Global Silicon Carbide Market to Reach US$ 9.5 Billion by 2032, Accelerated by Increasing Demand for Energy-Efficient Solutions Across Various Industries

As per the latest report by IMARC Group, titled “Silicon Carbide Market Report by Product (Black Silicon Carbide, Green Silicon Carbide, and Others), Application (Steel, Automotive, Aerospace, Military and Defense, Electrical and Electronics, Healthcare, and Others), and Region 2024-2032,” the global silicon carbide market size reached US$ 6.0 Billion in 2023. Silicon carbide (SiC) is a synthetically produced chemical compound comprising silicon and carbon atoms. It is a highly sought-after component in various industries due to its unique crystal structure, unparalleled strength, thermal conductivity, and wide bandgap. SiC's exceptional strength arises from its covalent bonding, resulting in a robust lattice structure capable of withstanding extreme temperatures and mechanical stresses. Additionally, its high thermal conductivity allows for efficient heat dissipation. One of its major advantages is its superior power-handling capabilities, faster switching speeds, and lower switching losses. SiC-based devices can operate at higher voltages and currents, providing improved power efficiency and reduced system complexity. When compared to traditional silicon-based devices, it can achieve higher power densities, resulting in compact and lightweight designs. This advantage is particularly crucial for portable electronics, electric vehicles (EVs), and aerospace applications. Furthermore, SiC devices demonstrate excellent performance under harsh environments, such as high temperatures, radiation, and corrosive conditions. Currently, SiC diodes, metal-oxide-semiconductor field-effect transistors (MOSFETs), junction field-effect transistors (JFETs), and bipolar junction transistors (BJTs) are some of the commonly available product variants.

Global Silicon Carbide Market Trends:

The global silicon carbide market is primarily boosted by the increasing demand for energy-efficient solutions across various industries, such as automotive, electronics, and power generation. Moreover, the rising adoption of EVs has considerably surged the demand for silicon carbide-based components, which, in turn, is creating a positive outlook for the market. Additionally, the growing emphasis on renewable energy sources, such as solar and wind power, is boosting the demand for silicon carbide-based devices in power transmission and distribution systems. Besides this, rapid advancements in the semiconductor industry and the increasing integration of silicon carbide in electronic devices are propelling the market growth. Furthermore, the surging demand for lightweight and high-strength materials in the aerospace and defense sectors, the expansion of the electric grid infrastructure, and burgeoning investments in research and development (R&D) activities are contributing to the market growth. Other factors, such as the shifting preference toward renewable heating systems, escalating need for high-frequency applications, and the rising awareness regarding environmental sustainability, are positively supporting the market growth. Looking forward, the market value is projected to reach US$ 9.5 Billion by 2032, expanding at a CAGR of 5.1% during 2024-2032.

Market Summary: 

• By the product, the market is segmented into black silicon carbide, green silicon carbide, and others. Currently, black silicon carbide accounts for the largest market share.
• Based on the application, the market is segregated into steel, automotive, aerospace, military and defense, electrical and electronics, healthcare, and others. According to the report, electrical and electronics dominate the market.
• By the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, Asia Pacific is the largest market for silicon carbide.
• The competitive landscape of the industry has also been examined with some of the key players being AGSCO Corp, Carborundum Universal Limited (Murugappa Group), Compagnie de Saint-Gobain S.A., Cree Inc., Entegris Inc., ESK-SIC GmbH, Fuji Electric Co. Ltd., General Electric Company, Genesic Semiconductor Inc., Infineon Technologies AG, Renesas Electronics Corporation and SNAM Abrasives Pvt Ltd.

Report Scope:

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