Market Size of Silicon Carbide Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 12.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Silicon Carbide (SiC) Market Analysis
The global silicon carbide market is expected to reach 523.46 kilotons by the end of this year and is expected to register a CAGR of over 12% during the forecast period. The market was negatively impacted due to COVID-19 in 2020. The disruption in the global supply chain, coupled with reduced demand from various end-user industries, has negatively impacted the demand for silicon carbide. The global automotive industry witnessed a decline in sales in 2020, approximately 78 million units, much below the 90.4 million units sold in 2019. However, the conditions recovered in 2021, and sales increased to 82.6 million units; the automotive market is on a growth trajectory over the forecast period.
- The major factors driving the market studied are strong demand from the steel manufacturing & steel processing industry and rapidly growing demand from the electronics industry.
- Some factors restraining the demand for the market studied include fluctuating costs of raw materials like coal and petroleum coke.
- The rising penetration of electric vehicles is expected to offer various opportunities for the growth of the market.
- By application, the electronics and semiconductor segment is expected to dominate the market owing to the properties offered by silicon carbides, such as outstanding power switching frequency, performance, and power rating compared to silicon.
- Asia-Pacific region dominated the market globally, with the most significant consumption from countries such as China, India, and Japan.
