Silicon Carbide Global Market Report 2024

Silicon carbide refers to hard and insoluble substances employed as abrasives and electrical resistors in high-temperature devices. It is a crystalline chemical compound composed of silicon and carbon, manufactured synthetically in the form of SiC powder. Silicon carbide is particularly suitable for high-power applications due to its exceptional chemical inertness, hardness, relatively low thermal expansion, high thermal conductivity, resistance to corrosion, and a high force-to-weight ratio.

The primary types of silicon carbide are black silicon carbide and green silicon carbide. Black silicon carbide is characterized by its black, crisp, and harder properties but is not as pure as green silicon carbide, which contains more than 95% SiC. Black silicon carbide is more economical and readily available. Silicon carbide is used in various applications, including the steel, automotive, aerospace, military and defense, electrical and electronics, healthcare, and other industries. Silicon carbide devices come in different forms, including SiC discrete devices and SiC bare die, and find use in diverse applications across multiple sectors.

The silicon carbide market research report is one of a series of new reports that provides silicon carbide market statistics, including silicon carbide industry global market size, regional shares, competitors with a silicon carbide market share, detailed silicon carbide market segments, market trends and opportunities, and any further data you may need to thrive in the silicon carbide industry. This silicon carbide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The silicon carbide market size has grown rapidly in recent years. It will grow from $2.29 billion in 2023 to $2.7 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth observed in the historical period can be attributed to several factors, including the expansion of the electronics and semiconductor industry, increased demand for silicon carbide in high-temperature and high-power applications, the recognition of silicon carbide's superior material properties, its adoption in automotive power electronics, utilization in renewable energy conversion and storage, as well as its applications in military and aerospace sectors.

The silicon carbide market size is expected to see rapid growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The anticipated growth in the forecast period can be attributed to various factors, including the expansion of electric vehicle production, the utilization of wide bandgap semiconductors for enhanced energy efficiency, the growth of 5G communication and radio frequency (RF) devices, the application of silicon carbide in solar inverters and power management systems, advancements in quantum technologies and superconductors, and the increasing adoption of SiC power devices for industrial applications. Key trends expected in the forecast period include the development and implementation of SiC-on-insulator (SiCOI) technology for integrated circuits, the use of SiC substrates for high-power density applications, the integration of SiC-based optical devices and sensors, the utilization of SiC composite materials in aerospace applications, the incorporation of SiC-based components in quantum computing, and the deployment of SiC power modules for grid integration.

The increasing demand for electric vehicles is a significant driver behind the growth of the silicon carbide market. Electric vehicles (EVs) utilize rechargeable batteries that produce minimal noise and no exhaust emissions, aligning with environmental sustainability goals. Silicon carbide (SiC) serves as a crucial semiconductor material in electric vehicles due to its higher thermal conductivity, capability to handle high voltages up to 1200 volts, and efficiency improvement, leading to reduced vehicle weight and costs. For instance, the International Energy Agency reported a nearly doubling of electric vehicle sales to 6.6 million in 2021 from 3 million in 2020, representing nearly 9% of total sales. This surge in electric vehicle demand, reaching a total of 16.5 million electric vehicles on the road, is expected to drive the silicon carbide market's growth in the future.

The growing demand for consumer electronics is anticipated to be a key driver for the silicon carbide market. Consumer electronics encompass personal-use electronic devices like smartphones, laptops, televisions, and home appliances. Silicon carbide finds application in consumer electronics due to its high-temperature resistance and efficient power management, contributing to enhanced device performance and durability. For instance, in May 2023, the Japan Electronics and Information Technology Industries Association reported significant electronic equipment production in Japan, reaching $52,36,535 million. The production of consumer electronics increased from $1,714,724 million in May 2022 to $2,178,430 million in May 2023, indicating a rising demand for consumer electronics and driving the silicon carbide market's growth.

Strategic partnerships and collaborations are playing a crucial role in shaping the silicon carbide market. Key players in the market are focusing on partnerships and collaborations to enhance efficiency, achieve cost savings, expand their value propositions, and extend growth into new areas. For instance, in November 2021, Qorvo, a US-based semiconductor company, acquired UnitedSiC, a US-based manufacturer of silicon carbide power semiconductors. This acquisition broadens Qorvo's presence in areas such as circuit protection, electric vehicles (EVs), renewables, industrial power, and data centre power.

Major companies in the silicon carbide market are directing their efforts toward developing advanced silicon carbide transistors to gain a competitive advantage. These advanced transistors play a crucial role in power electronics, facilitating efficient energy conversion in electric vehicles and renewable energy systems. For instance, in August 2022, Toshiba Electronics Europe GmbH launched its third generation of silicon carbide (SiC) MOSFETs, featuring both 650V and 1200V voltage products. These MOSFETs are designed for high-power industrial applications, such as industrial power supplies, solar inverters, and UPS systems, offering improvements in reliability, performance at high temperatures, rapid switching capabilities, and low on-resistance compared to traditional silicon power semiconductors.

In August 2021, ON Semiconductor, a US-based semiconductor manufacturing company, acquired GT Advanced Technologies Inc. for $415 million. This strategic acquisition aims to strengthen ON Semiconductor's presence in the sustainable ecosystem, including power switching devices for electric vehicles (EVs), EV charging, and energy infrastructure, meeting the growing consumer demand for SiC-based solutions. GT Advanced Technologies Inc. is a US-based company engaged in the manufacturing of silicon carbide and sapphire crystal materials.

Major companies operating in the silicon carbide market include Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC BV, Grindwell Norton Limited, Entegris Inc., Saint-Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, Dow Inc., Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., Mitsubishi Chemical Corporation, Arkema S.A., Addivant USA LLC, Akdeniz Chemson Polymer Additives A.S., Evonik Industries AG, Kaneka Americas Holding Inc., Plastics Color Corporation, Shandong Ruifeng Chemical Co. Ltd., Bridgestone Corporation, Washington Mills Electro Minerals Corporation, LG Innotek Co. Ltd., Pallidus Inc., Cree Inc., Elsid S.A., Asron AB, CoorsTek Inc.

Asia-Pacific was the largest region in the silicon carbide market in 2023. The regions covered in the silicon carbide market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the silicon carbide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The silicon carbide market consists of sales of silicon carbide in different forms, including nitride-bonded silicon carbide, sintered silicon carbide, and reaction-bonded silicon carbide. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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