major player such as CUMI EM, AGSCO Corp, Saint-Gobain, ESD-SIC BV, and others are working on expanding the market demand by raising funds for research and development activities.

CUMI EM company in the ceramics, electro minerals, and abrasives sectors. Along with super refractories, electro minerals, industrial ceramics, and ceramic fibers, CUMI was a pioneer in India's production of coated and bonded abrasives. CUMI is broadening the distribution of its products in line with the vision. The company produces over 20,000 different product varieties at 25 different facilities in 25 countries, including India, Russia, South Africa, Australia, China, Thailand, and Canada. Forty-three nations around the world receive CUMI's exports of goods. The company manufactures and distributes silicone carbide ly.

Also, Saint-Gobain is an international company that is one of the leader in the construction industry. The company has a presence in more than 76 countries worldwide. In May 2019, Saint-Gobain completed the sale of its silicon carbide grains and powders business to private equity company OpenGate Capital, which generates annual sales of about €120 million. This transaction is in line with Saint-portfolio Gobain's optimization strategy, which aims to sell off companies with more than €3.0 billion in annual sales by the end of 2019.

Key Companies in the Silicon Carbide market includes

Silicon Carbide Industry Developments

September 2022: SK Siltron CSS opened its new manufacturing facility in Bay City. The $300 million investment strengthens SK Siltron's commitment to Michigan and further boosts Michigan's leadership role in the national semiconductor supply chain

March 2021: Microchip launched industry-leading 3.3 kv silicon carbide (sic) power devices that enable new levels of efficiency and reliability.

January 2022: Fuji Electric Tsugaru Semiconductor Co., Ltd., has received a capital investment from Fuji Electric Co., Ltd. to increase the production of SiC power semiconductors. In fiscal 2024, mass production is expected to start.

Silicon Carbide Market Segmentation

Silicon Carbide Type Outlook

  • Black Silicon Carbide

  • Green Silicon Carbide

Silicon Carbide Application Outlook

  • Steel & Energy

  • Automotive

  • Aerospace & Aviation

  • Military & Defense

  • Electronics & Semiconductors

  • Medical & Healthcare

Silicon Carbide Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 1.93 billion
Market Size 2023 USD 1.98 billion
Market Size 2030 USD 2.55 billion
Compound Annual Growth Rate (CAGR) 4.72% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled CUMI EM, AGSCO Corp, Saint-Gobain, and ESD-SIC BV
Key Market Opportunities Increase in steel production
Key Market Dynamics Growing demand for SiC Devices in power electronics Rising investments by governments

Frequently Asked Questions (FAQ) :

The Silicon Carbide market size was valued at USD 2.9 Billion in 2022.

The market is projected to grow at a CAGR of 22.0% during the forecast period, 2022-2030.

North America had the largest share of the market

The key players in the market are CUMI EM, AGSCO Corp, Saint-Gobain, and ESD-SIC BV.

The black Silicon Carbide category dominated the market in 2022.

The electronics & semiconductors had the largest share of the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response