Silicon Carbide Market – Global Industry Analysis and Forecast (2022-2029)

Silicon Carbide Market is expected to reach US$ 3519.14 Mn. by 2029, at a CAGR of 18.60% during the forecast period.
Silicon Carbide Market Overview:
Silicon Carbide with a chemical formula of SiC is a very hard and synthetically produced crystalline compound of silicon and carbon. Silicon Carbide is also known as Carborundum. Generally, silicon carbide is largely utilized in industries for high-temperature materials, such as cutting tools, abrasives, and insulation for ovens. It is also used as a semiconductor device in the production of electronic components.

Silicon Carbide is one of the hardest synthetic materials with a Mohs hardness rating of 9. Silicon Carbide has a high thermal conductivity of 120-270 W/mK along with its high-temperature strength, low thermal expansion of 4.0x10^-6/°C, and high resistance to a chemical reaction makes silicon carbide valuable in the manufacture of bricks and other refractories.

In 2021, Silicon Carbide was the world’s 2232nd most traded product, with a trade-in Silicon Carbide represents 0.0046% of total world trade.


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2021 is considered as a base year to forecast the market from 2021 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analyzed especially with the impact of lockdown by region.
Silicon Carbide Market Dynamics:
The Silicon carbide market is continuously showing a northward direction of growth thanks to the growing steel industry. The SiC is utilized as a deoxidizing agent in the steel industry as well as it is a key raw material in the refractories production, which exhibits high thermal conductivity 10 times higher than a fireclay refractory. According to World Steel Association, the steel production was 174.4 million tonnes (Mt) in May 2021, with a 16.5% increase compared to May 2020. The consumption of steel is expected to surge the use of SiC in the production process, which in turn is expected to drive the SiC demand during the forecast period.

The increasing demand for high quality, reliability, and efficient material in the automotive sector is driving the SiC product demand during the forecast period. The growing application of SiC in Plug-in-Hybrid (PHEV) and Electric Vehicles (EV) is expected to uplift the SiC market across the globe. The SiC-based batteries avoid loss of charge and make ensure that PHEV and EVs run for longer distances.

According to a study, using SiC in EV production is expected to reduce manufacturing and ownership by the US $ 2000 per vehicle. SiC also helps in EV the fast-charging process, where it is expected to minimize overall system cost by 30%, increase power density by 30% and reduce component cost by 30%.

The SiC market is expected to show noteworthy growth during the forecast period, thanks to the growing use of SiC in various applications, such as aviation, aerospace, medical, electronic, defense, automotive, and telecommunication. It is widely used in the automobile industry in the manufacturing of automobile brakes, clutches, light-emitting diodes (LEDs), detectors, ceramic plates, and bulletproof jackets and vests.

However the SiC is synthesized in the high-temperature process, so the cost of SiC is very high as compared to raw SiC material. In addition, growing hazardous effects from SiC exposure such as irritation to eyes and nose, breathing concerns along with chronic effects are expected to hamper the growth of the market during the forecast period.
Silicon Carbide Market Segment Analysis:
Based on the Product, the Silicon Carbide Market is segmented into Black and Green. The Black segment held the largest market share, accounting for 57% in 2021. The segment's growth is attributed to the increasing consumption of steel and growing automobile and construction industries across the globe. Black Silicon carbide is crystalline in nature and is produced in furnaces at temperatures of more than 2300o C from silica sand and coke. In addition, Black SiC is more cost-effective as compared to green SiC. These factors are expected to drive the SiC market growth during the forecast period for this segment.

Based on the Application, the Silicon Carbide Market is segmented into Steel, Automotive, Aerospace, Electrical & Electronics, and Military & Defense. The Electrical & Electronics segment held the largest market share, accounting for 29% in 2021. The segment growth is attributed to the growing demand for power modules in semiconductors. SiC semiconductor exhibits high thermal conductivity, larger critical electric field, and wider bandgap, which fuel the use of SiC semiconductors in Electrical & Electronics application. According to the Department of Electronics and Information Technology of India, it manufactures more than 2,000 semiconductors every year and it is expected to increase during the forecast period. The increasing production of semiconductors is expected to uplift the SiC market growth during the forecast period for this segment.
Silicon Carbide Market Regional Insights:
Asia Pacific region held the largest market share accounted for 61% in 2021. The region's growth is attributed to the growing use of SiC in the manufacturing industry across the region. In Countries like China, Japan, and India, rising investments in infrastructure triggering the need for crude steel, which in turn is expected to fuel the SiC market growth during the forecast period. For instance, according to the Make in India initiative India, the country is expected to invest the US $ 650000 million in urban infrastructure over the next 20 years. The North America region is expected to witness significant growth at a CAGR of xx% during the forecast period. U.S. is witnessing an increasing demand for electric vehicles (EV), which in turn is expected to boost the need for SiC for the manufacturing of EVs.

The objective of the report is to present a comprehensive analysis of the Silicon Carbide Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Silicon Carbide Market dynamic, structure by analyzing the market segments and projecting the Silicon Carbide Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Silicon Carbide Market make the report investor’s guide.
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Global Silicon Carbide Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 899.0 Mn.


Forecast Period 2021 to 2029 CAGR:
18.60%
Market Size in 2029:
US $ 3519.14 Mn.


 Segments Covered:
by Product
• Black
• Green


by Application
• Steel
• Automotive
• Aerospace
• Electrical & Electronics
• Military & Defense



Silicon Carbide Market by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Silicon Carbide Market Key Players
• Agsco Corporation
• Carborundum Universal Limited
• Cree, Inc.
• Entegris, Inc.
• Fuji Electric Co., Ltd.
• General Electric Company
• GeneSiC Semiconductor Inc.
• Grindwell Norton Ltd.
• II-VI Incorporated
• Infineon Technologies AG
• Microchip Technology Incorporated
• Powerex Inc.
• Renesas Electronics Corporation
• ROHM CO., LTD
• SEMIKRON International GmbH
• Snam Abrasives Pvt. Ltd.
• STMicroelectronics N.V.
• The Dow Chemical Company
• Toshiba Corporation
• United Silicon Carbide, Inc.
• Versum Materials, Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Silicon Carbide Market?
Ans: Asia Pacific region holds the highest share in 2021.

2. What is the growth rate of Global Silicon Carbide Market?
Ans: The Global Silicon Carbide Market is growing at a CAGR of 18.6% during forecasting period 2022-2029.

3. What is scope of the Global Silicon Carbide market report?
Ans: Global Silicon Carbide Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Silicon Carbide market?
Ans: The important key players in the Global Silicon Carbide Market are – Agsco Corporation, Carborundum Universal Limited, Cree, Inc., Entegris, Inc., Fuji Electric Co., Ltd., General Electric Company, GeneSiC Semiconductor Inc., Grindwell Norton Ltd., II-VI Incorporated, Infineon Technologies AG, Microchip Technology Incorporated, Powerex Inc., Renesas Electronics Corporation, ROHM CO., LTD, SEMIKRON International GmbH, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., The Dow Chemical Company, Toshiba Corporation, United Silicon Carbide, Inc., Versum Materials, and Inc.

5. What is the study period of this market?
Ans: The Global Silicon Carbide Market is studied from 2021 to 2029.