Silicon Carbide Market Share

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.