Silicon Carbide
PUBLISHED: 2024 ID: SMRC26320
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Silicon Carbide

Silicon Carbide Market Forecasts to 2030 - Global Analysis By Product (Black Silicon Carbide and Green Silicon Carbide), Device Type (SIC Discrete Device, SIC Module and SIC Bare Die), Grade (Metallurgical Grade and Refractory Grade), Wafer Size, Crystal Structure, Application, End User and By Geography

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4.6 (45 reviews)
Published: 2024 ID: SMRC26320

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Silicon Carbide Market is accounted for $1.74 billion in 2024 and is expected to reach $5.11 billion by 2030 growing at a CAGR of 19.7% during the forecast period. Silicon carbide (SiC) is a compound comprised of silicon and carbon atoms, characterized by its remarkable properties suitable for various industrial applications. It exists in several crystalline structures, with the most common being hexagonal. SiC exhibits exceptional hardness, making it ideal for abrasive materials in grinding, cutting, and polishing applications. Its high thermal conductivity and resistance to thermal shock make it valuable in refractory materials and high-temperature applications, such as furnace components and ceramic kiln furniture.

According to the World Semiconductor Trade Statistics (WSTS), the revenue of the global semiconductor market is expected to register USD 588.36 billion, 13.12% higher than USD 520.13 billion in 2023.

Market Dynamics: 

Driver: 

Increasing focus on energy efficiency and power density

As industries seek greener and more efficient solutions, SiC emerges as a promising alternative to traditional silicon-based semiconductors. SiC's superior properties, including higher thermal conductivity, lower power losses, and higher breakdown voltage, enable devices to operate at higher temperatures and voltages while maintaining efficiency. This translates into smaller, lighter, and more efficient electronic components across various applications, from electric vehicles to renewable energy systems. 

Restraint:

High production costs

SiC, known for its exceptional properties like high thermal conductivity and durability, finds applications across various industries such as electronics, automotive, and energy. However, the complex manufacturing process involved in producing SiC materials, including high-temperature synthesis and stringent quality control measures, contributes to elevated production expenses. As a result, manufacturers face difficulties in achieving competitive pricing for SiC products, hindering market expansion and adoption.

Opportunity:

Advancements in manufacturing technologies

Advancements in manufacturing technologies are catalyzing significant enhancements in the Silicon Carbide (SiC) market. SiC, known for its exceptional thermal conductivity, high breakdown voltage, and low power losses, is a key material in semiconductor applications. The evolution of manufacturing techniques, such as advanced doping methods and crystal growth processes, has led to improved material quality, higher yield rates, and reduced costs in SiC production. Additionally, innovations in fabrication technologies enable the development of SiC-based devices with higher power density, increased efficiency, and enhanced reliability.

Threat:

Lack of standardization

The Silicon Carbide (SiC) market faces significant hurdles due to the lack of standardization. This absence impedes widespread adoption and efficient utilization of SiC-based technologies across various industries. Without standardized specifications for SiC materials, devices, and manufacturing processes, there's a lack of uniformity in product quality, performance, and compatibility. This variance complicates supply chains, increases production costs, and undermines confidence in the technology's reliability. However, without standardized testing methodologies, evaluating and comparing different SiC products becomes challenging for consumers and businesses alike.

Covid-19 Impact: 

Initially, the disruption in the global supply chain led to shortages of raw materials and hindered manufacturing processes, causing production delays and escalating costs. Widespread lockdowns and economic uncertainties reduced demand from various end-user industries such as automotive, electronics, and energy, which are significant consumers of silicon carbide products. However, the pandemic also accelerated certain trends, such as the shift towards electric vehicles and renewable energy sources, driving up demand for silicon carbide in applications like power electronics and solar inverters.

The Black Silicon Carbide segment is expected to be the largest during the forecast period

Black Silicon Carbide segment is expected to be the largest during the forecast period due to its high purity and abrasive properties. Its superior hardness and thermal conductivity make it an ideal material for abrasive tools, refractory linings, and semiconductor manufacturing. Black silicon carbide offers enhanced durability and resistance to high temperatures, making it indispensable in demanding environments where traditional materials falter. Additionally, its growing usage in photovoltaic applications, particularly in solar panel production, is further propelling its market demand.

The Flame Detectors segment is expected to have the highest CAGR during the forecast period

Flame Detectors segment is expected to have the highest CAGR during the forecast period as these detectors utilize SiC's exceptional thermal conductivity and high-temperature stability to accurately sense flames and prevent potential hazards. SiC's superior electrical properties enable the development of highly sensitive and responsive flame detection systems. As industries increasingly prioritize safety and efficiency, the demand for reliable flame detection solutions continues to rise, propelling the growth of the Silicon Carbide Market.

Region with largest share:

Asia Pacific region commanded the largest share of the market over the extrapolated period as Silicon carbide (SiC) is increasingly favored in energy storage applications due to its high breakdown voltage and low power losses, making it ideal for high-power and high-temperature environments. As countries in Asia Pacific ramp up their efforts to integrate renewable energy sources and build more efficient grid infrastructure, the need for advanced energy storage solutions becomes paramount. SiC's ability to enhance the performance and efficiency of energy storage systems, such as lithium-ion batteries and power electronics, positions it as a key enabler in meeting these regional demands.

Region with highest CAGR:

Europe region is projected to hold profitable growth during the estimation period. As part of the European Union's commitment to sustainability and reducing greenhouse gas emissions, strict regulations have been imposed on industries, particularly in automotive and energy sectors, to transition towards cleaner technologies. European governments are incentivizing the adoption of SiC-based devices through grants, subsidies, and mandates, driving demand for SiC products. Additionally, regulations promoting electric vehicle adoption are accelerating the regional demand for SiC-based power electronics in automotive applications, further bolstering the market.

Key players in the market

Some of the key players in Silicon Carbide market include Monolith Semiconductor Inc, China Southern Advanced Ceramic Technology Co., Ltd, CeramTec GmbH, Momentive Performance Materials Inc, Pallidus, Inc, Dow Chemical Company, Nippon Steel Corporation, Saint-Gobain Ceramics, SICC Materials Co., Ltd, Global Power Technologies Group, TankeBlue Semiconductor Co., Ltd, Microchip Technology Inc, AGSCO Corporation, Renesas Electronics Corporation and Toshiba Corporation.

Key Developments:

In October 2023, Denso Corporation announced an investment of USD 500 million in Silicon Carbide LLC, Coherent Corp.’s silicon carbide (SiC) business, to ensure a long-term stable procurement of SiC wafers to enhance the competitiveness of its electrification components.

In May 2023, Saint-Gobain NORPRO, a business unit of Saint-Gobain Ceramics, announced the acquisition of 50.1% shares in SICAT GmbH & Co. KG, which manufactures beta silicon carbide and carbon catalyst supports. This acquisition was made to enable Saint-Gobain NORPRO to extend its carrier offerings within biofuel and clean energy spaces by adding beta SiC and Carbon products to its product portfolio.

In September 2022, SK Siltron, a global maker of semiconductor wafers, announced that it would invest USD 1.65 billion by 2026 and allocate USD 0.7 billion to build new wafer manufacturing in Gumi National Industrial Complex.

In March 2022, Microchip Technology, a leading provider of microcontroller, mixed-signal, analog, and Flash-IP solutions, announced the launch of 3.3 kV Silicon Carbide (SiC) power devices, which provide high efficiency and reliability and have the lowest resistance, helping customers to move to high-voltage SiC with speed and ease. These devices are small, light, provide more efficient power solutions, and help in electrified transportation, renewable energy, aerospace, and other industrial applications.

Products Covered:
• Black Silicon Carbide
• Green Silicon Carbide 

Device Types Covered:
• SIC Discrete Device
• SIC Module
• SIC Bare Die

Grades Covered:
• Metallurgical Grade
• Refractory Grade

Wafer Sizes Covered:
• 2 Inch
• 4 Inch
• 6 Inch and Above

Crystal Structures Covered:
• Rhombohedral (15R-SiC)
• Wurtzite (4H-SiC)
• Wurtzite (6H-SiC)
• Zinc Blende (3C-SiC)

Applications Covered:
• Electronic Combat Systems
• Flame Detectors
• Industrial Motor Drives
• Lighting Control Systems
• Pyrometer
• Solar Power Systems
• Wind Turbine
• Other Applications

End Users Covered:
• Aerospace & Defense
• Chemical
• Automotive
• Energy & Power
• Healthcare
• Telecommunication
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary      
       
2 Preface      
 2.1 Abstract     
 2.2 Stake Holders     
 2.3 Research Scope     
 2.4 Research Methodology     
  2.4.1 Data Mining    
  2.4.2 Data Analysis    
  2.4.3 Data Validation    
  2.4.4 Research Approach    
 2.5 Research Sources     
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions    
       
3 Market Trend Analysis      
 3.1 Introduction     
 3.2 Drivers     
 3.3 Restraints     
 3.4 Opportunities     
 3.5 Threats     
 3.6 Product Analysis     
 3.7 Application Analysis     
 3.8 End User Analysis     
 3.9 Emerging Markets     
 3.10 Impact of Covid-19     
       
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry     
       
5 Global Silicon Carbide Market, By Product      
 5.1 Introduction     
 5.2 Black Silicon Carbide     
 5.3 Green Silicon Carbide     
       
6 Global Silicon Carbide Market, By Device Type      
 6.1 Introduction     
 6.2 SIC Discrete Device     
 6.3 SIC Module     
 6.4 SIC Bare Die     
       
7 Global Silicon Carbide Market, By Grade      
 7.1 Introduction     
 7.2 Metallurgical Grade     
 7.3 Refractory Grade     
       
8 Global Silicon Carbide Market, By Wafer Size      
 8.1 Introduction     
 8.2 2 Inch     
 8.3 4 Inch     
 8.4 6 Inch and Above     
       
9 Global Silicon Carbide Market, By Crystal Structure      
 9.1 Introduction     
 9.2 Rhombohedral (15R-SiC)     
 9.3 Wurtzite (4H-SiC)     
 9.4 Wurtzite (6H-SiC)     
 9.5 Zinc Blende (3C-SiC)     
       
10 Global Silicon Carbide Market, By Application      
 10.1 Introduction     
 10.2 Electronic Combat Systems     
 10.3 Flame Detectors     
 10.4 Industrial Motor Drives     
 10.5 Lighting Control Systems     
 10.6 Pyrometer     
 10.7 Solar Power Systems     
 10.8 Wind Turbine     
 10.9 Other Applications     
       
11 Global Silicon Carbide Market, By End User      
 11.1 Introduction     
 11.2 Aerospace & Defense     
 11.3 Chemical     
 11.4 Automotive     
 11.5 Energy & Power     
 11.6 Healthcare     
 11.7 Telecommunication     
 11.8 Other End Users     
       
12 Global Silicon Carbide Market, By Geography      
 12.1 Introduction     
 12.2 North America     
  12.2.1 US    
  12.2.2 Canada    
  12.2.3 Mexico    
 12.3 Europe     
  12.3.1 Germany    
  12.3.2 UK    
  12.3.3 Italy    
  12.3.4 France    
  12.3.5 Spain    
  12.3.6 Rest of Europe    
 12.4 Asia Pacific     
  12.4.1 Japan    
  12.4.2 China    
  12.4.3 India    
  12.4.4 Australia    
  12.4.5 New Zealand    
  12.4.6 South Korea    
  12.4.7 Rest of Asia Pacific    
 12.5 South America     
  12.5.1 Argentina    
  12.5.2 Brazil    
  12.5.3 Chile    
  12.5.4 Rest of South America    
 12.6 Middle East & Africa     
  12.6.1 Saudi Arabia    
  12.6.2 UAE    
  12.6.3 Qatar    
  12.6.4 South Africa    
  12.6.5 Rest of Middle East & Africa    
       
13 Key Developments      
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures     
 13.2 Acquisitions & Mergers     
 13.3 New Product Launch     
 13.4 Expansions     
 13.5 Other Key Strategies     
       
14 Company Profiling      
 14.1 Monolith Semiconductor Inc     
 14.2 China Southern Advanced Ceramic Technology Co., Ltd     
 14.3 CeramTec GmbH     
 14.4 Momentive Performance Materials Inc     
 14.5 Pallidus, Inc     
 14.6 Dow Chemical Company     
 14.7 Nippon Steel Corporation     
 14.8 Saint-Gobain Ceramics     
 14.9 SICC Materials Co., Ltd     
 14.10 Global Power Technologies Group     
 14.11 TankeBlue Semiconductor Co., Ltd     
 14.12 Microchip Technology Inc     
 14.13 AGSCO Corporation     
 14.14 Renesas Electronics Corporation     
 14.15 Toshiba Corporation     
       
List of Tables       
1 Global Silicon Carbide Market Outlook, By Region (2022-2030) ($MN)      
2 Global Silicon Carbide Market Outlook, By Product (2022-2030) ($MN)      
3 Global Silicon Carbide Market Outlook, By Black Silicon Carbide (2022-2030) ($MN)      
4 Global Silicon Carbide Market Outlook, By Green Silicon Carbide (2022-2030) ($MN)      
5 Global Silicon Carbide Market Outlook, By Device Type (2022-2030) ($MN)      
6 Global Silicon Carbide Market Outlook, By SIC Discrete Device (2022-2030) ($MN)      
7 Global Silicon Carbide Market Outlook, By SIC Module (2022-2030) ($MN)      
8 Global Silicon Carbide Market Outlook, By SIC Bare Die (2022-2030) ($MN)      
9 Global Silicon Carbide Market Outlook, By Grade (2022-2030) ($MN)      
10 Global Silicon Carbide Market Outlook, By Metallurgical Grade (2022-2030) ($MN)      
11 Global Silicon Carbide Market Outlook, By Refractory Grade (2022-2030) ($MN)      
12 Global Silicon Carbide Market Outlook, By Wafer Size (2022-2030) ($MN)      
13 Global Silicon Carbide Market Outlook, By 2 Inch (2022-2030) ($MN)      
14 Global Silicon Carbide Market Outlook, By 4 Inch (2022-2030) ($MN)      
15 Global Silicon Carbide Market Outlook, By 6 Inch and Above (2022-2030) ($MN)      
16 Global Silicon Carbide Market Outlook, By Crystal Structure (2022-2030) ($MN)      
17 Global Silicon Carbide Market Outlook, By Rhombohedral (15R-SiC) (2022-2030) ($MN)      
18 Global Silicon Carbide Market Outlook, By Wurtzite (4H-SiC) (2022-2030) ($MN)      
19 Global Silicon Carbide Market Outlook, By Wurtzite (6H-SiC) (2022-2030) ($MN)      
20 Global Silicon Carbide Market Outlook, By Zinc Blende (3C-SiC) (2022-2030) ($MN)      
21 Global Silicon Carbide Market Outlook, By Application (2022-2030) ($MN)      
22 Global Silicon Carbide Market Outlook, By Electronic Combat Systems (2022-2030) ($MN)      
23 Global Silicon Carbide Market Outlook, By Flame Detectors (2022-2030) ($MN)      
24 Global Silicon Carbide Market Outlook, By Industrial Motor Drives (2022-2030) ($MN)      
25 Global Silicon Carbide Market Outlook, By Lighting Control Systems (2022-2030) ($MN)      
26 Global Silicon Carbide Market Outlook, By Pyrometer (2022-2030) ($MN)      
27 Global Silicon Carbide Market Outlook, By Solar Power Systems (2022-2030) ($MN)      
28 Global Silicon Carbide Market Outlook, By Wind Turbine (2022-2030) ($MN)      
29 Global Silicon Carbide Market Outlook, By Other Applications (2022-2030) ($MN)      
30 Global Silicon Carbide Market Outlook, By End User (2022-2030) ($MN)      
31 Global Silicon Carbide Market Outlook, By Aerospace & Defense (2022-2030) ($MN)      
32 Global Silicon Carbide Market Outlook, By Chemical (2022-2030) ($MN)      
33 Global Silicon Carbide Market Outlook, By Automotive (2022-2030) ($MN)      
34 Global Silicon Carbide Market Outlook, By Energy & Power (2022-2030) ($MN)      
35 Global Silicon Carbide Market Outlook, By Healthcare (2022-2030) ($MN)      
36 Global Silicon Carbide Market Outlook, By Telecommunication (2022-2030) ($MN)      
37 Global Silicon Carbide Market Outlook, By Other End Users (2022-2030) ($MN)            

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.  

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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