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Silicon Carbide Market Size, Share, Growth & Industry Analysis, By Product (Black, Green), By Application (Automotive, Electricals & Electronics, Aerospace, Military & Defense, Healthcare, Others), and Regional Analysis, 2024-2031
Pages: 120 | Base Year: 2023 | Release: February 2025 | Author: Sharmishtha M.
The silicon carbide (SiC) market encompasses the global demand and supply of silicon carbide, a durable material used in electronics, automotive, and manufacturing.
It includes the production, distribution, and consumption of SiC, valued for its high heat resistance, hardness, and electrical conductivity. The growth of the market is driven by industries requiring advanced materials for high-performance components.
Global silicon carbide market size was USD 4,310.0 million in 2023, which is estimated to be valued at USD 5,726.2 million in 2024 and reach USD 66,072.4 million by 2031, growing at a CAGR of 41.82% from 2024 to 2031.
The growth of the market is fueled by the rapid adoption of electric vehicles (EVs), as SiC-based power semiconductors enhance efficiency, reduce charging times, and improve overall performance, making them ideal for high-voltage EV systems and supporting decarbonization efforts.
Major companies operating in the global silicon carbide market are STMicroelectronics, Infineon Technologies AG, Wolfspeed, Inc., ROHM Co., Ltd, AGSCO Corp, Carborundum Universal Limited, Washington Mills, CoorsTek Inc., Entegris, ESD-SIC bv, Snam Abrasives Pvt. Ltd., Morgan Advanced Materials plc, Microchip Technology Inc, Bruckewell Technology Co., Ltd., Fuji Electric Corp., and others.
The expansion of the market is fueled by the demand for a material that excels in extreme conditions, offering exceptional hardness, thermal stability, and electrical conductivity. This versatile substance is utilized across a wide range of applications, including electronics and manufacturing, where reliability and performance are essential.
As the industry evolves, innovations in production techniques and material applications continue to enhance its role in modern technology and industrial practices.
Market Driver
"Rising Demand for Electric Vehicles (EVs)"
The rising demand for electric vehicles (EVs) is contributing significantly to the growth of the silicon carbide market.
Silicon carbide is crucial in EV powertrains due to its high efficiency, thermal conductivity, and ability to handle high voltages, making it an ideal material for power devices. As the automotive industry shifts toward electrification, the need for more efficient, durable components grows, further boosting the demand for silicon carbide in power electronics to enhance EV performance and energy efficiency.
Market Challenge
"Lack of Awareness Regarding Advantages of Adopting Silicon Carbide"
A significant challenge faced by the silicon carbide market is the lack of awareness regarding its advantages, such as improved efficiency, durability, and heat resistance. This knowledge gap can hinder adoption in sectors such as automotive and renewable energy.
To overcome this challenge, industry players are investing in educational campaigns, partnerships, and demonstrations that highlight SiC’s capabilities. Increased collaboration with key stakeholders and real-world case studies may further promote its benefits and support wider market acceptance.
Market Trend
"Ongoing Technological Innovations"
A key trend in the silicon carbide market is the continuous technological innovation in SiC materials and manufacturing processes. Advancements in material purity, crystal growth techniques, and device design are significantly enhancing SiC’s performance, allowing for higher efficiency and power density.
These innovations are fostering the wider adoption of SiC components across industries such as automotive, energy, and electronics, as they become more reliable and cost-effective. As manufacturers advance SiC technology, it’s positioning itself as a critical material for next-generation power systems and sustainable solutions.
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Segmentation |
Details |
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By Product |
Black, Green |
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By Application |
Automotive, Electricals & Electronics, Aerospace, Military & Defense, Healthcare, Others |
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By Region |
North America: U.S., Canada, Mexico |
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Europe: France, U.K., Spain, Germany, Italy, Russia, Rest of Europe |
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Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific |
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Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa |
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South America: Brazil, Argentina, Rest of South America |
Market Segmentation:
Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Asia Pacific silicon carbide market captured a notable share of around 35.73% in 2023, valued at USD 1,540.1 million. This dominance is reinforced by rapid industrialization, the growing automotive sector, and increasing demand for renewable energy. This growth is further supported by the surging adoption of SiC in electric vehicle manufacturing, power electronics, and energy infrastructure.
The region's strong semiconductor production capabilities, coupled with supportive government initiatives and increased investments in advanced technologies, further position Asia Pacific as a key market for silicon carbide.
Europe silicon carbide industry is poised to grow at a robust CAGR of 41.83% over the forecast period. This rapid growth is fueled by the region's strong shift toward sustainability and electrification.
With increasing investments in electric vehicle (EV) production, renewable energy systems, and energy-efficient technologies, European countries are increasingly adopting silicon carbide for its high efficiency and power density. Strong government policies aimed at reducing carbon emissions and enhancing green energy solutions are further fueling demand.
Additionally, leading automotive and industrial manufacturers in Europe are fostering innovation, supporting regional market growth.
The silicon carbide industry is characterized by a number of participants, including both established corporations and rising organizations. Competitors in the market are actively expanding their operations globally, focusing on increasing production capacity and enhancing supply chain resilience.
This expansion strategy involves significant investments in advanced manufacturing facilities, strategic collaborations, and innovation in SiC technologies to meet the growing demand across various industries such as automotive, energy, and electronics.
Recent Developments:
