Silicon Carbide Market by Product, Grain Size, Manufacturing Process, End-Use Industry

List of Tables

[180 Pages Report] The Silicon Carbide Market size was estimated at USD 3.57 billion in 2023 and expected to reach USD 3.94 billion in 2024, at a CAGR 10.64% to reach USD 7.25 billion by 2030.

Silicon carbide, or SiC, is a synthetic silicon and carbon crystalline compound. The molecular structure of silicon carbide is unique, featuring a robust bonding between the silicon and carbon atoms. This tetrahedral crystalline structure endows silicon carbide with distinct physical and chemical properties that are fundamentally advantageous compared to other materials. Silicon carbide is exceptionally hard, with a Mohs hardness rating close to the diamond, which makes it highly resistant to wear and abrasion. Furthermore, SiC exhibits high thermal conductivity, low thermal expansion, and remarkable chemical stability, even at elevated temperatures. Increasing demand for energy-efficient power electronics and the rising focus on high-temperature resistive refractory products is propelling the expansion of the silicon carbide market. However, the expenses associated with material and fabrication hinder the adoption of silicon carbide. The advancements in SiC manufacturing technologies and ongoing government investments in energy-efficient technologies offer lucrative opportunities for the growing silicon carbide market.

KEY MARKET STATISTICS
Base Year [2023]	USD 3.57 billion
Estimated Year [2024]	USD 3.94 billion
Forecast Year [2030]	USD 7.25 billion
CAGR (%)	10.64%

Product: Increasing demand for green silicon carbide owing to its purity and high hardness

Black silicon carbide is characterized by its black color and is primarily manufactured through the Acheson process. It contains approximately 95% SiC and exhibits traits such as low impurity content, high hardness, and thermal resistance. This variant is commonly used in applications requiring high durability and thermal conductivity, such as abrasive materials, refractory products, and certain electronic and semiconductor applications. Green silicon carbide is made by a lower temperature process, which results in higher purity SiC, often exceeding 99%. Its green color comes from the lack of impurities present. This type of SiC is typically used in applications that require extremely high precision and minimal impurities, such as in the manufacturing of electronics, particularly for creating semiconductors, and in abrasive materials for finishing delicate and high-precision tools and components.

End-Use Industry: Widening use in electronics & semiconductor industries due to its ability to withstand high temperatures, power levels, and voltages

Silicon carbide is used in aerospace and defense sectors for various applications, including fabricating armor plates and components of spacecraft and satellites, which demand materials that can withstand extreme conditions. In the automotive industry, silicon carbide makes advanced brake systems and power electronics for electric vehicles. Its superior thermal conductivity and strength enhance the efficiency and durability of these components, contributing to longer vehicle lifespans and better performance. Silicon carbide is pivotal for producing robust industrial ceramics, renowned for their exceptional durability, heat resistance, and resilience in harsh conditions, such as creating mechanical seals and bearings. In electronics and semiconductor production, it stands out as a superior substrate for power devices, significantly enhancing energy efficiency by facilitating more effective electron conduction. The energy and power sectors benefit from silicon carbide in applications such as solar power inverters and wind turbines. The ability of silicon carbide to withstand high voltages and temperatures reduces power loss and increases the efficiency of power conversion systems. In foundries, silicon carbide is a durable material in molds and furnaces and withstands the extreme temperatures of metal casting processes, helping improve the quality of cast metal products while extending the life of foundry equipment.

Regional Insights

In the Americas, particularly in the United States, the adoption and production of silicon carbide is high, driven significantly by the burgeoning electric vehicle (EV) market and the renewable energy sector. Major U.S.-based companies are ramping up their production capacities to fulfill domestic and international demand. The North American market is also seeing an increase in government investments and subsidies aimed at boosting the production capabilities of SiC semiconductors, which is poised to propel the market growth further. The Asia-Pacific region is showcasing rapid growth in the silicon carbide market, mainly attributed to the rapid industrialization and the expanding automotive sector, particularly in China, Japan, and South Korea. China, a significant consumer and producer of electric vehicles, represents a substantial market for SiC components. Moreover, the region benefits from the availability of raw materials and lower manufacturing costs, which boost production capabilities. In the transition toward renewable energy sources within the Asia-Pacific realm, silicon carbide (SiC) emerges as a pivotal element in improving the performance of solar inverters and various renewable energy apparatuses. The EMEA region showcases a high demand for silicon carbide, mainly attributed to the automotive and electronics sectors. Europe, particularly with its strict environmental regulations and significant investments in electric vehicles, is a primary driver for the SiC market. The region's focus on minimizing carbon emissions and increasing energy efficiency aligns well with the benefits offered by SiC technology. The Middle East and African region is gradually adopting SiC technology, mainly in renewable energy applications.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Silicon Carbide Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Silicon Carbide Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Silicon Carbide Market, highlighting leading vendors and their innovative profiles. These include AGC Inc., Agsco Corporation, Carborundum Universal Limited, Cerablast GmbH & Co. KG, CeramTec GmbH, CoorsTek Inc., Elkem ASA, Entegris, Inc., Fiven GmbH, Fuji Electric Co., Ltd., General Electric Company, II-Vi Incorporated, Imerys S.A., Infineon Technolodies AG, Kuhmichel Abrasiv GmbH, KYOCERA Corporation, Littelfuse, Inc., MACOM Technology Solutions Holdings, Inc., Mersen Group, Microchip Technology Inc., Morgan Advanced Materials plc, Navitas Semiconductor, Powerex Inc., Ranesas Electronics Corporation, Saint-Gobain Group, Semiconductor Components Industries, LLC, STMicroelectronics N.V., Texas Instruments Incorporated, and Washington Mills Electro Minerals Limited.

Market Segmentation & Coverage

This research report categorizes the Silicon Carbide Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Black Silicon Carbide
- Green Silicon Carbide

Grain Size
- Coarse Grain
- Fine Grain
- Medium Grain
- Micro Grain

Manufacturing Process
- Acheson Process
- Chemical Vapor Deposition
- Physical Vapor Transport

End-Use Industry
- Aerospace & Defense
- Automotive
- Ceramics
- Electronics & Semiconductor
- Energy & Power
- Foundry

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Silicon Carbide Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Silicon Carbide Market?

3. What are the technology trends and regulatory frameworks in the Silicon Carbide Market?

4. What is the market share of the leading vendors in the Silicon Carbide Market?

5. Which modes and strategic moves are suitable for entering the Silicon Carbide Market?

Product Code: MRR-0309FBC5121D

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing demand for energy-efficient power electronics
  - 5.1.1.2. Growing focus on high-temperature resistive refractory products
  - 5.1.1.3. Widening use of SiC in advanced power semiconductors
- 5.1.2. Restraints
  - 5.1.2.1. High costs associated with the material and fabrication of silicon carbide
- 5.1.3. Opportunities
  - 5.1.3.1. Developments for improving the quality of SiC substrate and epitaxy
  - 5.1.3.2. High potential of utilizing SiC in nanomechanical sensors and solar cells
- 5.1.4. Challenges
  - 5.1.4.1. Technical barriers in the integration of SiC-based components into existing systems
5.2. Market Segmentation Analysis
- 5.2.1. Product: Increasing demand for green silicon carbide owing to its purity and high hardness
- 5.2.2. End-Use Industry: Widening use in electronics & semiconductor industries due to its ability to withstand high temperatures, power levels, and voltages
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Silicon Carbide Market, by Product

6.1. Introduction
6.2. Black Silicon Carbide
6.3. Green Silicon Carbide

7. Silicon Carbide Market, by Grain Size

7.1. Introduction
7.2. Coarse Grain
7.3. Fine Grain
7.4. Medium Grain
7.5. Micro Grain

8. Silicon Carbide Market, by Manufacturing Process

8.1. Introduction
8.2. Acheson Process
8.3. Chemical Vapor Deposition
8.4. Physical Vapor Transport

9. Silicon Carbide Market, by End-Use Industry

9.1. Introduction
9.2. Aerospace & Defense
9.3. Automotive
9.4. Ceramics
9.5. Electronics & Semiconductor
9.6. Energy & Power
9.7. Foundry

10. Americas Silicon Carbide Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Silicon Carbide Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Silicon Carbide Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Mitsubishi Electric Partnered with Nexperia for the Development of Silicon Carbide (SiC) Power Semiconductors
- 13.3.2. The Silicon Power Group Expressed Interest to Set Up Silicon Carbide Unit in Odisha
- 13.3.3. Vitesco Technologies Partnered with ROHM for a Long-Term Supply of Silicon Carbide
- 13.3.4. Wolfspeed and NC A&T's Joint Initiative to Establish R&D Facility to Advance Silicon Carbide Innovation
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio