November 02, 2023 06:00 ET | Source: Research Nester Research Nester
New York , Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global silicon carbide market size is slated to expand at 15% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 4 billion by the end of 2035, up from a revenue of USD 1 billion in the year 2022. The growth of the market can be attributed to the growing investment in SiC manufacturing facilities which is expected to boost its production and development. Silicon Power Group, based in the United States, is to invest USD 121.73 million in starting a manufacturing plant in Odisha, India, to produce 150 millimeters of silicon carbide. Polishing Wheel For Grinder
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In addition to these, a factor that is believed to fuel the growth of silicon carbide is the rising demand for switchgear. Silicon carbide has a higher breakdown voltage; therefore, it can handle high voltages in a much better way in comparison to silicon. This makes silicon carbide suitable for high-voltage switchgear applications. The silicon carbide market is witnessing increased demand across various sectors, including electronics, automotive, energy, and aerospace. This demand is driven by its superior thermal and electrical conductivity, hardness, and resistance to high temperatures. Silicon carbide is used in aerospace applications due to its lightweight and high-temperature resistance properties. It is also used for various components, including radomes and armor materials. The global market was expected to continue to grow, driven by the increasing adoption of SiC-based materials and devices. This growth was supported by advancements in SiC production techniques.
Silicon Carbide Market: Key Takeaways
Increasing Preference of Silicon Carbide Over Silicon across the Globe to Boost Market Growth
The thermal conductivity of silicon carbide is three times more than that of silicon, moreover, the dielectric breakdown fil strength of SiC is around 10 times better than silicon. It means that a smaller size of SiC better voltage rating than a larger size of silicon. The need to achieve high performance of silicon devices will increase its production by six times. This will also increase the technological advancement of silicon carbide and will also drive its demand. In the world, the adoption of electric vehicles has increased by around 13%. Moreover, it is expected that over 250 million EVs will be deployed by 2030. SiC-based power modules have improved efficiency and performance, making them essential for next-generation autos. Moreover, SiC conductors also support faster charging times for electric vehicles. Silicon carbide substrates are used in the production of high-efficiency solar cells due to their thermal stability and compatibility with the manufacturing processes. Silicon carbide wafers are gaining popularity in the semiconductor industry, especially for high-power and high-frequency electronic devices. SiC is used in various industrial applications, such as in the manufacturing of cutting tools, grinding wheels, and abrasives, due to its exceptional hardness.
Silicon Carbide Industry: Regional Overview
The global silicon carbide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand in Electronics and Electric Vehicles to Drive the Market Growth in Asia Pacific Region
The Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The proliferation of electronics and the surge in electric vehicle (EV) adoption are driving the demand for silicon carbide in the Asia Pacific region. Silicon carbide's exceptional properties, such as high thermal conductivity and efficiency, make it an ideal material for power electronics and EV components. The Asia Pacific region is witnessing a rapid expansion of renewable energy sources, and silicon carbide market plays a pivotal role in this sector. SiC power electronics improve the efficiency of renewable energy systems and energy storage solutions, reducing greenhouse gas emissions. The Asia Pacific region is one of the world's largest markets for renewable energy. As of 2021, the region accounted for over 40% of global renewable energy capacity, according to the International Renewable Energy Agency (IRENA). The transition to electric and hybrid vehicles is transforming the automotive industry in the Asia Pacific. Silicon carbide's contribution to EVs goes beyond power electronics; it also enhances EV charging infrastructure, improving overall efficiency and charging speed.
Growing Supportive Government Initiative to Propel the Growth in the North America Region
The North America silicon carbide market is estimated to garner the highest CAGR by the end of 2035. Government support for the development and adoption of silicon carbide technology has been a driving force in North America. Incentives, research funding, and initiatives promote innovation and integration of SiC in various industries. The U.S. Department of Energy invested over USD 150 million in research and development for advanced semiconductor materials, including silicon carbide, as of 2021, according to DOE reports. The growth of data centers and telecommunication infrastructure in North America necessitates advanced power electronics solutions. Silicon carbide plays a crucial role in these applications, offering high-temperature stability and energy efficiency. The transition toward cleaner energy sources in North America has propelled the demand for silicon carbide in the renewable energy sector. Silicon carbide is utilized in inverters for solar and wind power systems, improving energy conversion efficiency. The growth of the electric vehicle (EV) market is a primary driver for the increased demand for silicon carbide in North America. Silicon carbide components are integral to EV powertrains, offering enhanced efficiency and performance compared to traditional silicon components.
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Silicon Carbide Segmentation by Product
silicon carbide market amongst these segments, the black SiC segment is anticipated to hold the largest share over the forecast period. Black SiC is prominently used in abrasives and grinding applications due to its exceptional hardness and abrasive qualities. This segment continues to grow as industrial and manufacturing processes demand efficient cutting and grinding solutions. The metallurgy and steel industry relies on black SiC for its deoxidizing and desulfurizing properties. It enhances the quality of steel production by reducing impurities and refining the final product. The World Steel Association reported that global crude steel production reached over 1.8 billion metric tons in 2020, emphasizing the integral role of black SiC in this industry. Black SiC's high-temperature resistance makes it invaluable in refractory applications and foundries. It is used in the manufacturing of refractory bricks, crucibles, and as a key component in cast iron production. Government regulations and initiatives promoting cleaner and sustainable industrial practices drive the demand for black SiC. Regulations that aim to reduce emissions and enhance the quality of industrial processes encourage the use of SiC-based solutions.
Silicon Carbide Segmentation by Application
silicon carbide market amongst these segments, the electronics & optoelectronics segment is anticipated to hold a significant share over the forecast period. The rapid growth in quantum technologies and photonics relies on optoelectronics. Quantum computing, cryptography, and photonics-based sensors are propelling advancements in research and technology applications. Optoelectronics have become indispensable in healthcare for applications such as medical imaging, diagnostics, and minimally invasive surgery. Advanced optical technologies have contributed to the development of innovative healthcare solutions. The automotive industry's transformation, with a focus on autonomous driving and advanced driver-assistance systems (ADAS), relies heavily on optoelectronics. LiDAR, cameras, and optical sensors are critical components driving innovation in this sector. Optoelectronic components play a pivotal role in various display technologies, including OLEDs, LCDs, and microLEDs. The proliferation of high-quality displays in smartphones, televisions, and other consumer electronics is driving the demand for optoelectronic devices. The global display sales were estimated to be worth over USD 160 billion in the year 2020, highlighting the expanding opportunities for optoelectronics in this sector.
Silicon Carbide Segmentation by Device
Silicon Carbide Segmentation by Wafer Size
Few of the well-known market leaders in the global silicon carbide market that are profiled by Research Nester are AGSCO Corporation, SK Siltron, ESD-SIC b.v., Carborundum Universal Limited, Microchip Technology Inc., Coorstek, Inc., Entegris, Inc., Snam Abrasives Pvt. Ltd., Gaddis Engineered Materials, Sana Optoelectronics, and other key market players.
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Recent Development in the Silicon Carbide Market
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