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The global silicon carbide market was worth $3.19 billion in 2022 and is expected to reach $5.25 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.70% between 2023 and 2030.
Silicon carbide is used as a raw material for refractory because of its resistance to high temperatures. Refractory materials are commonly used for lining kilns, furnaces, and reactors in the foundry, steel, aluminum, and metal industries. Market growth for refractory materials is expected to be spurred by rising output in the aforementioned ferrous and non-ferrous sectors. More than 8% of India's exports and 2.3% of the country's GDP come from the automobile industry, which has received over $100 billion in investments and is expected to overtake China's automotive industry and move into third place globally by 2025. According to data compiled by India's Department of Electronics and Information Technology, over 2,000 unique semiconductor chip designs are created every year in the country. The increasing production of semiconductors may help the silicon carbide market expand in the future. Silicon carbide usage in the United States is relatively stable, with increasing product penetration in the domestic semiconductor market. Wafer-based applications were among the product's most significant uses. Vendors in the domestic market reported strong sales growth, with Washington Mills taking the lead in the Silicon Carbide industry in the United States.
Market Segmentation of Silicon Carbide Worldwide Based on Use
In 2022, the electrical and electronics subsector led the market in terms of revenue, accounting for about 26.0% of the total. The product's increasing significance in the development of efficient electronic chips is expected to remain a driving force in the expansion of this market segment. The product's superior chemical stability, larger bandgap, high-frequency performance, and high-temperature resistivity are all likely to contribute to its widespread use in the electrical and electronic sectors. The aircraft industry was the second-highest revenue contributor in 2022. Use of the product, especially in the fabrication of jet turbines, is forecasted to bolster the industry during the forecast year.
The vehicle market is also expected to grow rapidly over the forecast period. It is expected that goods based on abrasives will be an important contributor to the segment's growth during the forecasted period. However, new order booking from the automobile sector was indirectly affected by the current delay caused by the pandemic's progress. This tendency is expected to revert as the global vehicle sector begins to revive in FY 2023.
Market Segmentation and Forecasting for the Silicon Carbide Industry
In terms of revenue share, black SiC products were far and by the most popular worldwide in 2022. This category of goods is available in several different forms, such as block, grain, and powder. Many find the grain form to be more convenient, especially when using electric arc furnaces to create iron and steel. Segment growth is expected to be supported during the forecast period by the rising backing for the use of electric arc furnaces to stimulate the decrease of the usage of natural raw materials.
The green SiC product segment is anticipated to grow at the highest compound annual rate (CAGR) throughout the forecast period. The item retains its extraordinary strength even when subjected to extreme heat, making it one of the strongest man-made minerals. Due to its great thermal resistance, the material is commonly utilized in the production of speciality ceramics. During the projected period, the expansion of the green SiC market is expected to be aided by the increased manufacture of wear-resistant seals, nozzles, and other goods employing specialist ceramics.
Factors Pushing the Global Silicon Carbide Industry
Market Expansion Fuelled by Rising Demand for SiC Devices
Power electronics are an essential component of the global power grid. A variety of devices that can change AC to DC (or DC to AC) are available in the market thanks to the power electronics industry. They are made to improve efficiency and cut down on power waste. Silicon-carbide (SiC) diodes and modules are types of SiC devices. In addition to being able to withstand higher temperatures and current densities, these materials may also have larger breakdown voltages, faster drift velocities, larger critical electric fields, and higher thermal conductivities. Silicon carbide's excellent efficiency and minimal losses have made it a popular choice for use in power electronics. The use of solar inverters, wind turbines, and electric vehicle chargers are all examples of this. Demand for silicon carbide is being fueled in part by the expansion of the renewable energy industry.
Factors Limiting the Silicon Carbide Market Worldwide
Shortage of Threatening Resources
Crystals made of SiC material have micropipes—tiny holes—all the way around their surfaces. Dislocations, prototype inclusions, and stacking defects are all possible in SiC devices, especially during the fabrication of bigger wafers. These defects arise from insufficient carbon and silicon precursors or from uneven regional pressure or temperature. The electrical properties and the functionality of devices are degraded by these flaws. This would be a setback for the expansion of the silicon carbide (SiC) industry.
Report Coverage
Global Silicon Carbide research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Silicon Carbide report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Silicon Carbide competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Silicon Carbide market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Silicon Carbide market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Silicon Carbide market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
3M Company (United States), AGSCO Corporation (United States), Carborundum Universal Limited (India), Dow Chemical Company (United States), ESD-SIC b.v. (Netherlands), Fujimi Corporation (Japan), Gaddis Engineered Materials (United States), Grindwell Norton Limited (India), Henan Huaxi Furnace Refractory Co., Ltd. (China), Henan Yichuan Ruishi Abrasive Co., Ltd. (China), Hyperion Materials & Technologies (United States), Jiangsu Leyuan New Materials Group Co., Ltd. (China), Morgan Advanced Materials plc (United Kingdom), Norstel AB (Sweden), Renesas Electronics Corporation (Japan), Saint-Gobain S.A. (France), Showa Denko K.K. (Japan), Tianzhu Yutong Silicon Carbide Co., Ltd. (China), Washington Mills Electro Minerals Corporation (United States), Xiamen Powerway Advanced Material (China), Zibo Huanyu Grinding Material (China)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Silicon Carbide market based on the below-mentioned segments:
Global Silicon Carbide Market, By Type
Black Silicon Carbide
Green Silicon Carbide
Global Silicon Carbide market, By Application
Steel
Automotive
Aerospace
Military & Defense
Electrical & Electronics
Healthcare
Others
Global Silicon Carbide market, Regional Analysis
Silicon carbide is used as a raw material for refractory because of its resistance to high temperatures. Refractory materials are commonly used for lining kilns, furnaces, and reactors in the foundry, steel, aluminum, and metal industries. Market growth for refractory materials is expected to be spurred by rising output in the aforementioned ferrous and non-ferrous sectors. More than 8% of India's exports and 2.3% of the country's GDP come from the automobile industry, which has received over $100 billion in investments and is expected to overtake China's automotive industry and move into third place globally by 2025. According to data compiled by India's Department of Electronics and Information Technology, over 2,000 unique semiconductor chip designs are created every year in the country. The increasing production of semiconductors may help the silicon carbide market expand in the future. Silicon carbide usage in the United States is relatively stable, with increasing product penetration in the domestic semiconductor market. Wafer-based applications were among the product's most significant uses. Vendors in the domestic market reported strong sales growth, with Washington Mills taking the lead in the Silicon Carbide industry in the United States.
Market Segmentation of Silicon Carbide Worldwide Based on Use
In 2022, the electrical and electronics subsector led the market in terms of revenue, accounting for about 26.0% of the total. The product's increasing significance in the development of efficient electronic chips is expected to remain a driving force in the expansion of this market segment. The product's superior chemical stability, larger bandgap, high-frequency performance, and high-temperature resistivity are all likely to contribute to its widespread use in the electrical and electronic sectors. The aircraft industry was the second-highest revenue contributor in 2022. Use of the product, especially in the fabrication of jet turbines, is forecasted to bolster the industry during the forecast year.
The vehicle market is also expected to grow rapidly over the forecast period. It is expected that goods based on abrasives will be an important contributor to the segment's growth during the forecasted period. However, new order booking from the automobile sector was indirectly affected by the current delay caused by the pandemic's progress. This tendency is expected to revert as the global vehicle sector begins to revive in FY 2023.
Market Segmentation and Forecasting for the Silicon Carbide Industry
In terms of revenue share, black SiC products were far and by the most popular worldwide in 2022. This category of goods is available in several different forms, such as block, grain, and powder. Many find the grain form to be more convenient, especially when using electric arc furnaces to create iron and steel. Segment growth is expected to be supported during the forecast period by the rising backing for the use of electric arc furnaces to stimulate the decrease of the usage of natural raw materials.
The green SiC product segment is anticipated to grow at the highest compound annual rate (CAGR) throughout the forecast period. The item retains its extraordinary strength even when subjected to extreme heat, making it one of the strongest man-made minerals. Due to its great thermal resistance, the material is commonly utilized in the production of speciality ceramics. During the projected period, the expansion of the green SiC market is expected to be aided by the increased manufacture of wear-resistant seals, nozzles, and other goods employing specialist ceramics.
Factors Pushing the Global Silicon Carbide Industry
Market Expansion Fuelled by Rising Demand for SiC Devices
Power electronics are an essential component of the global power grid. A variety of devices that can change AC to DC (or DC to AC) are available in the market thanks to the power electronics industry. They are made to improve efficiency and cut down on power waste. Silicon-carbide (SiC) diodes and modules are types of SiC devices. In addition to being able to withstand higher temperatures and current densities, these materials may also have larger breakdown voltages, faster drift velocities, larger critical electric fields, and higher thermal conductivities. Silicon carbide's excellent efficiency and minimal losses have made it a popular choice for use in power electronics. The use of solar inverters, wind turbines, and electric vehicle chargers are all examples of this. Demand for silicon carbide is being fueled in part by the expansion of the renewable energy industry.
Factors Limiting the Silicon Carbide Market Worldwide
Shortage of Threatening Resources
Crystals made of SiC material have micropipes—tiny holes—all the way around their surfaces. Dislocations, prototype inclusions, and stacking defects are all possible in SiC devices, especially during the fabrication of bigger wafers. These defects arise from insufficient carbon and silicon precursors or from uneven regional pressure or temperature. The electrical properties and the functionality of devices are degraded by these flaws. This would be a setback for the expansion of the silicon carbide (SiC) industry.
Report Coverage
Global Silicon Carbide research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Silicon Carbide report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Silicon Carbide competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Silicon Carbide market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 3M Company (United States), AGSCO Corporation (United States), Carborundum Universal Limited (India), Dow Chemical Company (United States), ESD-SIC b.v. (Netherlands), Fujimi Corporation (Japan), Gaddis Engineered Materials (United States), Grindwell Norton Limited (India), Henan Huaxi Furnace Refractory Co., Ltd. (China), Henan Yichuan Ruishi Abrasive Co., Ltd. (China), Hyperion Materials & Technologies (United States), Jiangsu Leyuan New Materials Group Co., Ltd. (China), Morgan Advanced Materials plc (United Kingdom), Norstel AB (Sweden), Renesas Electronics Corporation (Japan), Saint-Gobain S.A. (France), Showa Denko K.K. (Japan), Tianzhu Yutong Silicon Carbide Co., Ltd. (China), Washington Mills Electro Minerals Corporation (United States), Xiamen Powerway Advanced Material (China), Zibo Huanyu Grinding Material (China) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Silicon Carbide Market from 2021 to 2030.
- Market Forecast for Silicon Carbide Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Silicon Carbide competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Silicon Carbide
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Silicon Carbide market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Silicon Carbide market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
3M Company (United States), AGSCO Corporation (United States), Carborundum Universal Limited (India), Dow Chemical Company (United States), ESD-SIC b.v. (Netherlands), Fujimi Corporation (Japan), Gaddis Engineered Materials (United States), Grindwell Norton Limited (India), Henan Huaxi Furnace Refractory Co., Ltd. (China), Henan Yichuan Ruishi Abrasive Co., Ltd. (China), Hyperion Materials & Technologies (United States), Jiangsu Leyuan New Materials Group Co., Ltd. (China), Morgan Advanced Materials plc (United Kingdom), Norstel AB (Sweden), Renesas Electronics Corporation (Japan), Saint-Gobain S.A. (France), Showa Denko K.K. (Japan), Tianzhu Yutong Silicon Carbide Co., Ltd. (China), Washington Mills Electro Minerals Corporation (United States), Xiamen Powerway Advanced Material (China), Zibo Huanyu Grinding Material (China)
Primary Target Market
- Market Players of Silicon Carbide
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Silicon Carbide market based on the below-mentioned segments:
Global Silicon Carbide Market, By Type
Black Silicon Carbide
Green Silicon Carbide
Global Silicon Carbide market, By Application
Steel
Automotive
Aerospace
Military & Defense
Electrical & Electronics
Healthcare
Others
Global Silicon Carbide market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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