Silicon Carbide

Silicon Carbide Market by Product (Black Silicon Carbide, Green Silicon Carbide), Grain Size (Coarse Grain, Fine Grain, Medium Grain), Manufacturing Process, End-Use Industry - Global Forecast 2024-2030

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[184 Pages Report] The Silicon Carbide Market size was estimated at USD 3.57 billion in 2023 and expected to reach USD 3.94 billion in 2024, at a CAGR 10.64% to reach USD 7.25 billion by 2030.

Silicon Carbide Market
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Silicon carbide, or SiC, is a synthetic silicon and carbon crystalline compound. The molecular structure of silicon carbide is unique, featuring a robust bonding between the silicon and carbon atoms. This tetrahedral crystalline structure endows silicon carbide with distinct physical and chemical properties that are fundamentally advantageous compared to other materials. Silicon carbide is exceptionally hard, with a Mohs hardness rating close to the diamond, which makes it highly resistant to wear and abrasion. Furthermore, SiC exhibits high thermal conductivity, low thermal expansion, and remarkable chemical stability, even at elevated temperatures. Increasing demand for energy-efficient power electronics and the rising focus on high-temperature resistive refractory products is propelling the expansion of the silicon carbide market. However, the expenses associated with material and fabrication hinder the adoption of silicon carbide. The advancements in SiC manufacturing technologies and ongoing government investments in energy-efficient technologies offer lucrative opportunities for the growing silicon carbide market.

Regional Insights

In the Americas, particularly in the United States, the adoption and production of silicon carbide is high, driven significantly by the burgeoning electric vehicle (EV) market and the renewable energy sector. Major U.S.-based companies are ramping up their production capacities to fulfill domestic and international demand. The North American market is also seeing an increase in government investments and subsidies aimed at boosting the production capabilities of SiC semiconductors, which is poised to propel the market growth further. The Asia-Pacific region is showcasing rapid growth in the silicon carbide market, mainly attributed to the rapid industrialization and the expanding automotive sector, particularly in China, Japan, and South Korea. China, a significant consumer and producer of electric vehicles, represents a substantial market for SiC components. Moreover, the region benefits from the availability of raw materials and lower manufacturing costs, which boost production capabilities. In the transition toward renewable energy sources within the Asia-Pacific realm, silicon carbide (SiC) emerges as a pivotal element in improving the performance of solar inverters and various renewable energy apparatuses. The EMEA region showcases a high demand for silicon carbide, mainly attributed to the automotive and electronics sectors. Europe, particularly with its strict environmental regulations and significant investments in electric vehicles, is a primary driver for the SiC market. The region's focus on minimizing carbon emissions and increasing energy efficiency aligns well with the benefits offered by SiC technology. The Middle East and African region is gradually adopting SiC technology, mainly in renewable energy applications.

Market Dynamics

The market dynamics represent an ever-changing landscape of the Silicon Carbide Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Increasing demand for energy-efficient power electronics
    • Growing focus on high-temperature resistive refractory products
    • Widening use of SiC in advanced power semiconductors
  • Market Restraints
    • High costs associated with the material and fabrication of silicon carbide
  • Market Opportunities
    • Developments for improving the quality of SiC substrate and epitaxy
    • High potential of utilizing SiC in nanomechanical sensors and solar cells
  • Market Challenges
    • Technical barriers in the integration of SiC-based components into existing systems
Market Segmentation Analysis
  • Product: Increasing demand for green silicon carbide owing to its purity and high hardness

    Black silicon carbide is characterized by its black color and is primarily manufactured through the Acheson process. It contains approximately 95% SiC and exhibits traits such as low impurity content, high hardness, and thermal resistance. This variant is commonly used in applications requiring high durability and thermal conductivity, such as abrasive materials, refractory products, and certain electronic and semiconductor applications. Green silicon carbide is made by a lower temperature process, which results in higher purity SiC, often exceeding 99%. Its green color comes from the lack of impurities present. This type of SiC is typically used in applications that require extremely high precision and minimal impurities, such as in the manufacturing of electronics, particularly for creating semiconductors, and in abrasive materials for finishing delicate and high-precision tools and components.

  • End-Use Industry: Widening use in electronics & semiconductor industries due to its ability to withstand high temperatures, power levels, and voltages

    Silicon carbide is used in aerospace and defense sectors for various applications, including fabricating armor plates and components of spacecraft and satellites, which demand materials that can withstand extreme conditions. In the automotive industry, silicon carbide makes advanced brake systems and power electronics for electric vehicles. Its superior thermal conductivity and strength enhance the efficiency and durability of these components, contributing to longer vehicle lifespans and better performance. Silicon carbide is pivotal for producing robust industrial ceramics, renowned for their exceptional durability, heat resistance, and resilience in harsh conditions, such as creating mechanical seals and bearings. In electronics and semiconductor production, it stands out as a superior substrate for power devices, significantly enhancing energy efficiency by facilitating more effective electron conduction. The energy and power sectors benefit from silicon carbide in applications such as solar power inverters and wind turbines. The ability of silicon carbide to withstand high voltages and temperatures reduces power loss and increases the efficiency of power conversion systems. In foundries, silicon carbide is a durable material in molds and furnaces and withstands the extreme temperatures of metal casting processes, helping improve the quality of cast metal products while extending the life of foundry equipment.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Silicon Carbide Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Silicon Carbide Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Silicon Carbide Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Silicon Carbide Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Silicon Carbide Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Silicon Carbide Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Silicon Carbide Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Silicon Carbide Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Silicon Carbide Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Silicon Carbide Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Silicon Carbide Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Silicon Carbide Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Mitsubishi Electric Partnered with Nexperia for the Development of Silicon Carbide (SiC) Power Semiconductors

    Mitsubishi Electric Corporation partnered with Nexperia B.V., aiming for advancements in the power electronics domain through the joint development of Silicon Carbide (SiC) power semiconductors. Leveraging Mitsubishi Electric's expertise in wide-bandgap semiconductor technologies, the partnership is set to focus on the creation and supply of SiC MOSFET chips. These chips are expected to be instrumental for Nexperia in developing SiC discrete devices, marking a significant stride toward innovation in power electronics components. [Published On: 2023-11-13]

  • The Silicon Power Group Expressed Interest to Set Up Silicon Carbide Unit in Odisha

    The Silicon Power Group expressed interest in establishing a robust presence in India’s silicon carbide sector. The group has announced plans to invest `1,000 crore in setting up an advanced 150 mm silicon carbide manufacturing facility in Odisha through its Indian subsidiary, RiR Power Electronics. [Published On: 2023-07-28]

  • Vitesco Technologies Partnered with ROHM for a Long-Term Supply of Silicon Carbide

    Vitesco Technologies entered into a long-term supply partnership with ROHM, surpassing USD 1 billion in value until 2030, to secure essential capacity in energy-efficient silicon carbide power semiconductors. The partnership, finalized in Regensburg, underpins the integration of ROHM's SiC chips into Vitesco's advanced inverters. [Published On: 2023-06-19]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Silicon Carbide Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Silicon Carbide Market, highlighting leading vendors and their innovative profiles. These include AGC Inc., Agsco Corporation, Carborundum Universal Limited, Cerablast GmbH & Co. KG, CeramTec GmbH, CoorsTek Inc., Elkem ASA, Entegris, Inc., Fiven GmbH, Fuji Electric Co., Ltd., General Electric Company, II-Vi Incorporated, Imerys S.A., Infineon Technolodies AG, Kuhmichel Abrasiv GmbH, KYOCERA Corporation, Littelfuse, Inc., MACOM Technology Solutions Holdings, Inc., Mersen Group, Microchip Technology Inc., Morgan Advanced Materials plc, Navitas Semiconductor, Powerex Inc., Ranesas Electronics Corporation, Saint-Gobain Group, Semiconductor Components Industries, LLC, STMicroelectronics N.V., Texas Instruments Incorporated, and Washington Mills Electro Minerals Limited.

Silicon Carbide Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Silicon Carbide Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Product
    • Black Silicon Carbide
    • Green Silicon Carbide
  • Grain Size
    • Coarse Grain
    • Fine Grain
    • Medium Grain
    • Micro Grain
  • Manufacturing Process
    • Acheson Process
    • Chemical Vapor Deposition
    • Physical Vapor Transport
  • End-Use Industry
    • Aerospace & Defense
    • Automotive
    • Ceramics
    • Electronics & Semiconductor
    • Energy & Power
    • Foundry

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Silicon Carbide Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Silicon Carbide Market, by Product
  7. Silicon Carbide Market, by Grain Size
  8. Silicon Carbide Market, by Manufacturing Process
  9. Silicon Carbide Market, by End-Use Industry
  10. Americas Silicon Carbide Market
  11. Asia-Pacific Silicon Carbide Market
  12. Europe, Middle East & Africa Silicon Carbide Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 382]
  17. List of Companies Mentioned [Total: 29]
Driving the Future: The Surging Applications of Silicon Carbide
July 11, 2023
BLOG
Driving the Future: The Surging Applications of Silicon Carbide
The world of technology and innovation has been rapidly advancing, and as such, a new generation of materials has emerged that can keep pace with these changes. Silicon carbide (SiC) is one such material that has grown in popularity and is set to become a dominant player in the technology industry. With characteristics such as high thermal conductivity, low thermal expansion, and excellent mechanical strength, SiC has become an essential material in various applications. This blog post explores silicon carbide's surging applications and how it is driving the future of multiple industries.

Automotive Industry:

One of the most significant applications of SiC is in the automotive industry. SiC power electronics have proved extremely successful in allowing electric cars to travel longer distances between charges, providing faster charging times, and improving overall efficiency. SiC is an excellent replacement for traditional materials such as silicon, which is currently used. SiC devices also require fewer cooling methods than silicon devices, making them more cost-effective and reliable.

Aerospace and Defense Industry:

As the aerospace and defense industry continues to explore space, scientists are looking for more robust, lightweight materials to withstand the intense conditions in space. SiC is an ideal candidate for this application, as it has excellent mechanical strength and is lightweight. SiC can also withstand high temperatures, making it perfect for jet engines or rocket nozzles.

Renewable Energy Industry:

The renewable energy industry is another industry that has benefited from SiC technology. SiC is essential in manufacturing components used in solar power inverters, wind power inverters, and energy storage systems. SiC provides higher efficiency, reduces power loss, and extends the lifespan of renewable energy equipment, making it a cost-effective solution for renewable energy systems.

Electronic and Telecommunications Industry:

The electronic and telecommunications industry is vast and ever-expanding, requiring materials that provide high power levels, high frequency, and high temperatures. SiC is an excellent material for these applications, making it popular for power supplies, high-frequency inverters, and wireless communications. SiC also has superior heat dissipation capabilities, which makes it ideal for high-power electronic applications.

Medical Industry:

The medical industry has also begun to use SiC in various applications. SiC is an excellent material for medical implants as it is biocompatible, biostable, and has excellent mechanical strength. SiC also has a low blackbody emission, making it ideal for medical imaging systems such as MRI and CAT scans.

The applications of silicon carbide are vast and varied. Its unique properties have driven its adoption across multiple industries and helped revolutionize several technological fields. As technology advances, the future of SiC in the industry looks increasingly bright. It is evident that the transformative material, silicon carbide, is driving the future of various industries.

Frequently Asked Questions
  1. How big is the Silicon Carbide Market?
    Ans. The Global Silicon Carbide Market size was estimated at USD 3.57 billion in 2023 and expected to reach USD 3.94 billion in 2024.
  2. What is the Silicon Carbide Market growth?
    Ans. The Global Silicon Carbide Market to grow USD 7.25 billion by 2030, at a CAGR of 10.64%
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