Silicon Carbide Market Growth and Industry Forecast 2023

Silicon Carbide Market Overview

The global silicon carbide (SiC) market is mushrooming pervasively, predominantly owing to the growing power electronics market. The market is witnessing a positive growth in the past few years and is expected to keep on flourishing due to the importance of silicon carbide in the application segments.

Responding to the augmented demand with the growing production rate per year the silicon carbide market is expanding further. Market Research Future (MRFR) in its recently published study report asserts that the revenue contribution of the global silicon carbide market is expected to increase by a substantial monetarily growth by 2023, registering a phenomenal CAGR during the period 2017 to 2023.

Silicon Carbide (SiC) accounts for a key enabler of the futuristic products in growing markets such as electric vehicles, data centers, and solar systems. The outstanding power switching frequency and power rating performance has enabled SiC to perceive increasing applications in extreme environment where delivering high power switching property gets crucial which also lets silicon carbide to gain the edge over other materials such as Silicon.

In addition to the semiconductor electronics devices that operate at high temperature or high voltage or both, silicon carbide experiences a huge demand from the aerospace, energy, defense sector along with the automotive and healthcare industries, which are snowballing.

Additional factors substantiating the growth of the market include continually rising demand from the steel manufacturing and processing industries and its recycling units. Furthermore, factors such as substitution of existing pure silicon technology that is strengthening the global demand for silicon carbide, are fostering the market growth extensively.

On the other hand, volatility in the prices and the demand and supply gap of feedstock required for the production of SiC are some of the major factors impeding the market growth.

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Global Silicon Carbide Market – Segmentations

The MRFR analysis is segmented into three key dynamics;

By Applications : Aerospace & Aviation, Steel & Energy, Automotive, Military & Defense, Medical & Healthcare, and Electronics & Semiconductors, among others.

By Products : Black and Green Silicon Carbide, among others (refractory, metallurgical, coated, micro grit, and metallurgical briquettes).

By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW).

Silicon Carbide Market – Geographical Analysis

The Asia Pacific region is expected to continue with its dominance over the global silicon carbide market trends due to the burgeoning industries such as steel & energy, electronics & semiconductors, and the proliferating automotive sector. India and Taiwan, along with South Korea are the largest consumers of the SiC. The huge number of manufacturing plants and the substantial consumption in these countries is the key driving force for the market growth in the region.

North America region accounts for the world’s second-largest market for Silicon Carbide, owing to the massive demand from the automotive industry fuelled by the augmenting demand for commercial vehicles in the region. Owing to their easy and cost-effective production processes Markets in the developed economies witness immense potential in the world of silicon carbide.

Key Players:

The fervent players leading the global silicon carbide market include Dow Chemical Company (US), Entegris Inc. (US), ESK SIC GmbH (Germany), Carborundum Universal (India), Norstel AB (Sweden), Grindwell Norton (India), ROHM Co Ltd (Japan), Toshiba Corporation (Japan), Renesas Electronics Corporation (Japan), and Microsemi Corporation (US).

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