Silicon Carbide Market size worth US$4.863 billion by 2029
The silicon carbide market is estimated to be around US$1.672 billion in 2024 and is anticipated to grow to US$4.863 billion by 2029 at a CAGR of 23.80%.
Silicon carbide (SiC), also called carborundum, is a semiconductor consisting of silicon and carbon. It is found in nature as the extremely rare mineral moissanite, but more commonly manufactured artificially. High hardness, sulfide resistance, chemical stability, and semiconductor properties are the primary characteristics of SiC which makes it useful for various industries. Due to its hardness, it can be used for sandpaper and makes a fine material in grinding wheels as well as utilized in cutting tools while bigger pieces are made into abrasive grains serving as furnace linings or heating elements. Power electronics and LED are some of the electrical components that widely utilize SiC due to their special properties in the electric sector.
As per the report, the silicon carbide market is anticipated to develop at a significant pace.
There are numerous factors contributing to the growth of the silicon carbide market during the forecasted period. SiC is utilized to increase the efficiency and execution of hybrid electric vehicles (HEVs). Further, solar and wind power are utilizing SiC-based inverters and converters for similar applications. Using SiC devices will strengthen energy storage system efficiency and power density. Additional industrial utilization includes high-temperature electronic products and telecommunications. The base stations and other infrastructure components utilize SiC devices to enhance efficiency as well as cut power consumption. Moreover, the cost and quality of such materials are now better due to advancements in SiC technology.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in August 2024, Infineon Technologies AG began the primary stage of a new 200-millimeter silicon carbide (SiC) power semiconductor fab in Malaysia, stamping the world’s biggest and most competitive 200-millimeter fab.
Based on the type, the silicon carbide market is divided into sintered silicon carbide, nitride-bonded silicon carbide, and reaction-bonded silicon carbide. Sintered silicon carbide is expected to have a major share in the market due to its high durability, and low maintenance prices employed in major industries such as electronics, and automotive. Its thermal conductivity enables accurate temperature control, and it will also exhibit excellent performance over time in more challenging environmental conditions due to its chemical stability.
Based on the application, the silicon carbide market is classified into brakes & clutches, solar panels, turbines, semiconductors, deoxidizing agents, light-emitting diodes, and others. the growth in the silicon carbide market is mainly driven by brakes and clutches, especially for the EV industry. This is because of their high-temperature stability, wear resistance, and low weight combined with good thermal conductivity. The material can handle intense heat-ideal for EV braking systems as well as lower density to help reduce vehicle weight and thus improve fuel efficiency and performance.
Based on industry vertical, the silicon carbide market is divided into automotive, energy, steel industry, electronics, and others. The automotive industry contributes majorly to the growth of a silica carbide market that is driven by increasing demand for EVs and the requirement for further durable and efficient automotive parts. Those characteristics make SiC very suitable for utilization in components like power electronics, inverters, and motor control systems in EVs. In addition, SiC components can also be employed in electric motors and power electronics for hybrid vehicles.
Based on geography, the silicon carbide market is extending majorly in the Asia Pacific region due to various variables. Due to the increasing technological landscape in diverse countries of the Asia Pacific region with the increasing utilization of semiconductors and SiC chips in electronic products. Further, rising governmental incentives to propel the market in the Asia Pacific region, coupled with increasing production and demand for consumer electronics is expected to drive a huge increase within this segment. In addition, the expansion in the green or sustainable energy market with a particular spotlight on the solar sector is also expected to significantly generate demand for SiC owing to the increment in energy and power activities globally.
As a part of the report, the major players operating in the silicon carbide market that have been covered are Saint Gobain, AGSCO Corp, Anyang Jinbeite Metallurgical Refractories Co., Ltd., WolfSpeed Inc, Microchip Technology Inc., INSACO Inc, N.B. Enterprises, Shot Blaster, Carborundum Universal Limited, Zee Precision Carbographite Industries, Henan Silk Road Abrasives & Tools Co., Ltd., ROHM Co., Ltd., and Infineon Technologies AG.
View a sample of the report or purchase the complete study at: https://www.knowledge-sourcing.com/report/silicon-carbide-market
This analytics report segments the silicon carbide market on the following basis:
- By Type
- Sintered Silicon Carbide
- Nitride Bonded Silicon Carbide
- Reaction Bonded Silicon Carbide
- By Application
- Brakes & Clutches
- Solar Panels
- Turbines
- Semiconductors
- Deoxidizing Agent
- Light Emitting Diodes
- Others
- By Industry Vertical
- Automotive
- Energy
- Steel Industry
- Electronics
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- United Arab Emirates
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Taiwan
- Others
- North America
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