Silicon Carbide Market Size & Share, by Device (SiC Module, SiC Discreet Device); Product (Black SiC, Green SiC); Wafer Size (Up to 10 MM, More Than 150 MM); Application (Energy & Power, Transportation, Steel & Metallurgy, Space Research, Electronics & Optoelectronics, Automotive, Telecommunication, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5213
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Silicon Carbide Market size is expected to surpass USD 4 Billion by the end of 2035, expanding around 15% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of silicon carbide was USD 1 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.

Silicon Carbide Market
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Silicon Carbide Sector: Growth Drivers and Challenges

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.


  • 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


Forecast Year




Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 4 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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Silicon Carbide Segmentation

Product (Black SiC, Green SiC)

The black SiC segment in the silicon carbide market is estimated to gain the largest revenue share of about 54% in the year 2035. The growth of the segment can be attributed to the rising manufacturing of iron and steel with the help of electric arc furnaces. On the other hand, the increasing use of black silicon carbide in wide applications such as grinding and metalworking is also expected to drive the growth of the segment. Black SiC ensures higher durability, versatility, and quality during SiC application.

Application (Energy & Power, Transportation, Steel & Metallurgy, Electronics & Optoelectronics, Space Research, Automotive, Telecommunication, Industrial)

Silicon carbide market from the electronics & optoelectronics segment is expected to garner a significant share of around 30% in the year 2035. The rising demand for electronic chips followed by higher expenditure on them is expected to augment the growth of the segment. In 2022, the total expenditure on chip equipment increased by 10%, amounting to around USD 98 billion, worldwide. Moreover, the growing infrastructure of semiconductor manufacturing companies is also expected to drive the segment’s growth.

Our in-depth analysis of the global market includes the following segments:


  • SiC Module
  • SiC Discreet Device


  • Black SiC
  • Green SiC

     Wafer Size

  • Up to 10 MM
  • More Than 150 MM


  • Energy & Power
  • Transportation
  • Steel & Metallurgy
  • Space Research
  • Electronics & Optoelectronics
  • Automotive
  • Telecommunication
  • Industrial

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Silicon Carbide Industry- Regional Synopsis

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 2035. 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 2035. 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.

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Silicon Carbide Market Size
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Companies Dominating the Silicon Carbide Landscape

    • AGSCO Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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


In The News

  • SK Siltron CSS announced the agreement with Qorvo for a long-term supply agreement of silicon carbide epitaxial and bare wafers.
  • Microchip Technology, Inc. announced the new silicon carbide (SiC) power devices of 3.3 kV, such as Schottky Barrier Diodes, and SiC MOSFETs, to be used in energy, industrial, and transportation systems.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 5213
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for silicon carbide and higher investment in semiconductor industry are the major factors driving the market growth.

The market size of silicon carbide is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023 – 2035.

The major players in the market are AGSCO Corporation, SK Siltron, ESD-SIC b.v., Carborundum Universal Limited, Microchip Technology Inc., Coorstek, Inc., Entegris, Inc., Snam Abrasives Pvt. Ltd., Gaddis Engineered Materials, and Sana Optoelectronics.

The black SiC segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Silicon Carbide Market Report Scope

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