The silicon carbide market has seen considerable growth due to a variety of factors.
• In recent years, the market size of silicon carbide has expanded swiftly. The forecast shows an increased growth from $2.68 billion in 2024 to $3.15 billion in 2025, with a compound annual growth rate (CAGR) of 17.3%.
The historical surge in growth is linked to expansion in the electronics and semiconductor industry, uses in high-temperature and high-power applications, the superior properties of silicon carbide as a material, its usage in automotive power electronics, renewable energy conversion and storage, as well as military and aerospace applications.
The silicon carbide market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for silicon carbide is projected to witness swift expansion in the upcoming years, escalating to $5.97 billion by 2029 with a compound annual growth rate (CAGR) of 17.4%.
The surge during this projected period can be traced back to factors such as the advancement in electric vehicle manufacturing, the utilization of wide bandgap semiconductors for energy conservation, the emergence of 5g communication and rf devices, solar inverters and power management techniques, quantum technologies, and superconductors, as well as the application of sic power devices in industrial settings. During the forecast duration, leading trends are anticipated to include the incorporation of sic-on-insulator (sicoi) technology into integrated circuits, the use of sic substrates in high-power density applications, sic-based optical tools and sensors, sic composite materials used in aerospace, components for sic-based quantum computing, and sic power modules utilized for grid integration.
The rising preference for electric vehicles has a significant impact on the silicon carbide market's expansion. Due to their use of rechargeable batteries, which produce minimal noise and no pollution, Electric vehicles (EVs) are considered eco-friendly. The high thermal conductivity, ability to handle voltages up to 1200 volts, and the potential to enhance efficiency while reducing both weight and cost of the vehicle, make SiC a preferred semiconductor material in EVs. To illustrate, data from June 2024 by the International Energy Agency, a France-based independent intergovernmental organization, indicates a substantial growth in the EV market, with sales nearing 14 million in 2023. From around 4% in 2020, the share of electric cars in total car sales has surged to 18% in 2023. There's a clear indication that the rapid rise of EV sales could continue into 2024, with more than 3 million electric cars sold in just the first quarter. Consequently, this increasing demand for electric vehicles is likely to stimulate further expansion of the silicon carbide market.
The silicon carbide market covered in this report is segmented –
1) By Product: Black Silicon Carbide, Green Silicon Carbide
2) By Device Type: SiC Discrete Device, SiC Bare Die
3) By Application: Steel, Automotive, Aerospace, Military And Defense, Electrical And Electronics, Healthcare, Other Applications
Subsegments:
1) By Black Silicon Carbide: Crystalline Black Silicon Carbide, Metallurgical Black Silicon Carbide, Industrial Black Silicon Carbide
2) By Green Silicon Carbide: Micro Grit Green Silicon Carbide, Macro Grit Green Silicon Carbide, Industrial Green Silicon Carbide
Prominent firms in the silicon carbide market are emphasizing on pioneering advancements, such as miniaturized and lightweight components, essential for improving vehicle performance and conserving energy. More compact and less hefty components pertain to elements or gadgets engineered to consume lesser space and have lesser mass, usually to boost portability, effectiveness, or cut down on material expenditure. For instance, in September 2024, STMicroelectronics NV, a Swiss semiconductor production company, unveiled Generation 4 SiC MOSFETs aimed at improving electric vehicle (EV) traction inverters. The novel generation of silicon carbide power technology offers notable enhancements in power efficiency, density, and ruggedness. Customized for future EV traction inverters, it further extends driving range via boosted energy efficiency. The design also diminishes component size and mass, thereby enhancing vehicle performance. Progressive innovations are anticipated to keep moving forward until 2027.
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 report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.