Silicon Carbide Market Growth, Trends, and Forecast by 2027

The silicon carbide market was valued at US$ 712.85 million in 2019 and is projected to reach US$ 1,810.56 million by 2027; it is expected to grow at a CAGR of 12.5% from 2019 to 2027.

Silicon carbide, also known as carborundum, is a semiconductor material widely used in electronics and semiconductor industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting. It is also used in the components of pumps used to drill and extract the oil in oilfield applications. Rising demand for silicon carbide in various application industries has led to an increase in the investments by manufacturers, governments, and research institutes in its production.

The silicon carbide market in North America is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is mainly attributed to the increasing adoption of this material owing to its improved electrical performance, compact size, power management capabilities, and high reliability. The power electronics industry is one of the major consumers of silicon carbide as the semiconductor reduces energy loss and increases life as well as efficiency of power devices. Moreover, power electronic devices operating efficiently and effectively at higher temperatures are essential to satisfy several demands such as high-performance, quick charge-time, and others. Also, the growing steel industry in the US is likely to drive the silicon carbide (SiC) market growth as the material is applied as a deoxidizing agent  as well as a major raw material in refractory production in the industry.

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Silicon Carbide Market: Strategic Insights

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Effect of COVID-19 upon Silicon Carbide Market

As of March 2021 the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns because of this outbreak. China is the global hub of manufacturing and largest raw material supplier for various industries. The shutdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are suppressing the business collaboration and partnership opportunities. Thus, these factors have been restraining the growth of the chemicals and materials industry, and other markets related to this industry.

Market Insights

Proliferation of Electronics and Semiconductors Industries Fuels Silicon Carbide Market Growth

Silicon carbide is a semiconductor, and it is being used widely in electronics and semiconductors industries as a replacement to silicon. It offers greater breakdown electric field strength, band gap, and thermal conductivity, along with enabling a wider range of p- and n-type control required for the construction of a device. For instance, silicon has a band gap of ~1.12, whereas silicon carbide offers a band gap of ~3.26. Similarly, thermal conductivity for silicon carbide is 1490 W/m-K, which is significantly higher than the thermal conductivity of silicon—150 W/m-K. A majority of silicon carbide is being used to make diodes that are used in power supplies and hybrid modules such as PV7.

According to the statistics cited by the Semiconductor Industry Association (SIA), global sales of semiconductors witnessed a hike of 6% from October 2019 to October 2020, reaching a market value of US$ 39 billion. Moreover, 2021 is likely to be a promising year for semiconductors businesses as per the predictions by the World Semiconductor Trade Statistics (WSTS) organization. The global sales of semiconductors are expected to grow by 8.4% in 2021 compared with the sales in 2020. According to The Insight Partner’s analysis, the global electronics industry is expected to register an annual growth rate of 5–6% from 2020 to 2021, and North America and Asia Pacific are expected to register a higher growth than other regions during the same period. Thus, such promising statistics depict the growth of electronics and semiconductor industries, making them a lucrative market segment for the global silicon carbide market vendors.   

Type Insights

Based on type, the silicon carbide market has been segmented into black silicon carbide and green silicon carbide. The black silicon carbide segment accounted for a larger market share in 2019, and the green silicon carbide segment is expected to register a higher CAGR in the market during the forecast period. Black silicon carbide is an extremely hard man-made mineral that possesses high thermal conductivity along with high strength at elevated temperatures, e.g., at 1000°C, SiC is 7.5-times stronger than aluminum oxide. SiC has a modulus of elasticity of ~410 GPa and can operate with the desired strength at temperatures up to 1600°C; also, it does not melt at normal temperature but dissociates at 2600°C. Black silicon carbide is usually available in the form of blocks, gains, and powder. It is employed as bonded and industrial abrasives, coated abrasives, refractories and ceramics, and refractories and ceramics. Black silicon carbide powder is widely utilized for grinding nonferrous materials, finishing tough and hard materials, and filling up ceramic parts due to its lower cost.

End-Use Industry Insights

Based on end-use industry, the silicon carbide market has been segmented into automotive, aerospace and aviation, military and defense, electronics and semiconductor, medical and healthcare, steel, and others. The electronics and semiconductor segment accounted for the largest market share in 2019, and the automotive segment is expected to register the highest CAGR in the market during the forecast period. Silicon carbide can be sedated as n-type by nitrogen or phosphorus also as p-type by boron, beryllium, aluminum, or gallium. Metallic conductivity can also been achieved by heavy doping with boron, aluminum, or nitrogen. The use of silicon carbide is advantageous in fast, high-temperature, and high-voltage devices as it confers dramatic increase in the efficiency of devices. It is highly beneficial in high-voltage applications owing to its capability, compactness, and efficiency. Power semiconductors made from silicon carbide outperform common silicon semiconductors on the back of their capability of withstanding voltages up to 10-times greater than those tolerated by ordinary silicon. Electric and driverless vehicles with onboard charging units and traction inverters are prime application areas of SiC semiconductors. The new high-voltage batteries mainly represent one of the major obstacles to the adoption of hybrid and electric vehicles. With SiC, car manufacturers can shrink the size of the batteries while reducing the total cost of an electric vehicle. Owing to the high voltage resistance, silicon carbide-based components can outperform the gallium nitride-based systems that can withstand the voltage of more than 1000 V. Thus, SiC are a valuable raw material in the development of electric vehicles, solar power inverters, and sensor systems.

The players operating in the silicon carbide market include AGSCO Corp, Fiven ASA, ESK-SIC GmbH, and others; the key companies implement the mergers and acquisitions, and research and development strategies to enlarge customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.

Report Spotlights

• Progressive industry trends in the silicon carbide market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the silicon carbide market from 2017 to 2027
• Estimation of global demand for silicon carbide
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the silicon carbide market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the silicon carbide market size at various nodes
• Detailed overview and segmentation of the market, as well as the silicon carbide industry dynamics
• Size of the silicon carbide market in various regions with promising growth opportunities

Silicon Carbide Market Regional Insights

The regional trends and factors influencing the Silicon Carbide Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Silicon Carbide Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Silicon Carbide Market Report Scope

Silicon Carbide Market Players Density: Understanding Its Impact on Business Dynamics

The Silicon Carbide Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Silicon Carbide Market are:

1. Fiven ASA
2. AGSCO Corp
3. Carborundum Universal Limited
4. ESD-SIC
5. ESK-SIC GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

Silicon Carbide Market – by Type

• Black Silicon Carbide
• Green Silicon Carbide

Silicon Carbide Market – by End-Use Industry

• Automotive
• Aerospace and Aviation
• Military and Defense
• Electronics and Semiconductor
• Medical and Healthcare
• Steel
• Others

Company Profiles

• Fiven ASA
• AGSCO Corp
• Carborundum Universal Limited
• ESD-SIC
• ESK-SIC GmbH
• Futong Industry Co. Limited
• Electro Abrasives, LLC
• Washington Mills
• Tifor B.V.
• Grindwell Norton Ltd.