Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Silicon Carbide Market size was valued at USD 1.32 billion in 2024 and is likely to exceed USD 8.23 billion by the end of 2037, expanding at over 14.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of silicon carbide is evaluated at USD 1.48 billion.
The growth of the market can be attributed to the growing investment in SiC manufacturing facilities which is expected to boost its production and development. Silicon Power Group, based in the United States, is to invest USD 121.73 million in starting a manufacturing plant in Odisha, India, to produce 150 millimeters of silicon carbide.
In addition to these, a factor that is believed to fuel the market growth of silicon carbide is the rising demand for switchgear. Silicon carbide has a higher breakdown voltage, therefore, it can handle high voltages in a much better way in comparison to silicon. This makes silicon carbide suitable for high-voltage switchgear applications.
Silicon Carbide Sector: Growth Drivers and Challenges
Growth Drivers
- Rising Preference of Silicon Carbide Over Silicon – The thermal conductivity of silicon carbide is three times more than that of silicon, moreover, the dielectric breakdown fil strength of SiC is around 10 times better than silicon. It means that a smaller size of SiC better voltage rating than a larger size of silicon.
- Growing Development of Silicon-Based Technologies– The need to achieve high performance of silicon devices will increase its production by six times. This will also increase the technological advancement of silicon carbide and will also drive its demand.
- Higher Adoption of Electric Vehicles- In the world, the adoption of electric vehicles has increased by around 13%. Moreover, it is expected that over 250 million EVs will be deployed by 2030. SiC-based power modules have improved efficiency and performance, making them essential for next-generation autos. Moreover, SiC conductors also support faster charging times for electric vehicles.
Challenges
- High Cost of Production- High-quality silicon carbide materials are manufactured using complex techniques that can result in somewhat high production costs when compared to standard silicon-based materials. It is still difficult to reduce production costs while preserving quality.
- Limited Availability of High-Purity Silicon and Carbon
- Complexity in Packaging the SiC Devices
Silicon Carbide Segmentation
Product (Black SiC, Green SiC)
The black SiC segment in the silicon carbide market is estimated to gain the largest revenue share of about 54% in the year 2037. The growth of the segment can be attributed to the rising manufacturing of iron and steel with the help of electric arc furnaces. On the other hand, the increasing use of black silicon carbide in wide applications such as grinding and metalworking is also expected to drive the growth of the segment. Black SiC ensures higher durability, versatility, and quality during SiC application.
Application (Energy & Power, Transportation, Steel & Metallurgy, Electronics & Optoelectronics, Space Research, Automotive, Telecommunication, Industrial)
Silicon carbide market from the electronics & optoelectronics segment is expected to garner a significant share of around 30% in the year 2037. The rising demand for electronic chips followed by higher expenditure on them is expected to augment the growth of the segment. In 2022, the total expenditure on chip equipment increased by 10%, amounting to around USD 98 billion, worldwide. Moreover, the growing infrastructure of semiconductor manufacturing companies is also expected to drive the segment’s growth.
Our in-depth analysis of the global market includes the following segments:
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Customize this ReportSilicon Carbide Industry- Regional Synopsis
APAC Market Forecast
The market share of silicon carbide in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2037. The growth of the market can be attributed majorly to the increasing manufacturing of steel in the region. Asia Pacific has large bases for steel manufacturing moreover, many international companies have established their business in the region. In 2022, China manufactured more than 1 billion tonnes of crude steel, which constitutes 52.9% of global output and an increase from 123 million tonnes in 2012.
North American Market Statistics
The North America silicon carbide market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the market can be attributed majorly to the rising expenditure to expand the manufacturing base of semiconductors that boosts the semiconductor manufacturing equipment quality in the region and picks up the pace with Asia Pacific. India’s new legislation plan for boosting the semiconductor industry includes an investment of USD 52 billion for boosting production. Out of which, USD 13.2 billion is dedicated to R&D, and the training of the workforce, and USD 500 million will be utilized for strengthening the communication for overseas semiconductor supply chains.
Companies Dominating the Silicon Carbide Landscape
- AGSCO Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SK Siltron CSS
- ESD-SIC b.v
- Carborundum Universal Limited
- Microchip Technology Inc.
- Coorstek, Inc.
- Entegris, Inc.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Sana Optoelectronics
In the News
- SK Siltron CSS announced the agreement with Qorvo for a long-term supply agreement of silicon carbide epitaxial and bare wafers.
- Microchip Technology, Inc. announced the new silicon carbide (SiC) power devices of 3.3 kV, such as Schottky Barrier Diodes, and SiC MOSFETs, to be used in energy, industrial, and transportation systems.
Author Credits: Rajrani Baghel
- Report ID: 5213
- Published Date: Oct 14, 2024
- Report Format: PDF, PPT
