Global Silicon Carbide Market Insights Forecasts to 2033

• The Global Silicon Carbide Market Size was Valued at USD 3.78 Billion in 2023
• The Market Size is Growing at a CAGR of 11.35% from 2023 to 2033
• The Worldwide Silicon Carbide Market Size is Expected to Reach USD 11.08 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Silicon Carbide Market Size is Anticipated to Exceed USD 11.08 Billion by 2033, Growing at a CAGR of 11.35% from 2023 to 2033.

Market Overview

Silicon carbide (SiC), also known as carborundum, is a silicon and carbon-based deoxidizing agent used in steel production. It is most commonly found as the rare mineral moissanite, but it can also be synthesized artificially as SiC powder. It is suitable for high-power applications due to its extreme chemical inertness, hardness, low thermal expansion, high thermal conductivity, corrosion resistance, and large force-to-weight ratio. The voltage-dependent resistance property of silicon carbide is crucial for semiconductors. The expansion of the global silicon carbide market is anticipated as a result of rising demand for semiconductors that can be used in electro-mechanical computing systems, high-temperature sensors, and motor drives. Furthermore, 5G network deployment calls for sophisticated RF equipment that can run at high frequencies. Excellent RF performance is provided by silicon carbide, which also has high thermal conductivity, low losses, and a high power handling capacity. There will be more demand for silicon carbide-based RF devices as 5G technology is adopted globally, which will create growth opportunities for the global silicon carbide market.

Report Coverage

This research report categorizes the market for the global silicon carbide market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global silicon carbide market. Recent market developments and 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 market players and analyses their core competencies in each sub-segment of the global silicon carbide market.

Driving Factors

One major factor driving the silicon carbide market is the oil and gas sector. In the oil and gas industry, silicon carbides are widely used for dehydration procedures, impurity removal, and gas separation and purification. The need for silicon carbide is anticipated to grow due to the expanding global energy demand as well as the exploration of unconventional gas and oil reserves. Furthermore, power electronics are essential to the world's electrical infrastructure because they necessitate the use of electronic devices with higher efficiency, which is crucial for reducing switching losses. A wide range of power devices are used in the power electronics sector to convert alternating current to direct current or vice versa in systems designed to reduce energy loss and increase system efficiency. Silicon carbide power semiconductors provide higher resistance to high operating temperatures, high voltage and current tolerances, and better power conversion efficiency compared to conventional silicon-based devices. Devices like converters, wind or solar modules, and data center power supplies greatly benefit from these features. Therefore, the market for silicon carbide is growing due to the increasing demand for power electronics.

Restraining Factors

Silicon carbide is manufactured using complex and energy-intensive techniques, such as processes that require elevated temperatures and specialized machinery. These factors lead to higher costs of production than conventional materials like silicon. The high cost of production might limit the widespread adoption of silicon carbide, particularly in price-sensitive markets, and act as a barrier to market growth.

Market Segmentation

The global silicon carbide market share is classified into device, product, and end-use.

• The SiC modules segment is expected to hold the largest share of the global silicon carbide market during the forecast period.   

Based on the device, the global silicon carbide market is divided into SiC discrete devices, and SiC modules. Among these, the SiC modules segment is expected to hold the largest share of the global silicon carbide market during the forecast period. SiC power modules use silicon carbide as a switching material to provide high efficiency in power conversion while minimizing heat energy loss, making them an important component in the industrial, automotive, and power and energy sectors. These modules are preferred over silicon-based devices because SiC has a wide bandgap, which allows for low switching losses and high frequencies, as well as the ability to operate at high temperatures and voltages for demanding applications such as automotive, industrial, and energy & power.

• The black silicon carbide segment is expected to hold the largest share of the global silicon carbide market during the forecast period.   

Based on the products, the global silicon carbide market is divided into black silicon carbide, green silicon carbide, and others. Among these, the black silicon carbide segment is expected to hold the largest share of the global silicon carbide market during the forecast period. This is because of its abundance and low cost, black SiC is the most common type of SiC produced. It is produced through the carbothermal reduction of petroleum coke and silica sand in electric resistance furnaces. The availability of raw materials, as well as the relatively simple manufacturing process, contribute to its market dominance.

• The industrial segment is expected to grow at the fastest CAGR in the global silicon carbide market during the forecast period.

Based on the end-use, the global silicon carbide market is divided into industrial, automotive, energy and power, transportation, and others. Among these, the industrial segment is expected to grow at the fastest CAGR in the global silicon carbide market during the forecast period. SiC is becoming more widely used in a variety of industrial sectors, including robotics, manufacturing facilities, motor drives, and others. In robotics, it is used in applications such as robot arms and end effectors, where its high strength and thermal conductivity allow it to withstand extreme temperatures and harsh environments. Similarly, in manufacturing facilities, SiC is used in cutting tools and grinding wheels due to its exceptional hardness and wear resistance, ensuring durability in abrasive environments. As a result, the growing use of SiC in robotics, manufacturing facilities, motor drives, and other industrial fields propels market growth.

Regional Segment Analysis of the Global Silicon Carbide Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global silicon carbide market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global silicon carbide market over the predicted timeframe. The regional market includes steel-producing behemoths like China, India, Japan, and South Korea. These countries have large steel manufacturing bases, so many international vendors have opened offices in the Asia Pacific. The region's economic development in terms of manufacturing capabilities has progressed significantly over the last decade, encouraging the establishment of downstream sectors and furthering SiC penetration in the area.

North America is expected to grow at the fastest pace in the global silicon carbide market during the forecast period. The market growth in this region is primarily due to the increased adoption of this material due to its improved electricity efficiency, small size, management of power abilities, and high reliability. The power electronics industry is a major consumer of silicon carbide because the semiconductor reduces energy loss while increasing the life and efficiency of power devices. Furthermore, power electronic devices that operate efficiently and effectively at higher temperatures are required to meet a variety of demands, including high performance, fast charging, and so on. Furthermore, the growing steel industry in the United States is expected to drive the silicon carbide (SiC) market growth because the material is used as a deoxidizing agent and a major raw material in refractory production in the industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global silicon carbide market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Carborundum Universal Ltd
• AGSCO Corporation
• Entegris Inc
• Infineon Technologies AG
• Gaddis Engineered Materials
• ESD-SIC b.v
• IMERYS Mineral (India) Pvt Ltd
• Grindwell Norton Ltd
• STMicroelectronics N.V.
• Morgan Advanced Materials
• Schunk Ingenieurkeramik GmbH
• Snam Abrasives Pvt Ltd
• SK Siltron Co Ltd
• Washington Mills
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2024, Infineon Technologies AG announced the expansion of a USD 20 billion wafer supply agreement with Wolfspeed, Inc. In this agreement, Infineon will supply Wolfspeed with SiC 150 mm wafers for the manufacture of SiC devices.

• In December 2023, STMicroelectronics N.V. reached an agreement with Li Auto, a Chinese manufacturer of smart premium electric vehicles. Under the terms of this agreement, STMicroelectronics will supply SiC MOSFET devices to Li Auto to support its high-voltage battery electric vehicle (BEV) strategy in various market segments.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global Silicon Carbide market based on the below-mentioned segments: 

Global Silicon Carbide Market, By Device

• SiC Discrete Device
• SiC Module

Global Silicon Carbide Market, By Product

• Black Silicon Carbide
• Green Silicon Carbide
• Others

Global Silicon Carbide Market, By End-Use

• Industrial
• Automotive
• Energy and Power
• Transportation
• Others

Global Silicon Carbide Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• 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 the Middle East & Africa