Global Silicon Carbide Market to Reach US$4.6 Billion by 2030

The global market for Silicon Carbide estimated at US$1.3 Billion in the year 2023, is expected to reach US$4.6 Billion by 2030, growing at a CAGR of 19.1% over the analysis period 2023-2030. Black SiC, one of the segments analyzed in the report, is expected to record a 16.9% CAGR and reach US$2.1 Billion by the end of the analysis period. Growth in the Green SiC segment is estimated at 22.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$190.2 Million While China is Forecast to Grow at 22.0% CAGR

The Silicon Carbide market in the U.S. is estimated at US$190.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.6 Billion by the year 2030 trailing a CAGR of 22.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.7% and 15.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.3% CAGR.

Global Silicon Carbide Market - Key Trends & Drivers Summarized

What Is Silicon Carbide and Why Is It Significant?

Silicon carbide (SiC) is a hard compound consisting of silicon and carbon. A semiconductor by nature, it stands out for its high thermal conductivity, and robust physical properties, including great strength at high temperatures, resistance to thermal shock, and superior hardness. This makes SiC an ideal material for a variety of demanding applications, especially in high-power, high-temperature environments. It is widely used in power electronics, such as in semiconductor devices used in electric vehicles and power supplies, as well as in abrasive and cutting applications due to its hardness.

How Is Silicon Carbide Transforming Industries?

The influence of silicon carbide on multiple industries is profound. In the automotive sector, SiC is increasingly used in power electronics components for electric vehicles (EVs) due to its efficiency in managing high voltages and reducing energy loss. This contributes to longer battery life and improved overall performance of EVs. In the aerospace industry, SiC is used in structural materials for mirrors, telescopes, and the thermal protection systems of space vehicles due to its ability to withstand extreme environmental conditions. Additionally, its application in industrial settings for manufacturing of hard-wearing machinery parts demonstrates SiC’s versatility across different high-stress applications.

What Advances Are Being Made in Silicon Carbide Technology?

Technological advancements in the production and application of silicon carbide continue to propel its adoption. Innovations in chemical vapor deposition (CVD) processes and other manufacturing techniques have significantly reduced the costs of producing SiC, making it more accessible for a broader range of applications. Researchers are also exploring ways to enhance the quality and capabilities of SiC through doping processes that alter its electrical properties to create more efficient semiconductor devices. Furthermore, the ongoing development of composite materials that integrate SiC with other materials is creating new opportunities in areas such as military armor and modern infrastructure.

What Drives the Expansion of the Silicon Carbide Market?

The growth in the silicon carbide market is driven by several factors, including the increasing demand for efficient power electronics, the expansion of the electric vehicles industry, and technological innovations in material science. SiC`s superior properties, such as high heat resistance, durability, and thermal conductivity, make it ideal for use in high-power applications where traditional materials might fail. The automotive industry`s shift toward EVs has particularly spurred demand for SiC in power electronics, as manufacturers seek to improve the efficiency and performance of their vehicles. Additionally, the growing renewable energy sector relies on SiC for durable, efficient power conversion equipment. These factors, combined with continued industrial innovation and expansion, forecast a dynamic growth trajectory for the SiC market, positioning it as a critical material in advancing modern technology.