Silicon Carbide Market Size is Predicted to Witness 11.7% CAGR till 2030

[sara James]

The global Silicon Carbide Market size is expected to reach USD 7.98 billion by 2030, registering a CAGR of 11.7% according to a new report by Grand View Research, Inc. The rising prominence of silicon carbide in the production of Single-crystal SiC wafers is projected to aid the market growth over the forecast period. In the last few years, the consumption of single-crystal SiC wafers increased significantly, especially to manufacture electronic chips in the semiconductor industry. The increasing need to produce compact and right design electronic devices is projected to further push the product demand in the semiconductors industry. These single-crystal wafers offer limited power loss in the form of heat owing to the reduced leakage currents and wide-bandgap. Moreover, the SiC-based wafers are equipped to handle 10 times more voltage than their counterpart materials.

The rising usage of SiC-based chips in the electronic section of Electric Vehicles (EVs) is anticipated to positively influence the dynamics of the industry over the forecast period. The prominent EV manufacturers, including Tesla, use SiC-based chips in their vehicles. As per the recent news, Tesla is establishing its new EV manufacturing in India. Such new investments are likely to provide opportunities for the growth of the market of SiC and its associated products over the predicted timeline. The organic and inorganic growth strategies adopted by key players in the semiconductor industry are also likely to support the growth of the market. For instance, in January 2019, Cree, Inc., signed a long-term agreement to supply SiC wafers to STMicroelectronics. The adoption of SiC power devices in electronics, renewable energy systems, and automotive has increased tremendously over the last few years and is anticipated to gain additional thrust over the coming years.

Related Press Release@ Silicon Carbide Market Report

List of Key Players in the Silicon Carbide Market

• AGSCO Corporation
• Carborundum Universal Limited
• Washington Mills
• Coorstek
• Entegris, Inc.
• ESD-SIC b.v.
• Snam Abrasives Pvt. Ltd.
• Gaddis Engineered Materials
• Grindwell Norton Ltd.
• SK siltron Co.,Ltd.

Silicon Carbide Market Report Highlights

• The black SiC product segment is projected to dominate the overall market, in terms of volume as well as revenue, by 2030
• The healthcare segment is anticipated to register the fastest CAGR over the forecast period. The segment is projected to observe a significant CAGR, in terms of revenue, from 2023 to 2030
• Post-pandemic era is likely to observe higher spending on healthcare infrastructure across the globe, thereby supporting the segment growth
• Steel is projected to remain a key consuming application segment in the industry. The development, in terms of overall crude steel production, in 2022 is likely to aid the segment growth in the near future
• Asia Pacific is expected to remain a dominant regional market over the forecast period owing to the presence of major steel-manufacturing countries in the region

Silicon Carbide Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 3.68 billion
Revenue forecast in 2030	USD 7.98 billion
Growth Rate	CAGR of 11.7% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

Silicon Carbide Market Segmentation

Grand View Research has segmented the silicon carbide market on the basis of product, application, and region:

Silicon Carbide Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Black Silicon Carbide
• Green Silicon Carbide

Silicon Carbide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

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

Silicon Carbide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• • U.S.
• Europe
• • Germany
• Asia Pacific
• • China
  • India
• Central & South America
• • Brazil
• Middle East & Africa (MEA)