Silicon Carbide Industry Overview
The global silicon carbide market size is projected to reach USD 7.98 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.7% over the forecast period. The rising prominence of silicon carbide in the production of Single-crystal SiC wafers is projected to aid the market growth over the forecast period. In the last few years, the consumption of single-crystal SiC wafers increased significantly, especially to manufacture electronic chips in the semiconductor industry. The increasing need to produce compact and right design electronic devices is projected to further push the product demand in the semiconductors industry. These single-crystal wafers offer limited power loss in the form of heat owing to the reduced leakage currents and wide-bandgap. Moreover, the SiC-based wafers are equipped to handle 10 times more voltage than their counterpart materials.
Silicon Carbide Market Segmentation
Grand View Research has segmented the global silicon carbide market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Black Silicon Carbide, Green Silicon Carbide.
- The black SiC product segment dominated the global market with a revenue share of more than 55.00% in 2021.
- This product category is made available in various forms including block, grain, and powder. The grain form of the product is widely popular, especially in the iron and steel manufacturing processes through electric arc furnaces.
- The green SiC product segment is anticipated to register the fastest CAGR during the forecast period. The product is defined among the hardest man-made minerals, which possess high strength at extreme temperatures.
- The growing usage of specialty ceramics to produce metal-matrix composites, wear-resistant seals, nozzles, and others is likely to positively influence the growth of the green SiC segment during the forecast period.
Based on the Application Insights, the market is segmented into Steel, Automotive, Aerospace, Military & Defense, Electrical & Electronics, Healthcare, Others.
- The electrical & electronics segment led the market in 2021 with a revenue share of 26.6%. The rising prominence of the product in the development of efficient electronic chips is projected to remain a key driver for segment growth.
- The exceptional characteristics of the product including resistivity at high temperatures, greater bandgap, high-frequency operation, and chemical stability, are likely to aid its penetration in the electrical & electronic industry.
- The aerospace segment accounted for the second-largest revenue in 2021. The use of the product, especially in the development of jet turbines, is estimated to aid the segment growth during the forecast period.
- The use of the product to manufacture turbine blades with exceptional tolerance to high temperatures may push energy efficiency while reducing fuel intake. The steel application segment is projected to register a steady CAGR during the forecast period.
- The automotive segment is also estimated to witness a significant CAGR over the predicted timeline. The use of product-based abrasives in providing a smooth, shining surface for automotive vehicles is anticipated to remain a key driver for the segment growth during the forecast period.
Silicon Carbide Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is largely fragmented with various vendors present at different levels of the value chain. The primary vendors are focused on the development of abrasives-based SiC, whereas a few established vendors are approaching integration with the development of value-added products for the electronics industry.
Some prominent players in the global silicon carbide market include
- AGSCO Corp.
- Carborundum Universal Ltd.
- Washington Mills
- Entegris, Inc.
- ESD-SIC b.v.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- SK Siltron Co., Ltd.
Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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