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Silicon Carbide Market

Silicon Carbide Market

Silicon Carbide Market Analysis By Product Type (Black Silicon Carbide & Green Silicon Carbide) By Application (Steel Silicon Carbide, Automotive Silicon Carbide & Aerospace Silicon Carbide) By Region – Global Market Insights 2022-2032

Silicon Carbide Market
FACT4581MR

Silicon Carbide Market Outlook (2022-2032)

The global Silicon Carbide market is likely to be valued at US$ 1,050 Million in FY 2022, up from US$ 988 Million in 2021. During the past year, the industry registered a Y-o-Y increase worth 16.3%. From 2022 to 2032, Silicon Carbide sales are poised to flourish at a CAGR of 17% to reach a value of US$ 5.1 Billion by the end of 2032.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 988 Million

Expected Market Value (2022)

US$ 1,050 Million

Projected Forecast Value (2032)

US$ 5.1 Billion

Global Growth Rate (2022-2032)

17% CAGR

Growth Rate of the U.S Market (2022-2032)

12.5% CAGR

Expected Market Value of China (2032)

US$ 2 Billion (Approx.)

U.K Market Expansion Rate (2022-2032)

12.4% CAGR

Key Companies Profiled

  • Dow Chemical Co.
  • AGSCO Corporation
  • Carborundum Universal Limited.
  • Entegris Inc.
  • ESD-SiC b.v.
  • ESK-SIC GmbH
  • Gaddis Engineered Materials
  • Grindwell Norton Ltd.
  • Saint Gobain Ceramic Materials GmbH
  • Snam Abrasives Pvt. Ltd.

The global market for Silicon Carbide is poised to yield absolute dollar growth worth US$ 5.1 Billion by 2032. Demand for Black Silicon Carbide will continue to thrive, with a documented CAGR of 16% during the 2015-2021 historical period of assessment, while demand for Silicon Carbide in Automotive proliferated at a rate of 16.7% during the same time period. The APAC will dominate the global market, registering a growth opportunity worth US$ 2 Billion from 2022 to 2032.

Fact.MR estimates that the global silicon carbide industry is projected to grow at a CAGR of 17% from 2022 to 2032. Green silicon carbide is poised to witness a dexterous 17% CAGR. 

2015 to 2021 Silicon Carbide Market Revenue Analysis vs. Market Outlook 2022-2032

Fact.MR has predicted the Silicon Carbide market to upswing at 17% CAGR between 2022 and 2032 in comparison to the 16.3% CAGR throughout the historic period. The rising trend of electric vehicles and the robust strength of black silicon carbide are considered the prominent silicon carbide market drivers across the globe.

Manufacturers are making specific innovations in improving the quality of materials and are adopting SiCa as a vital alternative for making semiconductors. This will increase the demand for silicon carbide in electrical and other end-use industries.

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Key Drivers Stimulating Silicon Carbide Industry Expansion

Long Battery Life & Fast Charging Likely to Act as the Prominent Drivers

Demand for Silicon Carbide (SiC) in power electronics is increasing on the back of, long battery life and reduced charge time. Moreover, the high thermal conductivity and energy efficiency of SiC drive the global silicon carbide market to a stupendous four-fold growth. With the increasing applications in plug-in hybrid (PHEV) and electric vehicles (EV), there has been an upsurged demand for silicon carbide semiconductors from the automotive sector. Silicon carbide-based batteries prevent loss of charge and ensure that PHEVs and EVs run for longer distances.

Government policies lay emphasis on increasing the minimum distance that EV manufacturers must ensure in automotive products. For instance, the minimum commuting range was increased from a previous 100 km to 150 km by the Chinese government. Manufacturers must ensure an energy density requirement of 105 watt-hours per kg to leverage incentive policies from the Chinese government. Development of innovative end-uses such as high switching efficiency in diodes and power modules is projected to generate remunerative opportunities through 2032.

Key Challenges to Silicon Carbide Industry Expansion

Higher Cost & Poor Quality of Material Impedes the Market Growth of Silicon Carbide

As per the latest report published by Fact.MR, the cost of silicon carbide range approximately from USD 800 to USD 2,000 per ton which is extremely high as compared to other alternatives available in the marketplace. Gallium nitride is one of the alternatives which is utilized in power modules as transistors.

Thus, the high cost, as well as the disposal of cost-effective replacements of SiC (Silicon carbide), are the key factors restraining the growth of the global silicon carbide market throughout the conjecture period. Furthermore, flaws in material as well as issue related to the package is the other challenge faced by sellers linked with the silicon carbide market.

An Adaptive Approach to Modern-day Research Needs

Country-wise Analysis

How Opportunistic are Growth Prospects across the U.S Market?

Increasing Investment in the Automotive Sector Will Expand the Silicon Carbide market

Recently published report of Fact.MR summarizes that the silicon carbide market in North America is likely to cultivate from US$ 130.38 Million in 2020 to US$ 610 Million by 2032; it is estimated to grow at a CAGR of 12.5% from 2022 to 2032. The mounting demand for silicon carbide in numerous industrial applications has obligated manufacturers, governments, and research institutes to capitalize more on the expansion of their silicon carbide production capabilities and regional presence.

Investment prospects are being witnessed in both upstream and downstream sectors of the silicon carbide market in the region. Besides, the rising focus on growth strategies such as product innovation, expansion, partnerships, and acquisitions, in both upstream and downstream markets, is offering lucrative opportunities for the future growth of the silicon carbide market companies.

Why is Silicon Carbide Providers Venturing into China?

Impetus from Surging Adoption of Electric Vehicles in the Automotive Sector

Asia Pacific (East Asia and Southeast Asia & Oceania) accounts for more than ½ of the total market value. Developing economies in this region are experiencing multiplying production of SiC-based products from steel, automotive, electrical & electronics, and healthcare.

Fact.MR’s trend analysis report depicts that the Chinese market is expected to yield a dollar opportunity of nearly US$ 2 Billion through 2032 which was US$ 445 Mn in 2020; it is projected to grow at a CAGR of 12.6% from 2022 to 2032.

East Asia and Southeast Asia exhibit stellar growth rates of over 16% and 17% respectively. Market players are garnering incremental growth opportunities by innovating and developing end-use applications addressing local issues. Silicon carbide also bargains applications in the aerospace and defense industry, specifically in bulletproof vests and pump shaft sealing (as seal ring material). Silicon carbide is also employed in oilfield applications as a component of pumps used to drill and extract oil in countries like Indonesia, China & India. Besides, its unique electrical properties, silicon carbide is also being used in power generation applications in the APAC region.

Country-wise Value CAGRs for Silicon Carbide (2022-2032)

U.S

12.5%

U.K

12.8%

China

12.6%

Japan

12%

South Korea

12.4%

Silicon Carbide Market forecast analysis by Fact.MR

Category-wise Insights

Which Product Type is Most Preferred in the Silicon Carbide Market?

The low coefficient of thermal expansion and high resistance to thermal shock makes Black SiC an ideal raw material

Black silicon carbide is poised to maintain a stronghold of more than 50% of the market value share. Its counterpart, green silicon carbide is gaining traction on the back of the higher purity, sharpness, and friable nature of the element.

Black silicon carbide is an extremely tough synthetic mineral that holds high thermal conductivity along with high strength at higher temperatures, e.g., at 1000°C, SiC is 7.5-times stronger than aluminum oxide. SiC has a modulus of elasticity of ~410 GPa and can function with the desired strength at temperatures up to 1600°C; also, it does not melt at normal temperature but dissociates at 2600°C.

Black silicon carbide is generally available in the form of blocks, gains, and powder. It is utilized as bonded and industrial abrasives, coated abrasives, refractories and ceramics, and refractories and ceramics in Industries. Fact.MR’s latest analysis depicts that owing to the lower cost, Black silicon carbide powder is utilized extensively for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts.

By Application, which Industry is expected to Dominate?

Electric Vehicles and Power Generation to Form Strong Pockets of Demand

Electric vehicles are not only the future of energy-efficient traveling but also of the silicon carbide market. Silicon carbide has recently gained popularity in manufacturing semiconductors due to its capability to tolerate high voltage levels and temperatures. Owing to these characteristics, the manufacturers and owners consider it appealing for use in the automotive sector.

The product finds surging demand in EV applications that employ silicon carbide to enhance the charge cycle and range per charge of EV batteries. Fact.MR’s latest report forecast that electric vehicles are expected to account for a majority of the total revenues in the automotive sector through 2032.

Power electronic applications for EVs, PHEVs, or industrial applications are a central factor for the silicon carbide market. One captivating application of these semiconductors includes allowing advanced switching frequencies for the power electronics that jointly serve as the "command centers" for electric and hybrid vehicles.

Competitive Landscape

Prominent Silicon Carbide providers are reliant on partnerships, collaborations, acquisitions, and new software launches so as to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

  • In July 2021, STMicroelectronics manufactured the first 200mm (8-inch) Silicon-Carbide (SiC) bulk wafers for prototyping next-generation power devices from its facility in Norrköping, Sweden.
    The transition to 200mm SiC wafers marks an important milestone in the capacity build-up for ST’s customer programs in the automotive and industrial sectors.
  • In April 2021, Saint-Gobain Crystar® developed a special, high porosity ceramic filter solution to provide a filtration efficiency equivalent to surgical masks (>95% retention of bacteria-inoculated aerosols with an average size of 3 µm, ref. EN 14683 AC. Combined with the enhanced airtightness of Precimask® masks, a high and reliable protection level is ensured.

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Key Segments Covered in the Silicon Carbide Industry Survey

  • Silicon Carbide by Product type

    • Black Silicon Carbide
    • Green Silicon Carbide
  • Silicon Carbide by Application

    • Steel Silicon Carbide
    • Automotive Silicon Carbide
    • Aerospace Silicon Carbide
      • Military & Defense Silicon Carbide
      • Electrical & Electronics Silicon Carbide
      • Healthcare Silicon Carbide
      • Others
  • Silicon Carbide by Region

    • North America Silicon Carbide Market
    • Latin America Silicon Carbide Market
    • Europe Silicon Carbide Market
    • Asia Pacific Silicon Carbide Market
    • Middle East & Africa Silicon Carbide Market

- FAQs -

As of 2021, Fact.MR estimated the Silicon Carbide market to have reached US$ 988 Million
By 2022, Fact.MR expected demand for Silicon Carbide to reach US$ 1050 Billion
From 2015-2021, the Silicon Carbide market grew at a 16.3% value CAGR
From 2022-2032, Silicon Carbide demand is likely to surge at a 17% CAGR
By 2032, the market for Silicon Carbide is likely to be valued at US$ 5.1 Billion
By 2032, Fact.MR expects the U.S market for Silicon Carbide to reach US$ 610 Million
China is expected to register a 12.6% CAGR with regard to the Silicon Carbide industry
South Korea and Japan are expected to document CAGRs worth 6.3% and 6.4% respectively in the Silicon Carbide market
Solvent-borne Silicon Carbide will be maximum, expanding at a 6.4% CAGR
Black Silicon Carbide will remain most preferred, expanding at a CAGR of 17% until 2032

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