Silicon Carbide Market Size (2024 - 2029)

The Silicon Carbide Market is projected to experience significant growth over the forecast period, driven by robust demand from the steel manufacturing and electronics industries. Despite challenges such as fluctuating raw material costs and the presence of substitutes like gallium nitride, the market is poised for expansion, particularly due to opportunities arising from the increasing adoption of electric vehicles. The Asia-Pacific region leads in market consumption, with substantial contributions from countries like China, India, and Japan.

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Market Size of Silicon Carbide Industry

Silicon Carbide Market Summary
Study Period 2024 - 2029
Market Size (2024) USD 3.30 Billion
Market Size (2029) USD 6.77 Billion
CAGR (2024 - 2029) 10.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Silicon Carbide Market Major Players

*Disclaimer: Major Players sorted in no particular order

Silicon Carbide Market Analysis

The Silicon Carbide Market size is estimated at USD 3.30 billion in 2024, and is expected to reach USD 6.77 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).

  • The major factors driving the market studied are strong demand from the steel manufacturing and steel processing industry and rapidly growing demand from the electronics industry.
  • Some factors restraining the demand for the market include fluctuating costs of raw materials like coal and petroleum coke. Moreover, the availability of substitutes such as gallium nitride might also cause challenges.
  • The rising penetration of electric vehicles is expected to offer various opportunities for the growth of the market.
  • Asia-Pacific dominated the market globally, with the most significant consumption from countries such as China, India, and Japan.

Silicon Carbide Industry Segmentation

Silicon carbide is a hard refractory material that is a synthetically produced crystalline compound of silicon and carbon. It has been an essential material for sandpapers, grinding wheels, and cutting tools. However, it has found applications in refractory linings and heating elements for industrial furnaces, in wear-resistant parts for pumps and rocket engines, and in semiconducting substrates for light-emitting diodes.

The silicon carbide market is segmented by product, application, and geography. By product, the market is segmented into green SiC and black SiC. By application, the market is segmented into steel manufacturing, energy, automotive, aerospace and defense, electronics and semiconductors, and other applications (manufacturing of cutting tools, etc.). The report also offers market size and forecasts for 27 countries across major regions. For all the above segments, market sizing and forecasts have been done based on revenue (USD).

By Product
Green SiC
Black SiC
Other Products
By Application
Steel Manufacturing
Energy
Automotive
Aerospace and Defense
Electronics and Semiconductor
Other Applications
By Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Turkey
Spain
NORDIC
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Qatar
Nigeria
United Arab Emirates
Egypt
Rest of Middle East and Africa
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Silicon Carbide Market Size Summary

The silicon carbide market is poised for significant growth, driven by robust demand from the steel manufacturing and electronics industries. This semiconductor material, known for its high endurance and ability to operate under extreme conditions, is increasingly utilized in semiconductor manufacturing due to its advantageous properties. The market is expected to experience substantial expansion over the forecast period, with Asia-Pacific leading the charge, particularly in countries like China, India, and Japan. These regions are witnessing a surge in demand across various sectors, including electronics, automotive, and defense, which is further bolstered by government initiatives and investments aimed at enhancing semiconductor production capabilities.

Despite challenges such as fluctuating raw material costs and the availability of substitutes like gallium nitride, the silicon carbide market is set to benefit from the rising penetration of electric vehicles and the growing global demand for electronics. The market landscape is partially consolidated, with key players like Saint-Gobain, Imerys, and Tokai Carbon Co. Ltd. holding significant shares. Strategic investments and acquisitions, such as DENSO CORPORATION's investment in Silicon Carbide LLC and Saint-Gobain's acquisition of SICAT GmbH & Co. KG, are expected to enhance the competitive edge and product offerings within the market. These developments, coupled with the increasing production of semiconductors and supportive government policies, are likely to drive the market's growth trajectory in the coming years.

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Silicon Carbide Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Strong Demand from the Electronics Industry

      2. 1.1.2 Increasing Demand for Advanced Ceramics

    2. 1.2 Restraints

      1. 1.2.1 Fluctuating Costs of Raw Materials

      2. 1.2.2 Availability of Substitutes such as Gallium Nitride

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Product

      1. 2.1.1 Green SiC

      2. 2.1.2 Black SiC

      3. 2.1.3 Other Products

    2. 2.2 By Application

      1. 2.2.1 Steel Manufacturing

      2. 2.2.2 Energy

      3. 2.2.3 Automotive

      4. 2.2.4 Aerospace and Defense

      5. 2.2.5 Electronics and Semiconductor

      6. 2.2.6 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Russia

        6. 2.3.3.6 Turkey

        7. 2.3.3.7 Spain

        8. 2.3.3.8 NORDIC

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Qatar

        4. 2.3.5.4 Nigeria

        5. 2.3.5.5 United Arab Emirates

        6. 2.3.5.6 Egypt

        7. 2.3.5.7 Rest of Middle East and Africa

Silicon Carbide Market Size FAQs

The Silicon Carbide Market size is expected to reach USD 3.30 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 6.77 billion by 2029.

In 2024, the Silicon Carbide Market size is expected to reach USD 3.30 billion.

Silicon Carbide Market Report Snapshots

Silicon Carbide Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)