Silicon Carbide Market Size

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.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of silicon carbide is evaluated at USD 1.48 billion.

The 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. Increasing demand for silicon carbide and higher investment in semiconductor industry will boost the market growth.

Asia Pacific industry is projected to be the largest with a share of about 38% by 2037, impelled by increasing manufacturing of steel in the region.

The major players in the market include AGSCO Corporation, 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.

Silicon Carbide Market Size