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Silicon Carbide Market Insights

Silicon Carbide Market size was valued at USD 3.68 Billion in 2023 and is expected to reach USD 17.21 Billion by the end of 2030 with a CAGR of 24% during the Forecast Period 2024-2030.

The manufacture, distribution, and application of silicon carbide (SiC), a compound made of silicon and carbon, are encompassed by the silicon carbide market, which is a global business. Due to its remarkable qualities, silicon carbide is a very adaptable material with a wide range of industrial uses. These qualities include high thermal conductivity, outstanding mechanical strength, excellent chemical inertness, and resilience to extreme temperatures. Among other industries, silicon carbide is widely used in power electronics, abrasives, refractories, ceramics, and the automotive sector due to its broad bandgap semiconductor properties. Silicon carbide is transforming the power electronics market by making it possible to create high-performing, energy-efficient devices like Schottky diodes, MOSFETs (Metal-Oxide-Semiconductor Field-Effect Transistors), and power diodes. These SiC-based components are more advantageous than their silicon-based counterparts in that they have higher operating temperatures, lower switching losses, less size and weight, and higher power density. As a result, they can help advance the fields of industrial automation, renewable energy systems, and electric vehicle (EV) technology. The silicon carbide market spans a wide range of applications, not just power electronics. Silicon carbide abrasives are highly valued in the abrasive business due to their remarkable hardness, sharpness, and thermal conductivity, which makes them perfect for cutting, grinding, and polishing hard materials including metals, stones, and ceramics. Furthermore, silicon carbide is essential for producing high-temperature ceramics, crucibles, and furnace linings for use in metallurgy, glassmaking, and aerospace due to its refractory qualities.

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Silicon Carbide Market Trends

The market for silicon carbide is now characterised by a spike in demand brought on by the widespread use of renewable energy sources and electric vehicles (EVs). To satisfy expanding market demands, manufacturers are concentrating on increasing production capacity and improving material quality. A noteworthy trend that reflects the continuous shift towards more sustainable and efficient energy systems is the development of silicon carbide-based power electronics for use in high-power and high-temperature applications.

Surge in Demand from Power Electronics Sector

The increasing use of silicon carbide (SiC) in the power electronics industry is fueling a market boom for the material.SiC has several advantages over conventional silicon in power devices, including increased efficiency, quicker switching speeds, and greater operating temperatures.These characteristics result in lower energy consumption, lighter and smaller power supply, and higher power density in a variety of applications, from data centres and industrial motor drives to electric cars and renewable energy systems.The SiC market is expanding as a result of the growing need for power electronics to be smaller and more energy efficient.

Advancements in Substrate and Epitaxial Technology

For the market to grow, technological developments in the SiC substrate and epitaxial layer fabrication are essential.Large-diameter, high-quality SiC substrates are necessary to fabricate effective, affordable SiC devices.The main goals of research and development are to decrease production costs, decrease fault density, and increase substrate size.Moreover, improvements in epitaxial growth methods provide accurate control over the dopant profiles in the SiC layer, which improves device performance. The increasing use of SiC in a variety of power electronics applications is being made possible by these continuous advancements in substrate and epitaxy technology.

Growing Interest in 3C-SiC for High-Voltage Applications

Although 4H-SiC is the most commonly used substrate material for SiC devices, 3C-SiC, or cubic silicon carbide, is gaining traction for high-voltage uses.Compared to 4H-SiC, 3C-SiC has a stronger breakdown strength, which makes it possible to create SiC devices that can withstand greater voltages.Applications such as quick chargers for electric vehicles and gearbox grids operating at extremely high voltages should find this especially pertinent.To fully utilise 3C-SiC substrate in high-voltage power electronics, manufacturing procedures must be developed that are both scalable and cost-effective.The emphasis on 3C-SiC technology is indicative of the continuous endeavours to broaden the functionalities and domains of use of SiC devices.

Silicon Carbide Market Scope Of the Report

This report offers past, present as well as future analysis and estimates for the Silicon Carbide Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Silicon Carbide Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.

Silicon Carbide Market Competitive Landscape

The market report lists the major players involved in the Silicon Carbide Market under the competitive landscape and company profile chapters. The major players in the market are evaluated based on their product and/or service offerings, financial statements, key developments, strategic approach to the market, position in the market, geographical penetration, and other key features. The chapter also highlights the strengths, weaknesses, opportunities, and threats (SWOT analysis), winning imperatives, current focus and strategies, and threats from competition for the top three to five players in the market. Furthermore, the list of companies included in the market study can also be customized as per the client’s requirements. The competitive landscape section of the report covers details in terms of the top five company’s ranking, key developments such as recent developments, partnerships, mergers and acquisitions, new product launches, etc., the company’s regional footprint, and company industry footprint as per the market and Ace matrix.

Company Regional Footprint

This section provides geographical or regional level reach or their sales network presence for each of company’s considered for profiling.

Company Industry Footprint

This section provides the cross-analysis of industry verticals and market players that gives a clear picture of the company landscape with respect to the industries they are serving their products and services.

Ace Matrix

This section provides company benchmarking into Active, Cutting Edge, Innovator, and Emerging based on their product and business strategy. In Which, product strategy includes parameters such as Breadth & Depth of Product, Focus on Product Innovation, Product features & functions, Scalability whereas business strategy includes parameters such as geographical reach, Industry Coverage, Inorganic Growth, and Roadmap.

Top Silicon Carbide Market Companies

The Silicon Carbide Market Report delivers an in-depth analysis of leading and emerging players in the market. The Report provides comprehensive lists of key companies which have been enlisted on the basis of type of products they are offering & other factors in Market. Among company profiling market analysis, the analysts who worked on the report gave the year of market entry for each mentioned player can be considered for the research analysis.

The “Global Silicon Carbide Market” study report will provide a valuable insight with an emphasis on the global market including some of the Top Silicon Carbide Market Companies are Evonik Industries, Waker Chemie, BASF, UBE Industries, Sinoyqx, Rogers, Dow Coning, Saint-Gobain, Ningxia Tianjing, Sinosi, Lanzhou Heqiao, Tianzhu Yutong, Foshan RISING Technology, Futong Industry, Cumi Murugappa, Elsid. 

Silicon Carbide Market Segmentation

By Type

  • 3C-SiC
  • 4H-SiC
  • 6H-SiC

By Application

  • Automotive IIndustry
  • Electronic Industry
  • Abrasive Industry
  • Refractory Industry
  • Ceramic Industry

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Silicon Carbide Market Report Coverage

Research Methodology

The qualitative and quantitative data of the Silicon Carbide Market is prepared through various research considerations such as subject matter expert advice, primary and secondary research. Primary research leverages valuable information from face-to-face and/or telephonic interviews and surveys, questionnaires, industry expert opinion, KOLs, customers, and others. Primary interviews are conducted regularly with industry experts to create in-depth expert information on the market and to substantiate the existing analysis of the data. Secondary research done by Verified Market Reports research team through various sources such as
  • Company websites, annual reports, financial reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent, and regulatory databases
  • National government documents, statistical databases, and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market
  • Paid database
Verified Market Reports contacted various key opinion leaders from the same industry, who are top and mid-level executives from top companies as well as executives (marketing heads, regional heads) from End users to collect information/data such as the dominance of particular brand in each country as well as overall region, pricing of services and products. The data for total sales was determined through primary research in each of the countries by interviewing key opinion leaders which included insights from
  • C-Level Executives
  • Marketing Manager, Brand Manager, Product Manager
  • Sales Manager, Sales Officer, Regional Sales Manager, Country Manager
  • Procurement Manager
  • Production Manager
  • Technical Personnel
  • Distributors
The subject matter experts act as a key link to validate and substantiate the key research findings and understandings as the experts have acquired extensive experience in the market over the years. Secondary research data for the Silicon Carbide Market are collected from the internet, printed documents (company annual reports and research papers) related to the industry, industrial magazines, association findings, government websites, and others. These multiple information sources provide a key outline of the market.
  1. Introduction of Silicon Carbide Market
    1. Market Definition
    2. Market Segmentation
    3. Research Timelines
    4. Assumptions
    5. Limitations
  2. *This section outlines the product definition, assumptions and limitations considered while forecasting the market.
  3. Research Methodology
    1. Data Mining
    2. Secondary Research
    3. Primary Research
    4. Subject Matter Expert Advice
    5. Quality Check
    6. Final Review
    7. Data Triangulation
    8. Bottom-Up Approach
    9. Top-Down Approach
    10. Research Flow
  4. *This section highlights the detailed research methodology adopted while estimating the overall market helping clients understand the overall approach for market sizing.
  5. Executive Summary
    1. Market Overview
    2. Ecology Mapping
    3. Primary Research
    4. Absolute Market Opportunity
    5. Market Attractiveness
    6. Silicon Carbide Market Geographical Analysis (CAGR %)
    7. Silicon Carbide Market by Type USD Million
    8. Silicon Carbide Market by Application USD Million
    9. Future Market Opportunities
    10. Product Lifeline
    11. Key Insights from Industry Experts
    12. Data Sources
  6. *This section covers comprehensive summary of the global market giving some quick pointers for corporate presentations.
  7. Silicon Carbide Market Outlook
    1. Silicon Carbide Market Evolution
    2. Market Drivers
      1. Driver 1
      2. Driver 2
    3. Market Restraints
      1. Restraint 1
      2. Restraint 2
    4. Market Opportunities
      1. Opportunity 1
      2. Opportunity 2
    5. Market Trends
      1. Trend 1
      2. Trend 2
    6. Porter's Five Forces Analysis
    7. Value Chain Analysis
    8. Pricing Analysis
    9. Macroeconomic Analysis
    10. Regulatory Framework
  8. *This section highlights the growth factors market opportunities, white spaces, market dynamics Value Chain Analysis, Porter's Five Forces Analysis, Pricing Analysis and Macroeconomic Analysis
  9. by Type
    1. Overview
    2. 3C-SiC
    3. 4H-SiC
    4. 6H-SiC
  10. by Application
    1. Overview
    2. Automotive IIndustry
    3. Electronic Industry
    4. Abrasive Industry
    5. Refractory Industry
    6. Ceramic Industry
    7. Other
  11. Silicon Carbide Market by Geography
    1. Overview
    2. North America Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. U.S.
      2. Canada
      3. Mexico
    3. Europe Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Germany
      2. United Kingdom
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
    4. Asia Pacific Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. China
      2. India
      3. Japan
      4. Rest of Asia Pacific
    5. Latin America Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Brazil
      2. Argentina
      3. Rest of Latin America
    6. Middle East and Africa Market Estimates & Forecast 2021 - 2031 (USD Million)
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA
  12. This section covers global market analysis by key regions considered further broken down into its key contributing countries.
  13. Competitive Landscape
    1. Overview
    2. Company Market Ranking
    3. Key Developments
    4. Company Regional Footprint
    5. Company Industry Footprint
    6. ACE Matrix
  14. This section covers market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments and their relative market position.
  15. Company Profiles
    1. Introduction
    2. Evonik Industries
      1. Company Overview
      2. Company Key Facts
      3. Business Breakdown
      4. Product Benchmarking
      5. Key Development
      6. Winning Imperatives*
      7. Current Focus & Strategies*
      8. Threat from Competitors*
      9. SWOT Analysis*
    3. Waker Chemie
    4. BASF
    5. UBE Industries
    6. Sinoyqx
    7. Rogers
    8. Dow Coning
    9. Saint-Gobain
    10. Ningxia Tianjing
    11. Sinosi
    12. Lanzhou Heqiao
    13. Tianzhu Yutong
    14. Foshan RISING Technology
    15. Futong Industry
    16. Cumi Murugappa
    17. Elsid

  16. *This data will be provided for Top 3 market players*
    This section highlights the key competitors in the market, with a focus on presenting an in-depth analysis into their product offerings, profitability, footprint and a detailed strategy overview for top market participants.

  17. Verified Market Intelligence
    1. About Verified Market Intelligence
    2. Dynamic Data Visualization
      1. Country Vs Segment Analysis
      2. Market Overview by Geography
      3. Regional Level Overview

  18. Report FAQs
    1. How do I trust your report quality/data accuracy?
    2. My research requirement is very specific, can I customize this report?
    3. I have a pre-defined budget. Can I buy chapters/sections of this report?
    4. How do you arrive at these market numbers?
    5. Who are your clients?
    6. How will I receive this report?

  19. Report Disclaimer

Companies featured in this report

  • Evonik Industries
  • Waker Chemie
  • BASF
  • UBE Industries
  • Sinoyqx
  • Rogers
  • Dow Coning
  • Saint-Gobain
  • Ningxia Tianjing
  • Sinosi
  • Lanzhou Heqiao
  • Tianzhu Yutong
  • Foshan RISING Technology
  • Futong Industry
  • Cumi Murugappa
  • Elsid

Frequently Asked Questions

How big is the Silicon Carbide Market?
Silicon Carbide Market was valued at USD 3.68 Billion in 2023 and is expected to reach USD 17.21 Billion by the end of 2030 with a CAGR of 24% during the Forecast Period 2024-2030.
Who are the major players in the Silicon Carbide Market?
The leading Players in the market are Evonik Industries, Waker Chemie, BASF, UBE Industries, Sinoyqx, Rogers, Dow Coning, Saint-Gobain, Ningxia Tianjing, Sinosi, Lanzhou Heqiao, Tianzhu Yutong, Foshan RISING Technology, Futong Industry, Cumi Murugappa, Elsid.
Which segments are covered in the report of Silicon Carbide Market?
The Silicon Carbide Market is Segmented On The Basis Of Type, Application, And Geography.
Which regions are covered in the report that having a potential scope for the Silicon Carbide Market?
On the basis of Geography, The Silicon Carbide Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
How can I get a sample report of statistical data for the Silicon Carbide Market?
Verified Market Reports provides a sample report for the Silicon Carbide Market as per requirements. In addition to that, 24*7 chat support & direct call services are available for further assistance.
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