According to the report by Expert Market Research (EMR), the global silicon carbide market is projected to grow at a CAGR of 17% between 2024 and 2032. Aided by the rising demand in various high-tech industries, the market is expected to grow significantly by 2032.
Silicon carbide, a semiconductor material, is known for its high thermal conductivity, great chemical stability, and excellent durability. It is used in various applications such as power electronics, LED lighting, and as an abrasive. SiC stands out in the semiconductor industry due to its superior properties, such as higher bandgap and thermal conductivity compared to silicon, making it an ideal material for high-power and high-temperature applications.
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A major driver of the silicon carbide market growth is its increasing usage in the automotive industry, particularly in electric vehicles (EVs). SiC-based components are crucial in EVs for power electronics, such as inverters and converters, due to their efficiency and ability to withstand high temperatures.
Another significant driver is the increasing demand for renewable energy sources. SiC plays a vital role in the photovoltaic energy sector and wind energy converters, where its high-efficiency levels lead to better power output and durability.
The surge in demand for high-performance electronics and LED lighting also influences the silicon carbide market outlook. Its ability to operate at high temperatures and voltages, with minimal energy loss, makes it a preferred material in these applications.
Technological advancements in the production and processing of SiC are leading to a reduction in costs and improvements in quality. Innovations in SiC substrates are expanding its application in various sectors, including aerospace, defense, and electronics.
Asia Pacific accounts for a significant portion of the silicon carbide market share, driven by the rapid expansion of the automotive and electronics sectors in countries like China, Japan, and South Korea. North America and Europe also hold significant shares, supported by advanced technological infrastructure and the growing adoption of EVs and renewable energy sources.
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Looking ahead, the market is set for substantial growth, with continuous innovation and rising demand across various industries. The development of more efficient and cost-effective SiC materials is likely to drive the market further. Moreover, the growing emphasis on sustainable and energy-efficient technologies presents new opportunities for the SiC market.
Silicon Carbide Market Segmentation
The market can be divided based on product, device, end user, and region.
Market Breakup by Product
- Black
- Green
- Others
Market Breakup by Device
- Discrete Devices
- MOSFET
- Diode
- Module
- Others
- Bare Die
Market Breakup by End User
- Steel
- Automotive
- Aerospace
- Defence and Military
- Healthcare
- Electrical and Electronics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global silicon carbide market. Some of the major players explored in the report by Expert Market Research are as follows:
- AGSCO Corp.
- Entegris, Inc.
- ESK-SIC GmbH
- Grindwell Norton Ltd.
- Imerys Graphite & Carbon Ltd
- Xiamen Powerway Advanced Material Co., Ltd
- Others
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