Silicon Carbide Market Trends

  • Report ID: 5213
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

Silicon Carbide Market Trends

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 Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

14.9%

Base Year Market Size (2024)

USD 1.32 billion

Forecast Year Market Size (2037)

USD 8.23 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Rajrani Baghel


  • Report ID: 5213
  • Published Date: Oct 14, 2024
  • Report Format: PDF, PPT

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.
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