PUBLISHER: The Business Research Company | PRODUCT CODE: 1653376
PUBLISHER: The Business Research Company | PRODUCT CODE: 1653376
Silicon carbide refers to hard and insoluble substances employed as abrasives and electrical resistors in high-temperature devices. It is a crystalline chemical compound composed of silicon and carbon, manufactured synthetically in the form of SiC powder. Silicon carbide is particularly suitable for high-power applications due to its exceptional chemical inertness, hardness, relatively low thermal expansion, high thermal conductivity, resistance to corrosion, and a high force-to-weight ratio.
The primary types of silicon carbide are black silicon carbide and green silicon carbide. Black silicon carbide is characterized by its black, crisp, and harder properties but is not as pure as green silicon carbide, which contains more than 95% SiC. Black silicon carbide is more economical and readily available. Silicon carbide is used in various applications, including the steel, automotive, aerospace, military and defense, electrical and electronics, healthcare, and other industries. Silicon carbide devices come in different forms, including SiC discrete devices and SiC bare die, and find use in diverse applications across multiple sectors.
The silicon carbide market research report is one of a series of new reports from The Business Research Company that provides silicon carbide market statistics, including silicon carbide industry global market size, regional shares, competitors with a silicon carbide market share, detailed silicon carbide market segments, market trends and opportunities, and any further data you may need to thrive in the silicon carbide industry. This silicon carbide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The silicon carbide market size has grown rapidly in recent years. It will grow from $2.68 billion in 2024 to $3.15 billion in 2025 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to growth in the electronics and semiconductor industry, high-temperature and high-power applications, silicon carbide's superior material properties, adoption in automotive power electronics, renewable energy conversion and storage, military and aerospace applications.
The silicon carbide market size is expected to see rapid growth in the next few years. It will grow to $5.97 billion in 2029 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to expansion of electric vehicle production, wide bandgap semiconductors for energy efficiency, 5g communication and rf devices, solar inverters and power management, quantum technologies and superconductors, sic power devices for industrial applications. Major trends in the forecast period include sic-on-insulator (sicoi) technology for integrated circuits, sic substrates for high-power density applications, sic-based optical devices and sensors, sic composite materials for aerospace, sic-based quantum computing components, sic power modules for grid integration.
The rising demand for electric vehicles (EVs) is significantly driving the growth of the silicon carbide market. EVs utilize rechargeable batteries that produce minimal noise and no exhaust, making them environmentally friendly. Silicon carbide (SiC) is a semiconductor material favored in electric vehicles due to its higher thermal conductivity, ability to handle high voltages up to 1200 volts, and its capacity to enhance efficiency while reducing the vehicle's weight and cost. For instance, in June 2024, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that the electric car market is experiencing substantial growth, with sales nearing 14 million units in 2023. The share of electric cars in total vehicle sales has increased from about 4% in 2020 to 18% in 2023. This strong trend in EV sales is expected to continue through 2024, with over 3 million electric cars sold in just the first quarter. Therefore, the emerging demand for electric vehicles is projected to significantly propel the growth of the silicon carbide market in the future.
The growing demand for consumer electronics is anticipated to be a key driver for the silicon carbide market. Consumer electronics encompass personal-use electronic devices like smartphones, laptops, televisions, and home appliances. Silicon carbide finds application in consumer electronics due to its high-temperature resistance and efficient power management, contributing to enhanced device performance and durability. For instance, in May 2023, the Japan Electronics and Information Technology Industries Association reported significant electronic equipment production in Japan, reaching $52,36,535 million. The production of consumer electronics increased from $1,714,724 million in May 2022 to $2,178,430 million in May 2023, indicating a rising demand for consumer electronics and driving the silicon carbide market's growth.
Major companies in the silicon carbide market are concentrating on developing innovations, such as smaller and lighter components, to reduce weight and size, which is essential for optimizing vehicle performance and energy consumption. Smaller and lighter components refer to parts or devices designed to occupy less space and weigh less, often aimed at enhancing portability, efficiency, or lowering material costs. For example, in September 2024, STMicroelectronics NV, a Switzerland-based semiconductor manufacturing company, introduced Generation 4 SiC MOSFETs intended to improve electric vehicle (EV) traction inverters. This new generation of silicon carbide power technology offers significant advancements in power efficiency, density, and robustness. Specifically designed for next-generation EV traction inverters, it enhances driving range through improved energy efficiency while also reducing component size and weight, thus optimizing vehicle performance. Ongoing innovations are expected to continue through 2027.
Major companies in the silicon carbide market are directing their efforts toward developing advanced silicon carbide transistors to gain a competitive advantage. These advanced transistors play a crucial role in power electronics, facilitating efficient energy conversion in electric vehicles and renewable energy systems. For instance, in August 2022, Toshiba Electronics Europe GmbH launched its third generation of silicon carbide (SiC) MOSFETs, featuring both 650V and 1200V voltage products. These MOSFETs are designed for high-power industrial applications, such as industrial power supplies, solar inverters, and UPS systems, offering improvements in reliability, performance at high temperatures, rapid switching capabilities, and low on-resistance compared to traditional silicon power semiconductors.
In September 2024, Carborundum Universal Limited, an India-based manufacturer of industrial products, acquired Silicon Carbide Products, Inc. for USD 6.66 million. This acquisition is intended to enhance Carborundum Universal Limited's product offerings and strengthen its market presence in the silicon carbide sector. Silicon Carbide Products, Inc. is a U.S.-based company specializing in the production and distribution of silicon carbide (SiC) materials and products.
Major companies operating in the silicon carbide market include Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC BV, Grindwell Norton Limited, Entegris Inc., Saint-Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, Dow Inc., Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., Mitsubishi Chemical Corporation, Arkema S.A., Shandong Ruifeng Chemical Co. Ltd., Bridgestone Corporation, Washington Mills Electro Minerals Corporation, LG Innotek Co. Ltd., Pallidus Inc., Cree Inc., Elsid S.A., Asron AB, CoorsTek Inc.
Asia-Pacific was the largest region in the silicon carbide market in 2024. The regions covered in the silicon carbide market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the silicon carbide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The silicon carbide market consists of sales of silicon carbide in different forms, including nitride-bonded silicon carbide, sintered silicon carbide, and reaction-bonded silicon carbide. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Silicon Carbide Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on silicon carbide market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for silicon carbide ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The silicon carbide market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.