Definition of the Silicon Carbide Market

Silicon carbide is a chemical compound consisting of silicon and carbon. The easiest way to manufacture silicon carbide is with the combination of silica sand and carbon at high temperatures. Silicon Carbide is a semiconductor that can be doped n-type by nitrogen or phosphorus and p-type by beryllium, boron, aluminum, or gallium. Silicon carbide is a popular abrasive in modern times in the context of its durability and low cost. Silicon carbide is used as a support and shelving material in high-temperature kilns such as for firing ceramics, glass fusing, or glass casting.    

Global Silicon Carbide Market: Key Insights

Global Silicon Carbide Market Highlights Over 2023 - 2033

The global silicon carbide market is estimated to garner a revenue of USD 12 Billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 3 Billion in the year 2022.  Silicon carbide or carborundum is a chemical compound that is a combination of silicon and carbon and is mainly used as an abrasive. The global large-scale production of crude steel is one of the primary factors driving the growth in the global silicon carbide market.  It is estimated that in 2021 the total crude steel production worldwide amounted to ~ 2 billion metric tons. 

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The role of steel as the most critical commodity in industrial production is the main reason leading to the increase in steel production. The economic growth in different parts of the world further increased the supply-demand.  The use of crude steel is indispensable in fields, including automotive manufacturing, metal processing, and more.

Global Silicon Carbide Market: Growth Drivers and Challenges

Growth Drivers

• Considerable Growth in the Sales of Semiconductors – In 2021, a sale of more than 1 trillion semiconductor chips were recorded globally. Semiconductors are useful for managing and controlling the electric current flow in electronic devices and equipment. This makes them an important component for many applications, including computing devices, electronic chips, healthcare devices, military systems, clean energy, transportation, and others.

• Increasing Use of Consumer Electronics – It is estimated that the total users of consumer electronics globally should amount to more than 2870 million by 2025.

• Growth of Funding in the Chemical Industry - The annual capital expenditure in the chemical industry worldwide has been projected to amount to ~ USD 240 billion.

• Large Sales Volume of Electric Vehicles – Sales of over 6 million units of electric vehicles were observed in 2021, which was almost double the sales in 2020.

Challenges

• Availability of Gallium Nitride and Other Effective Alternatives – Easy access and availability of substitute chemicals, results in a declining adoption rate of silicon carbide.

• High Costs Involved in Materials and Fabrication

• Design Complexities, Packaging Issues, and Material Defects of Silicon Carbide Power Devices

The global silicon carbide market is segmented and analyzed for demand and supply by application into steel, automotive, aerospace, military & defense, electrical & electronics, healthcare, and others. Of these, the electrical & electronics is anticipated to hold a large market size by the end of 2033.  The immense growth in the use of consumer electronics and the effective employment of electric arc furnaces in the metal production of steel, iron, and more. The user penetration for consumer electronics globally is expected to reach up to 37% by 2025.

Global Silicon Carbide Market Regional Synopsis

Regionally, the global silicon carbide market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033.  The presence of leading countries in the world in steel production, including China, Japan, India, and South Korea, and the rapid economic development in the region are the factors causing the regional growth in the silicon carbide market. The crude steel production in China had a share of more than 56% of the global crude steel production in 2020.

Market Segmentation

Our in-depth analysis of the global silicon carbide market includes the following segments:

Key Companies Dominating the Global Silicon Carbide Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global silicon carbide market that are included in our report are AGSCO Corporation, Carborundum Universal Limited, Washington Mills Electro Minerals Limited, CoorsTek group companies, Entegris, Fuji Electric Corp. of America, General Electric Company, GeneSiC Semiconductor Inc., Saint-Gobain, STMicroelectronics, and others.

Global Silicon Carbide Market: Latest Developments

• June 2022: CoorsTek group – announced a double-digit increase in the pricing of components of silicon carbide components for all the customers of CoorsTek except for those in contracted pricing commitments starting from the 15th of June in 2022.

• January 2022: Fuji Electric Corp. of America – announced carrying its power semiconductor production base Tsugaru Semiconductor Co., Ltd. to increase the production of SiC power semiconductors.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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