New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Silicon Carbide Market’ for the forecast period, i.e. 2023– 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Market Scope of Global Silicon Carbide:
| Market Size Value in 2022 (Base Year) | ~ USD 3 Billion |
| Market Forecast Value in 2033 | ~ USD 12 Billion |
| Growth Rate (CAGR) of Silicon Carbide Market (Global) | ~12% |
| Forecast Period of Silicon Carbide Market (Global) | 2023 – 2033 |
Global Silicon Carbide Market Size:
The global silicon carbide market is estimated to garner a revenue of nearly 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 nearly 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. For instance, global silicon production accounted to an estimated total of nearly 9 million metric tons in 2021. The global market is further expected to be propelled by factors, such as, considerable growth in the sales of semiconductors, increasing use of consumer electronics, and large sales and production volume of vehicles across the world.
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Global Silicon Carbide Market: Key Takeaways
- The Asia Pacific region to gain the largest portion of the revenue by 2033
- The electrical & electronics sub-segment to dominate the revenue graph
- The black silicon carbide sub-segment remains prominent in the product segment
Wide Usage of Silicon Carbide in Automotive Industry to Boost the Market Growth
According to the U.S. Department of Energy, about 10% reduction in vehicle weight can result in a 6%-8% fuel economy improvement. Replacing cast iron and traditional steel components with lightweight materials such as high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites can directly reduce the weight of a vehicle's body and chassis by up to 50 percent and therefore reduce a vehicle's fuel consumption. Using lightweight components and high-efficiency engines enabled by advanced materials in one quarter of the U.S. fleet could save more than 5 billion gallons of fuel annually by 2030. Silicon carbide is used widely as a lightweight fiber material to make energy efficient vehicles in automotive industry. Hence, this is estimated to work as a prime factor to growth of the global silicon carbide market.
In addition to this, rising production of semiconductors across the globe, and growing adoption of semiconductors, which is resulting into increasing shipment of semiconductors around the world, are also expected to be significant factors to propel the growth of the global silicon carbide market. Silicon carbide is widely used in the electronics industry to make semiconductors. It was observed that, in 2020, semiconductor shipments accounted to over one trillion units, which is approximately 14 percent jump from the figure recorded in 2020. Hence, growing adoption of semiconductors is anticipated to positively influence the market growth.
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Global Silicon Carbide Market: Regional Overview
The global silicon carbide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of Numerous Manufacturing Units to Favor the Market in the Asia Pacific
The silicon carbide market in Asia Pacific region is projected to hold the largest market share by the end of 2033. This growth can be accredited to the presence of numerous manufacturing units associated with the manufacturing of silicon carbide ceramics such as glass and glassware, aerospace and defense, machinery manufacturing among others that are operating in this region. It was noted that, China is the largest exporter of glass and glassware in the world. The export accounted to USD 15,609,987 thousands in year 2016 to USD 18,344,638 thousands in the year 2020.
Growing Production of Vehicles in the Region to Drive the Market in the North America Region
On the other hand, the North America region is expected to attain a significant share during the forecast period in silicon carbide market owing to the presence of growing production of vehicles, and significant numbers of employee in the automotive sector. The United States produced approximately 9 million vehicles in 2020. About 924,000 Americans work in motor vehicles and parts manufacturing, and nearly 1,251,700 are employed by automobile dealers. As silicon carbide is used widely in automotive sector, these factors are predicted to boost the demand for silicon carbide in the projected years and estimated to be significant factors to fuel the market growth in the North America region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Silicon Carbide Market, Segmentation by Application
- Steel
- Automotive
- Aerospace
- Military & Defence
- Electrical & Electronics
- Healthcare
- Others
The electrical & electronics is anticipated to hold the largest 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.
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Global Silicon Carbide Market, Segmentation by Application
- Black Silicon Carbide
- Green Silicon Carbide
The black silicon carbide sub-segment in the application segment of global silicon carbide market is expected to witness a substantial growth over the forecast period. This growth can majorly be attributed to the significantly growing chemical industry across the world. For instance, in 2020, the chemical industry’s total worldwide revenue accounted to nearly USD 3.9 trillion. Chemical industry revenues reached a record high in 2018, at a total of approximately USD 4.5 trillion worldwide. Hence, this is anticipated to be an important factor to drive the growth of this segment over the projected period.
Few of the well-known market leaders in the global silicon carbide market that are profiled by Kenneth Research 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.
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Recent Developments in the Global Silicon Carbide Market
- In June 2022, for all CoorsTek clients, excluding those with contracted pricing commitments, commencing on June 15, 2022, a double-digit price rise for silicon carbide components was announced by the CoorsTek group.
- In January 2022, the Fuji Electric Corp. of America announced planned to expand the production of SiC power semiconductors at Tsugaru Semiconductor Co., Ltd.
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