Silicon Carbide Market Size, Share, and Growth Analysis, By Device (SiC Discrete Device, SiC MOSFETs), By Wafer Size (Up to 150 mm, >150 mm), By Type, By Production Method, By Application, By Region - Industry Forecast 2025-2032

Global Silicon Carbide Market size was valued at USD 3.35 billion in 2023 and is poised to grow from USD 3.71 billion in 2024 to USD 8.36 billion by 2032, growing at a CAGR of 10.7% during the forecast period (2025-2032).

Silicon carbide is increasingly recognized for its thermal resilience, making it a preferred material for refractory applications in industries such as steel, cast iron, and aluminum manufacturing. The projected growth in these ferrous and non-ferrous sectors is expected to boost the demand for refractory materials. India's automotive industry, pivotal as it contributes 8% to exports and 2.3% to GDP, is set to surpass China's sector by 2025, further driving the need for silicon carbide. Additionally, with over 2,000 semiconductor chips designed annually in India, this growth may also positively influence the silicon carbide market. In the U.S., stable consumption patterns continue to prevail, particularly within the semiconductor sector, where Washington Mills is leading in sales, particularly in wafer applications.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Silicon Carbide market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Silicon Carbide Market Segments Analysis

Global Silicon Carbide Market is segmented by Device, Wafer Size, Type, Production Method, Application and region. Based on Device, the market is segmented into SiC Discrete Device, SiC MOSFETs, SiC Diodes and SiC Module. Based on Wafer Size, the market is segmented into Up to 150 mm and >150 mm. Based on Type, the market is segmented into Black Silicon Carbide, Green Silicon Carbide and Others. Based on Production Method, the market is segmented into Acheson process, Physical Vapor Transport (PVT), Chemical Vapor Deposition (CVD) and Other production methods. Based on Application, the market is segmented into Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors and Medical & Healthcare. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Silicon Carbide Market

The global Silicon Carbide market is significantly driven by the rising demand for power electronics, which play a vital role in the electrical infrastructure worldwide. Power electronics encompass a variety of devices that facilitate the conversion of alternating current to direct current, while also enhancing system efficiency and minimizing energy losses. Silicon Carbide (SiC) devices, which include SiC diodes and modules, offer superior performance due to their ability to function at higher current densities and temperatures. Their advantageous properties, such as wide band gaps, rapid drift velocities, elevated breakdown voltages, substantial electric fields, and excellent thermal conductivities, further contribute to the growing adoption of SiC technology across various sectors.

Restraints in the Global Silicon Carbide Market

The global Silicon Carbide (SiC) market faces significant challenges due to inherent flaws in SiC materials, particularly in the formation of crystals that contain micropipes. As larger wafers are produced, these SiC devices are susceptible to various defects, including dislocations, inclusions, and stacking faults. Such issues arise from imbalances in the silicon and carbon precursors along with fluctuations in local pressure and temperature during production. These imperfections adversely affect the electrical properties of SiC devices, ultimately leading to reduced efficiency. Consequently, these flaws pose a considerable restraint on the growth potential of the Silicon Carbide market.

Market Trends of the Global Silicon Carbide Market

The Global Silicon Carbide market is witnessing robust growth, fueled by increasing demand across industrial and manufacturing applications, including cutting tools, grinding wheels, and refractory materials. As developing countries ramp up their manufacturing sectors, the need for efficient and durable materials like silicon carbide is surging. Additionally, the material's unique properties, such as high thermal conductivity and resistance to wear and corrosion, are further propelling its adoption in sectors like automotive, electronics, and energy. This upward trajectory is expected to continue as industries seek sustainable and innovative solutions, positioning silicon carbide as a key player in the global market landscape.