Silicon Carbide Market Demand, Opportunities and Statistics 2023-2028

[Business Point 2021]

IMARC Group, a leading market research company, has recently releases report titled “Silicon Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global silicon carbide market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the silicon carbide market?

The global silicon carbide market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Silicon carbide (SiC) is a versatile compound composed of silicon and carbon. It is characterized by its exceptional hardness, high thermal conductivity, and superior chemical resistance. Silicon carbide exists in various forms, including powders, grains, and fibers, and it is widely used in numerous industries for its unique properties. Due to its remarkable characteristics, silicon carbide has found applications in diverse sectors, such as automotive, aerospace, electronics, energy, and metallurgy. Its ability to withstand high temperatures, corrosion, and mechanical stress makes it a valuable material for various industrial processes and products.

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Market Trends and Drivers:

The increasing demand for silicon carbide in the automotive industry represents one of the key factors driving the market growth. Additionally, the rising focus on energy efficiency and the need for renewable energy sources have fueled the demand for silicon carbide in the renewable energy sector. It is widely used in solar inverters and wind turbine components, enabling higher energy conversion efficiency and reducing carbon emissions.

Besides this, the expanding application of silicon carbide in the electronics industry is propelling market growth. Silicon carbide-based semiconductors are being increasingly adopted in high-power and high-temperature electronic devices, including power modules, LED lighting, and radio frequency systems.

Moreover, the demand for silicon carbide in the steel and metallurgy industry is rising due to its use as an abrasive and refractory material in metal processing and foundries. Its hardness and thermal stability make it suitable for grinding, polishing, and cutting applications. The market is also being driven by the introduction of environmentally friendly silicon carbide materials with improved energy efficiency and reduced carbon footprint.

Who are the key players operating in the industry?

The report covers the major market players including: 

AGSCO Corp
Carborundum Universal Limited (Murugappa Group)
Compagnie de Saint-Gobain S.A.
Cree Inc.
Entegris Inc.
ESK-SIC GmbH
Fuji Electric Co. Ltd.
General Electric Company
Genesic Semiconductor Inc.
Infineon Technologies AG
Renesas Electronics Corporation
SNAM Abrasives Pvt Ltd

Key Market Segmentation:

The report has segmented the silicon carbide market on the basis of component, application and region.

Breakup by Product:

Black Silicon Carbide
Green Silicon Carbide
Others

Breakup by Application:

Steel
Automotive
Aerospace
Military and Defense
Electrical and Electronics
Healthcare
Others

Breakup by Region:

North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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