Redding, California - July 24, 2024
Silicon Carbide (SiC) Market to be Worth $9.5 Billion by 2031
Silicon Carbide Market Size, Share, Forecast, & Trends Analysis by Type (Black SiC, Green SiC), Forming Method (Reaction Bonding, Sintering, Recrystallization, Other Methods), End-use Industry (Automotive, Electronics & Semiconductor, Energy & Power, Others), Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Silicon Carbide Market by Type (Black SiC, Green SiC), Forming Method (Reaction Bonding, Sintering, Recrystallization, Other Methods), End-use Industry (Automotive, Electronics & Semiconductor, Energy & Power, Others), Geography - Global Forecast to 2031’
According to this latest publication from Meticulous Research®, the silicon carbide market is projected to reach $9.5 billion by 2031, at a CAGR of 17.8% from 2024–2031. Growing investment in SiC production and the growing use of SiC devices in power electronics are two reasons driving this market's rise. Furthermore, there should be room for market growth due to the rising need for SiC in the oil and gas sector and its growing application in electric cars. The availability of substitute materials, however, may limit the market's growth. The high cost of fabrication and raw materials presents obstacles to market expansion.
The silicon carbide market is segmented by type, forming method, and end-use industry. This study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, the silicon carbide market is segmented into black silicon carbide and green silicon carbide. In 2024, the black silicon carbide segment is expected to account for the larger share of 72% of the global silicon carbide market. Black silicon carbide contains about 98.5% SiC; its toughness is higher than that of green silicon carbide. The large market share of this segment is attributed to the rising use of black SiC for processing materials with low tensile strength, such as glass, ceramics, stone, refractory materials, cast iron, and non-ferrous metals.
However, the green silicon carbide segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by the rising demand for green SiC in refractory materials and various abrasive tool manufacturing.
Based on forming method, the silicon carbide market is segmented into reaction bonding, sintering, recrystallization, and other methods. In 2024, the sintering segment is expected to account for the largest share of 28% of the global silicon carbide market. The large share of this segment is attributed to its properties, such as high strength, hardness, and thermal conductivity, and the increasing utilization of sintered SiC in applications such as tools, bearings, heat exchangers, combustion nozzles, and aerospace components.
However, the recrystallization segment is expected to register the highest CAGR during the forecast period. This segment’s growth is due to its better thermal conductivity and thermal shock resistance compared with other prime production methods and the rising use of recrystallized SiC in structural materials, porous materials, heat exchangers, electrical functional materials, and composite materials.
Based on end-use industry, the silicon carbide market is segmented into automotive, electronics & semiconductor, energy & power, industrial, telecommunication, healthcare, and other end-use industries. In 2024, the electronics & semiconductor segment is expected to account for the largest share of 23% of the global silicon carbide market. This segment’s large market share is attributed to its high voltage resistance, rising production of semiconductor devices using SiC, including Schottky diodes (also called Schottky barrier diodes, or SBDs), junction-gate FETs (or JFETs), and MOSFETs utilized in high-power switching applications.
However, the automotive segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for high quality, reliability, and efficiency in the automotive industry, the increased use of SiC to make automotive parts such as brake & engine components and suspension systems, rising demand to create increasingly efficient and high-performance electric vehicles and the potential of SiC to improve vehicle performance and efficiency while lowering environmental impact.
Based on geography, the silicon carbide market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 55% of the silicon carbide market. The large share of the region is attributed to the rising adoption of advanced ceramics in various end-use industries; ongoing R&D activities focused on enhancing ceramic properties and manufacturing processes, and rising investment to manufacture SiC components.
Moreover, Asia-Pacific is also expected to register the highest CAGR of 18.4% during the forecast period. This region's rapid growth is primarily driven by the growing automotive industry, rising demand for electric vehicles, and rising efforts by market players to expand their businesses in the region.
Key Players:
The key players operating in the silicon carbide market are AGSCO Corporation (U.S.), Carborundum Universal Limited (India), Washington Mills Electro Minerals Limited (U.S.), CoorsTek Inc. (U.S.), Entegris, Inc. (U.S.), ESD-SIC bv (Netherlands), Snam Abrasives Pvt. Ltd. (India), Morgan Advanced Materials (U.K.), Saint-Gobain (France), Schunk Group (Germany), Blasch Precision Ceramics, Inc. (U.S.), Christy Refractories (U.S.), among others.
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Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, forming method, and end-use industry?
- What was the historical market for silicon carbide?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the silicon carbide market?
- Who are the major players, and what shares do they hold in the silicon carbide market?
- How is the competitive landscape in the silicon carbide market?
- What are the recent developments in the silicon carbide market?
- What are the different strategies adopted by the major players in the silicon carbide market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global silicon carbide market, and how do they compete with the other players?
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