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	2022
Forecast Year	2023-2035
CAGR	~15%
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)

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 â€“ 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 Trends