Silicon Carbide Market by Product (Black Silicon Carbide, Green Silicon Carbide), Grain Size (Coarse Grain, Fine Grain, Medium Grain), Manufacturing Process, End-Use Industry - Global Forecast 2024-2030

Silicon Carbide Market by Product (Black Silicon Carbide, Green Silicon Carbide), Grain Size (Coarse Grain, Fine Grain, Medium Grain), Manufacturing Process, End-Use Industry - Global Forecast 2024-2030


The Silicon Carbide Market size was estimated at USD 3.57 billion in 2023 and expected to reach USD 3.94 billion in 2024, at a CAGR 10.64% to reach USD 7.25 billion by 2030.

Silicon carbide, or SiC, is a synthetic silicon and carbon crystalline compound. The molecular structure of silicon carbide is unique, featuring a robust bonding between the silicon and carbon atoms. This tetrahedral crystalline structure endows silicon carbide with distinct physical and chemical properties that are fundamentally advantageous compared to other materials. Silicon carbide is exceptionally hard, with a Mohs hardness rating close to the diamond, which makes it highly resistant to wear and abrasion. Furthermore, SiC exhibits high thermal conductivity, low thermal expansion, and remarkable chemical stability, even at elevated temperatures. Increasing demand for energy-efficient power electronics and the rising focus on high-temperature resistive refractory products is propelling the expansion of the silicon carbide market. However, the expenses associated with material and fabrication hinder the adoption of silicon carbide. The advancements in SiC manufacturing technologies and ongoing government investments in energy-efficient technologies offer lucrative opportunities for the growing silicon carbide market.

Regional Insights

In the Americas, particularly in the United States, the adoption and production of silicon carbide is high, driven significantly by the burgeoning electric vehicle (EV) market and the renewable energy sector. Major U.S.-based companies are ramping up their production capacities to fulfill domestic and international demand. The North American market is also seeing an increase in government investments and subsidies aimed at boosting the production capabilities of SiC semiconductors, which is poised to propel the market growth further. The Asia-Pacific region is showcasing rapid growth in the silicon carbide market, mainly attributed to the rapid industrialization and the expanding automotive sector, particularly in China, Japan, and South Korea. China, a significant consumer and producer of electric vehicles, represents a substantial market for SiC components. Moreover, the region benefits from the availability of raw materials and lower manufacturing costs, which boost production capabilities. In the transition toward renewable energy sources within the Asia-Pacific realm, silicon carbide (SiC) emerges as a pivotal element in improving the performance of solar inverters and various renewable energy apparatuses. The EMEA region showcases a high demand for silicon carbide, mainly attributed to the automotive and electronics sectors. Europe, particularly with its strict environmental regulations and significant investments in electric vehicles, is a primary driver for the SiC market. The region's focus on minimizing carbon emissions and increasing energy efficiency aligns well with the benefits offered by SiC technology. The Middle East and African region is gradually adopting SiC technology, mainly in renewable energy applications.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Silicon Carbide Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
  • Increasing demand for energy-efficient power electronics
  • Growing focus on high-temperature resistive refractory products
  • Widening use of SiC in advanced power semiconductors
Market Restraints
  • High costs associated with the material and fabrication of silicon carbide
Market Opportunities
  • Developments for improving the quality of SiC substrate and epitaxy
  • High potential of utilizing SiC in nanomechanical sensors and solar cells
Market Challenges
  • Technical barriers in the integration of SiC-based components into existing systems
Market Segmentation Analysis
  • Product: Increasing demand for green silicon carbide owing to its purity and high hardness
  • End-Use Industry: Widening use in electronics & semiconductor industries due to its ability to withstand high temperatures, power levels, and voltages
Market Disruption Analysis
  • Porter’s Five Forces Analysis
  • Value Chain & Critical Path Analysis
  • Pricing Analysis
  • Technology Analysis
  • Patent Analysis
  • Trade Analysis
  • Regulatory Framework Analysis
FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Silicon Carbide Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Silicon Carbide Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Mitsubishi Electric Partnered with Nexperia for the Development of Silicon Carbide (SiC) Power Semiconductors

Mitsubishi Electric Corporation partnered with Nexperia B.V., aiming for advancements in the power electronics domain through the joint development of Silicon Carbide (SiC) power semiconductors. Leveraging Mitsubishi Electric's expertise in wide-bandgap semiconductor technologies, the partnership is set to focus on the creation and supply of SiC MOSFET chips. These chips are expected to be instrumental for Nexperia in developing SiC discrete devices, marking a significant stride toward innovation in power electronics components.

The Silicon Power Group Expressed Interest to Set Up Silicon Carbide Unit in Odisha

The Silicon Power Group expressed interest in establishing a robust presence in India’s silicon carbide sector. The group has announced plans to invest `1,000 crore in setting up an advanced 150 mm silicon carbide manufacturing facility in Odisha through its Indian subsidiary, RiR Power Electronics.

Vitesco Technologies Partnered with ROHM for a Long-Term Supply of Silicon Carbide

Vitesco Technologies entered into a long-term supply partnership with ROHM, surpassing USD 1 billion in value until 2030, to secure essential capacity in energy-efficient silicon carbide power semiconductors. The partnership, finalized in Regensburg, underpins the integration of ROHM's SiC chips into Vitesco's advanced inverters.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Silicon Carbide Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Silicon Carbide Market, highlighting leading vendors and their innovative profiles. These include AGC Inc., Agsco Corporation, Carborundum Universal Limited, Cerablast GmbH & Co. KG, CeramTec GmbH, CoorsTek Inc., Elkem ASA, Entegris, Inc., Fiven GmbH, Fuji Electric Co., Ltd., General Electric Company, II-Vi Incorporated, Imerys S.A., Infineon Technolodies AG, Kuhmichel Abrasiv GmbH, KYOCERA Corporation, Littelfuse, Inc., MACOM Technology Solutions Holdings, Inc., Mersen Group, Microchip Technology Inc., Morgan Advanced Materials plc, Navitas Semiconductor, Powerex Inc., Ranesas Electronics Corporation, Saint-Gobain Group, Semiconductor Components Industries, LLC, STMicroelectronics N.V., Texas Instruments Incorporated, and Washington Mills Electro Minerals Limited.

Market Segmentation & Coverage

This research report categorizes the Silicon Carbide Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
  • Black Silicon Carbide
  • Green Silicon Carbide
  • Grain Size
  • Coarse Grain
  • Fine Grain
  • Medium Grain
  • Micro Grain
  • Manufacturing Process
  • Acheson Process
  • Chemical Vapor Deposition
  • Physical Vapor Transport
  • End-Use Industry
  • Aerospace & Defense
  • Automotive
  • Ceramics
  • Electronics & Semiconductor
  • Energy & Power
  • Foundry
  • Region
    • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
    • California
    • Florida
    • Illinois
    • New York
    • Ohio
    • Pennsylvania
    • Texas
    • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
    • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom


    Please Note: PDF & Excel + Online Access - 1 Year


    1. Preface
    1.1. Objectives of the Study
    1.2. Market Segmentation & Coverage
    1.3. Years Considered for the Study
    1.4. Currency & Pricing
    1.5. Language
    1.6. Stakeholders
    2. Research Methodology
    2.1. Define: Research Objective
    2.2. Determine: Research Design
    2.3. Prepare: Research Instrument
    2.4. Collect: Data Source
    2.5. Analyze: Data Interpretation
    2.6. Formulate: Data Verification
    2.7. Publish: Research Report
    2.8. Repeat: Report Update
    3. Executive Summary
    4. Market Overview
    5. Market Insights
    5.1. Market Dynamics
    5.1.1. Drivers
    5.1.1.1. Increasing demand for energy-efficient power electronics
    5.1.1.2. Growing focus on high-temperature resistive refractory products
    5.1.1.3. Widening use of SiC in advanced power semiconductors
    5.1.2. Restraints
    5.1.2.1. High costs associated with the material and fabrication of silicon carbide
    5.1.3. Opportunities
    5.1.3.1. Developments for improving the quality of SiC substrate and epitaxy
    5.1.3.2. High potential of utilizing SiC in nanomechanical sensors and solar cells
    5.1.4. Challenges
    5.1.4.1. Technical barriers in the integration of SiC-based components into existing systems
    5.2. Market Segmentation Analysis
    5.2.1. Product: Increasing demand for green silicon carbide owing to its purity and high hardness
    5.2.2. End-Use Industry: Widening use in electronics & semiconductor industries due to its ability to withstand high temperatures, power levels, and voltages
    5.3. Market Disruption Analysis
    5.4. Porter’s Five Forces Analysis
    5.4.1. Threat of New Entrants
    5.4.2. Threat of Substitutes
    5.4.3. Bargaining Power of Customers
    5.4.4. Bargaining Power of Suppliers
    5.4.5. Industry Rivalry
    5.5. Value Chain & Critical Path Analysis
    5.6. Pricing Analysis
    5.7. Technology Analysis
    5.8. Patent Analysis
    5.9. Trade Analysis
    5.10. Regulatory Framework Analysis
    6. Silicon Carbide Market, by Product
    6.1. Introduction
    6.2. Black Silicon Carbide
    6.3. Green Silicon Carbide
    7. Silicon Carbide Market, by Grain Size
    7.1. Introduction
    7.2. Coarse Grain
    7.3. Fine Grain
    7.4. Medium Grain
    7.5. Micro Grain
    8. Silicon Carbide Market, by Manufacturing Process
    8.1. Introduction
    8.2. Acheson Process
    8.3. Chemical Vapor Deposition
    8.4. Physical Vapor Transport
    9. Silicon Carbide Market, by End-Use Industry
    9.1. Introduction
    9.2. Aerospace & Defense
    9.3. Automotive
    9.4. Ceramics
    9.5. Electronics & Semiconductor
    9.6. Energy & Power
    9.7. Foundry
    10. Americas Silicon Carbide Market
    10.1. Introduction
    10.2. Argentina
    10.3. Brazil
    10.4. Canada
    10.5. Mexico
    10.6. United States
    11. Asia-Pacific Silicon Carbide Market
    11.1. Introduction
    11.2. Australia
    11.3. China
    11.4. India
    11.5. Indonesia
    11.6. Japan
    11.7. Malaysia
    11.8. Philippines
    11.9. Singapore
    11.10. South Korea
    11.11. Taiwan
    11.12. Thailand
    11.13. Vietnam
    12. Europe, Middle East & Africa Silicon Carbide Market
    12.1. Introduction
    12.2. Denmark
    12.3. Egypt
    12.4. Finland
    12.5. France
    12.6. Germany
    12.7. Israel
    12.8. Italy
    12.9. Netherlands
    12.10. Nigeria
    12.11. Norway
    12.12. Poland
    12.13. Qatar
    12.14. Russia
    12.15. Saudi Arabia
    12.16. South Africa
    12.17. Spain
    12.18. Sweden
    12.19. Switzerland
    12.20. Turkey
    12.21. United Arab Emirates
    12.22. United Kingdom
    13. Competitive Landscape
    13.1. Market Share Analysis, 2023
    13.2. FPNV Positioning Matrix, 2023
    13.3. Competitive Scenario Analysis
    13.3.1. Mitsubishi Electric Partnered with Nexperia for the Development of Silicon Carbide (SiC) Power Semiconductors
    13.3.2. The Silicon Power Group Expressed Interest to Set Up Silicon Carbide Unit in Odisha
    13.3.3. Vitesco Technologies Partnered with ROHM for a Long-Term Supply of Silicon Carbide
    13.3.4. Wolfspeed and NC A&T's Joint Initiative to Establish R&D Facility to Advance Silicon Carbide Innovation
    13.4. Strategy Analysis & Recommendation
    14. Competitive Portfolio
    14.1. Key Company Profiles
    14.2. Key Product Portfolio

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