New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Silicon Carbide Market Size is to Grow from USD 3.78 Billion in 2023 to USD 11.08 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.35% during the projected period.
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A silicon and carbon-based deoxidizing agent used in the manufacturing of steel is silicon carbide (SiC), sometimes referred to as carborundum. It can be artificially manufactured as SiC powde, however it is most usually found as the rare mineral moissanite. Because of its great chemical inertness, hardness, limited thermal expansion, high thermal conductivity, resistance to corrosion, and big force-to-weight ratio, it is appropriate for high-power applications. Silicon carbide's voltage-dependent resistance characteristic is essential to semiconductors. Furthermore, the oil and gas industry is a significant driver of the silicon carbide market. Silicon carbides are frequently utilized in the oil and gas sector for gas separation and purification, impurity removal, and dehydration processes. The development of unconventional gas and oil sources, coupled with the world's growing energy consumption, are expected to drive up demand for silicon carbide. However, the high cost of manufacture could prevent silicon carbide from being widely adopted and hinder market expansion, especially in price-sensitive sectors.
Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the "Global Silicon Carbide Market Size, Share, and COVID-19 Impact Analysis, By Device (SiC Discrete Device, SiC Module), By Product (Black Silicon Carbide, Green Silicon Carbide, and Others), By End-Use (Industrial, Automotive, Energy and Power, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The SiC modules segment is anticipated to hold the greatest share of the global silicon carbide market during the projected timeframe.
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 anticipated to hold the greatest share of the global silicon carbide market during the projected timeframe. SiC power modules are a crucial part of the power and energy, automotive, and industrial sectors because they use silicon carbide as a switching material to give high power conversion efficiency while minimizing heat energy loss.
The black silicon carbide segment is anticipated to hold the greatest share of the global silicon carbide market during the projected timeframe.
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 anticipated to hold the greatest share of the global silicon carbide market during the projected timeframe. This is because black SiC is the most widely produced variety of SiC due to its abundance and low cost. In electric resistance furnaces, silica sand and petroleum coke undergo carbothermal reduction to create it.
The industrial segment is predicted to grow at the highest pace in the Silicon Carbide market during the estimated 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 predicted to grow at the highest pace in the silicon carbide market during the estimated period. SiC is finding increasing traction in a range of industrial domains, including as motor drives, robotics, and manufacturing facilities. Because of its great strength and thermal conductivity, which enable it to endure high temperatures and challenging conditions, it is utilized in robotics applications such as robot arms and end effectors.
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Asia Pacific is expected to hold the largest share of the global silicon carbide market over the forecast period.
Asia Pacific is expected to hold the largest share of the global silicon carbide market over the forecast period. Steel-producing giants like China, India, Japan, and South Korea are part of the regional market. Due to the substantial steel manufacturing bases in these nations, numerous foreign suppliers have established offices throughout the Asia Pacific region. Over the past ten years, the region's economic development in terms of manufacturing capacities has advanced dramatically, which has aided in the creation of downstream industries and increased SiC penetration in the area.
North America is predicted to grow at the fastest pace in the global silicon carbide market during the projected timeframe. This material's improved electricity efficiency, small size, power management capabilities, and high reliability have led to its increased use, which is the main driver of the market expansion in this region. Silicon carbide is widely used in the power electronics sector because it prolongs the life and efficiency of power devices while reducing energy loss. Furthermore, a range of needs, such as high performance and quick charging, must be satisfied by power electronic components that function well and efficiently at greater temperatures.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. Major vendors in the Global Silicon Carbide Market include 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, and Others.
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Recent Developments
- In January 2024, Infineon Technologies AG and Wolfspeed, Inc. expanded their USD 20 billion wafer supply agreement. According to this agreement, Infineon will provide 150 mm SiC wafers to Wolfspeed so that it can produce SiC devices.
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
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