Silicon Carbide Market

Silicon Carbide Market is anticipated to grow at a USD 2,967 Million by 2028 and witnessing growth at 18.5% CAGR during 2020-2028.

Silicon Carbide Market Overview

Silicon Carbide also called SiC (chemical formula), is a semiconductor material that consist of pure silicon and pure carbon. It is extremely hard, synthetically produced crystalline compound of silicon carbon. Grains of silicon carbide can be bound to make hard ceramics which can be used in applications requiring high endurance, such as car brakes, car clutches and ceramic plates used in bulletproof vests. A large crystal of silicon carbide can be grown by the Lely method and can be cut into gems.

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Major Silicon Carbide Market Drivers

Increasing adoption of silicon carbide in the automotive and power electronics and growing penetration of electric and hybrid cars are the major factors fueling the global silicon carbide market growth. In addition, the rising investment by private organizations, governments, and research institutes, and manufacturers to expand the production of SiC, owing to the growing demand from steel manufacturing and processing industry is projected to strengthen the Silicon Carbide Market Share.

Growing application of SiC to produce refractory materials for the steel industry aided by its resistance to higher temperatures, higher mechanical and thermal strength as compared to regular silicon has paved the way for market. Furthermore, the growing demand for smart consumer electronics and deployment of silicon carbide in semiconductor production due to its ability to operate at higher temperature will augment the Silicon Carbide Market Size

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Product- Segment Analysis

Based on Product, The Black Silicon Carbide market is expected to witness higher growth in the coming years. Black silicon carbide has high strength, high thermal conductivity, more hardness, and low thermal expansion. It is used to make cast iron, non-ferrous metal, stone, and lather. The demand for black silicon carbide find its usage automobiles, steel, and construction industries. Black silicon carbon is also used as a semiconductor material in inverter and on-board charger for electric vehicles.

End-use Industry- Segment Analysis

Based on Application, the Aerospace segment is expected to grow at the highest CAGR during the forecast period. Aerospace industries are using silicon carbide to make parts such as electrical components, scanning mirrors, and space-based telescopes. The superior properties of SiC, such as extreme hardness and excellent mechanical strength, make it suitable to produce aerospace parts. For instance, according to the Department of electronics and information technology (DietY) states that nearly 2000 chips of Si are designed every year, to produce semiconductors to be used in aerospace industries. Such factor is anticipated to drive the growth of the silicon carbide market in the forthcoming years.

Region- Segment Analysis

Based on region, the Asia Pacific region is projected to dominate at the highest CAGR for Silicon Carbide globally over the forecast period. Countries such as India, China, and Japan are anticipated to drive the growth of the silicon carbide market due to the increased demand for advanced technology in various sectors such as defense, electronics, automotive and renewable power generation verticals. The high demand for silicon carbide in the semiconductor market is further expected to boost the market. For instance, according to Ministry of Electronics and Information Technology, over 2000 semiconductor chips are designed every year in India. The increasing production of semiconductors will propel the silicon carbide market.

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Top Market Players:

Some of the notable players operating in the Silicon Carbide market includes Agsco Corporation, Cree Inc, Fuji Electric Co., Ltd, Microchip Technology Incorporated, Saint-gobain Ceramics Materials, The Dow Chemical Company, United Silicon Carbide, Inc., Toshiba Corporation, General Electric, ON Semiconductor and many more. 

Key Developments:

• • In 2021, Microchip Technology (US) enlarged its silicon carbide portfolio with high-efficiency, high-reliability 1700 V silicon carbide MOSFET discrete, and power modules. Microchip’s 1700 V silicon carbide technology is a substitute of silicon IGBTs.
  • In 2021, Cree, Inc. entered into an agreement with Shenzhen Gospower Digital Technology Co., Ltd., a global high-tech organization in power electronics converters. Under this agreement, CREE will offer Cree’s Wolfspeed®650 V silicon carbide MOSFETs for next-generation Common Redundant Power Supply (CRPS) solutions.
  • In 2020, SK Siltron, an international producer of semiconductor wafers, acquired DuPont’s Silicon Carbide Wafer unit. The acquisition was closed on February 29, 2020.
  • In 2020, SK Siltron signed Memorandum of Understanding with Daegu Gyeongbuk Institute of Science and Technology for help in parallel computing capabilities in the R &D of ‘single crystal growth technology’. The MOU emphasizes on offering advanced supercomputing technology, required to establish wafers (silicon substrates) and important materials for semiconductor production.
  • In 2020, SK Siltron signed a Memorandum of Understanding with Daegu Gyeongbuk Institute of science and technology for R&D of ‘single crystal growth technology. This MOU will focus on the advancement of supercomputing technology which is important to develop wafer (silicon substrates).
  • In 2020, Mitsubishi Electric Corporation announced the new series of silicon carbide metal-oxide-semiconductor field-effect transistors (MOSFETs). The new series will help in reducing the power consumption and physical size of power-supply systems.

Segments covered in the Report:

The Silicon Carbide Market has been segmented based on Product, End-use Industry, and region. Based on Product, the market is segmented into green silicon carbide and Black silicon carbide. Based on End-use Industry, market is segmented into Steel, Automotive, Aerospace, Military & Defense, Electricals & Electronics, Healthcare and Others. 

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Market Segmentation

Silicon Carbide Market by Product

• • Green Silicon Carbide
  • Black Silicon Carbide

Silicon Carbide Market by End-use Industry

• • Steel
  • Automotive
  • Aerospace
  • Military & Defense
  • Electricals & Electronics
  • Healthcare
  • Others

Silicon Carbide Market by Region

• • North America Silicon Carbide Market (Option 1: As a part of the free 25% customization)

    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Silicon Carbide Market (Option 2: As a part of the free 25% customization)

    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Silicon Carbide Market (Option 3: As a part of the free 25% customization)

    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Silicon Carbide Market (Option 4: As a part of the free 25% customization)

    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Silicon Carbide market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Agsco Corporation
  • Cree Inc, Fuji Electric Co., Ltd
  • Microchip Technology Incorporated
  • Saint-gobain Ceramics Materials
  • The Dow Chemical Company
  • United Silicon Carbide, Inc.,
  • Toshiba Corporation
  • General Electric
  • ON Semiconductor
  • Fuji Electric co.