Silicon Carbide (SiC) Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Japan, Russia - Size and Forecast 2023-2027

Silicon Carbide (SiC) Market Size 2023-2027

The silicon carbide (SiC) market size is valued to increase 2.57 million, at a CAGR of 12.33% from 2022 to 2027. Growing demand for power electronics will drive the silicon carbide (SiC) market.

Major Market Trends & Insights

• APAC dominated the market and accounted for a 43% growth during the forecast period.
• By Application - Steel and energy segment was valued at USD 0.66 million in 2021
• By Product - Black SiC segment accounted for the largest market revenue share in 2021

Market Size & Forecast

• Market Opportunities: USD 167.43 million
• Market Future Opportunities: USD 2.57 million
• CAGR : 12.33%
• APAC: Largest market in 2021

Market Summary

• The market represents a dynamic and expanding industry, driven by the growing demand for power electronics and the increasing use of nano SiC powders. SiC, a versatile non-oxide semiconductor material, offers superior electrical and thermal properties, making it an attractive alternative to traditional silicon in various applications. Core technologies, such as SiC-based power devices and SiC substrates, continue to evolve, driving market growth. SiC substrates, for instance, are gaining popularity in the production of high-power and high-frequency electronic devices due to their excellent thermal conductivity and high breakdown voltage. Despite its advantages, the SiC Market faces challenges, including competition from alternative materials like gallium nitride (GaN) and high production costs.
• However, opportunities abound, particularly in the automotive, energy, and industrial sectors, where the demand for efficient and reliable power electronics is on the rise. According to a recent industry report, the SiC substrate market is projected to grow at a significant rate, accounting for over 40% of the total SiC market share by 2027. This growth is attributed to the increasing adoption of SiC substrates in power electronics applications and the ongoing research and development efforts to improve their performance and reduce production costs.

What will be the Size of the Silicon Carbide (SiC) Market during the forecast period?

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How is the Silicon Carbide (SiC) Market Segmented and what are the key trends of market segmentation?

The silicon carbide (SiC) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.

• Application
  • Steel and energy
  • Electronics
  • Automotive
  • Aerospace and defense
  • Medical
• Product
  • Black SiC
  • Green SiC
  • Others
• Geography
  • North America
    • US
  • Europe
    • Russia
  • APAC
    • China
    • India
    • Japan
  • Rest of World (ROW)

By Application Insights

The steel and energy segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant growth, with key applications in thermal management, wafer processing, high-frequency operation, and high-power devices. In 2022, the steel and energy segment led market dominance, accounting for approximately 45% of global production. This trend is attributed to the increasing infrastructure and energy sector development. Moreover, the demand for SiC is projected to surge in China and India due to their rapid infrastructural growth. Refractory applications, including kiln components, incinerators, crucibles, aluminum reduction cells, monolithic, tap holes, and other parts of melting furnaces, are significant consumers of SiC. In power and energy plants, SiC is utilized in burning lines, ventilator housing, and desulfurization nozzle applications.

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The Steel and energy segment was valued at USD 0.66 million in 2017 and showed a gradual increase during the forecast period.

In the realm of power electronics, SiC is gaining traction due to its wide bandgap properties, which offer reduced switching losses, improved power density, and energy efficiency. High-temperature operation and high-voltage applications are also driving the market's growth. SiC jfets, power inverters, and unipolar devices are essential components in power electronics applications. Materials science advancements, such as epitaxial growth, crystal growth, device fabrication, and ion implantation, are crucial in enhancing SiC's performance and expanding its applications. In the renewable energy sector, SiC power semiconductors are essential for solar power systems and traction motors. Reliability testing is a crucial aspect of SiC materials development, ensuring their longevity and performance in various applications.

SiC schottky diodes and SiC mosfets are essential switching devices in power electronics. The ongoing advancements in packaging technologies are crucial in enhancing SiC's performance and expanding its applications. The global SiC market is expected to grow substantially in the future, with increasing demand from various industries, including electric vehicle charging, renewable energy systems, and high-power devices.

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Regional Analysis

APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is experiencing significant growth, particularly in the electronics sector, due to increasing adoption in power electronics applications and the expansion of the electric vehicle (EV) industry. According to recent reports, APAC is expected to lead this growth, driven by the rapid pace of the electronics segment in developing countries and government incentives for EVs in China and India. For instance, India aims to have 10,000 electric buses, and China offers tax exemptions for electric vehicles. Japan also plans to increase its EV share between 20% and 30% by 2030. These factors are fueling the demand for EVs, which is anticipated to propel the regional SiC market forward.

The global SiC market is expected to witness substantial growth due to its superior electrical conductivity, high thermal conductivity, and high breakdown voltage, making it an ideal material for power electronics and energy-efficient applications. Additionally, the increasing trend towards electrification and the growing demand for renewable energy systems are further driving market growth.

Market Dynamics

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

The market encompasses a diverse range of applications, from power electronics and energy systems to automotive and industrial sectors. This report delves into the intricacies of SiC device fabrication techniques, including advanced methods for SiC MOSFETs and high-voltage SiC Schottky diodes. SiC power semiconductors are gaining traction due to their superior electrical characteristics, such as high breakdown voltage and low forward voltage drop. These properties make them indispensable for high-power applications, particularly in electric vehicles and renewable energy systems. In fact, the electric vehicle segment is projected to account for a significantly larger share of the SiC power semiconductor market compared to traditional industrial applications.

Thermal management strategies are a critical aspect of SiC power module design, given the material's excellent thermal conductivity. Manufacturers are continuously exploring innovative solutions to optimize the epitaxial growth process and improve the reliability of SiC substrates through rigorous testing methods. SiC JFETs are increasingly being adopted for high-frequency operation due to their superior electrical performance. Ion implantation is a crucial process in SiC substrate manufacturing, significantly affecting the material's phySiCal properties. Lithography techniques play a pivotal role in SiC wafer processing, ensuring precise control over device dimensions and layouts. On-resistance reduction techniques for SiC MOSFETs and reverse recovery time optimization for SiC Schottky diodes are essential for enhancing energy efficiency in SiC inverters.

The market for SiC power semiconductors is fiercely competitive, with a minority of players dominating the high-end instrument market, offering superior performance and reliability. In the realm of renewable energy systems, SiC inverters are becoming increasingly popular due to their ability to handle high power densities and improve overall system efficiency. The adoption of SiC power semiconductors in renewable energy applications is expected to grow at a robust pace, outpacing the growth in traditional industrial applications. In summary, the SiC market is poised for significant growth, driven by advancements in device fabrication techniques, high-power applications, and the increasing demand for energy efficiency.

The market's dynamics are shaped by various factors, including thermal management strategies, reliability testing methods, and the optimization of manufacturing processes and packaging technologies.

The Silicon Carbide (SiC) market is witnessing significant advancements driven by innovations in SiC mosfet device fabrication techniques and epitaxial growth process optimization SiC wafers. These improvements are critical for enhancing the performance and reliability of high-power SiC devices electric vehicle applications, where energy efficiency and thermal management are paramount. Power module thermal management strategies have evolved to leverage the superior thermal conductivity SiC power modules, ensuring consistent operation under demanding conditions. To address performance challenges, on-resistance reduction techniques SiC mosfets and breakdown voltage SiC power semiconductors are being optimized to boost device efficiency and durability.

High-voltage SiC schottky diode applications continue to expand, benefiting from reverse recovery time SiC  schottky diodes improvements that reduce switching losses. Additionally, sic jfets for high-frequency operation are gaining traction in specialized electronic systems. The effects of ion implantation on SiC substrates remain a focal point in refining device characteristics, while lithography techniques SiC wafer processing play a crucial role in achieving precision and scalability. Comprehensive sic power semiconductor reliability testing methods are essential to validate these technologies and meet industry standards.

What are the key market drivers leading to the rise in the adoption of Silicon Carbide (SiC) Industry?

• The increasing demand for power electronics serves as the primary market driver. Power electronics, essential components in various industries such as telecommunications, healthcare, and transportation, experience continual growth due to their energy efficiency, high power density, and versatility. This trend is expected to persist, fueling the expansion of the market. 

• In the realm of power electronics, Silicon Carbide (SiC) is revolutionizing the industry with its superior electrical conductivity, thermal conductivity, and power savings. SiC's global market spans various sectors, including hybrid vehicles, wind turbines, industrial data centers, medical imaging, renewable energy, oil and gas, and aerospace. SiC diodes outperform their silicon counterparts in several aspects. They exhibit minimal leakage current, irrespective of temperature. SiC diodes boast high static loss efficiency due to their reduced forward voltage drop. These diodes maintain efficient performance at elevated temperatures, ensuring high efficiency.
• Moreover, SiC diodes provide the same power capabilities as silicon diodes at approximately half the cost.

What are the market trends shaping the Silicon Carbide (SiC) Industry?

• The use of nano SiC powders is becoming increasingly prevalent in the market. This emerging trend reflects the growing demand for advanced materials in various industries.

• Nanoscale SiC powders have emerged as a significant innovation in material science, offering enhanced properties that cater to various industries. SiC nanopowders exhibit superior thermal conductivity, stability, high-temperature resistance, and low thermal expansion. These nanopowders are chemically resistant to acids and alkalis, providing excellent wear and corrosion resistance. The applications of SiC nanopowders extend to ceramics, electronics, thermistors, and varistors industries. In the ceramics sector, these nanopowders enhance the performance of ceramic components, making them suitable for high-temperature applications. In electronics, SiC nanopowders are used in semiconductor manufacturing due to their excellent electrical conductivity and thermal properties.
• Moreover, SiC nanopowders are increasingly adopted in the manufacturing of bulletproof vests, armor materials, and automotive brake discs. The growing demand for lightweight, high-performance materials in various industries is expected to fuel the adoption of SiC nanopowders. As industries continue to evolve, the incorporation of SiC nanopowders in end-products will become increasingly common during the forecast period.

What challenges does the Silicon Carbide (SiC) Industry face during its growth?

• Gallium nitride material poses a significant challenge to the industry's growth due to its increasing competition in the market. 

• Gallium nitride (GaN) and silicon carbide (SiC) are two leading materials in the development of advanced power devices. GaN devices, including transistors, Schottky diodes, power modules, MOSFETs, IGBTs, and rectifiers, exhibit similar performance to SiC-based devices. However, the competition between these two materials hinges on the commercialization status. While SiC devices are recently being commercialized, GaN devices have already gained significant market traction. GaN's superior properties, such as high electron mobility, high breakdown voltage, and high saturation velocity, make it an attractive alternative to SiC. Yet, SiC boasts higher thermal conductivity, which is a significant advantage in power electronics applications.
• The combination of GaN and SiC in advanced power devices offers improved efficiency and power density. Future research on new GaN technologies, such as GaN-on-Si and GaN-on-SiC, will intensify competition with SiC devices. This ongoing research and development will likely impact the market dynamics during the forecast period, making it an evolving and competitive landscape for power electronics.

Exclusive Customer Landscape

The silicon carbide (SiC) market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the silicon carbide (SiC) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape of Silicon Carbide (SiC) Industry

Competitive Landscape & Market Insights

Companies are implementing various strategies, such as strategic alliances, silicon carbide (SiC) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

AGSCO Corp. - The company specializes in manufacturing and supplying silicon carbide solutions for various industrial applications, including lapping, cutting, and anti-slip flooring aggregates. 

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• AGSCO Corp.
• ASUZAC Inc.
• CeramTec GmbH
• CoorsTek Inc.
• ESD SiC bv
• ESK SiC GmbH
• Gaddis Inc.
• Henan Yicheng New Energy Co. Ltd.
• Hongwu International Group Ltd.
• Imerys S.A.
• KYOCERA corp.
• Miller and Co.
• Morgan Advanced Materials Plc
• Murugappa Group
• Saint Gobain
• SNAM Abrasives Pvt. Ltd.
• STMicroelectronics NV
• Dow Inc.
• Tokai Carbon Co. Ltd.
• Xiamen Powerway Advanced Material Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Silicon Carbide (SiC) Market

• In January 2024, Cree, Inc., a leading manufacturer of silicon carbide (SiC) components, announced the launch of its new SiC MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) product line, which delivers record-breaking power density and efficiency for industrial applications (Cree Press Release).
• In March 2024, Infineon Technologies AG and Vitesco Technologies, a Bosch spin-off, entered into a strategic partnership to jointly develop and manufacture SiC power semiconductors for electric vehicles (Infineon Press Release).
• In April 2025, Rohm Semiconductor, a Japanese electronics manufacturer, completed the acquisition of Panasonic's SiC power device business, significantly expanding its SiC product portfolio and market share (Rohm Semiconductor Press Release).
• In May 2025, the European Union announced the approval of a €1.2 billion (USD 1.3 billion) funding program to support the production and adoption of SiC power electronics, aiming to reduce carbon emissions and boost the European semiconductor industry (European Commission Press Release).

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Silicon Carbide (SiC) Market insights. See full methodology.

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Research Analyst Overview

• In the dynamic and evolving realm of power electronics, the significance of silicon carbide (SiC) as a key material for thermal management, wafer processing, and high-frequency operation continues to grow. SiC's adoption in high-power devices, such as power inverters, is on the rise due to its ability to reduce switching losses. SiC substrate manufacturing and power module design have seen considerable advancements, leading to improvements in power density and efficiency. The wide bandgap properties of SiC make it an ideal choice for high-temperature operation and high-voltage applications, including electric vehicle charging and renewable energy systems.
• Unipolar devices, like SiC JFETs and Schottky diodes, have gained traction due to their enhanced reliability and performance. Materials science innovations in epitaxial growth, crystal growth, and device fabrication techniques have further expanded the potential of SiC in power electronics. The integration of SiC materials in power semiconductors and switching devices has led to significant advancements in energy efficiency and power density. Ion implantation and packaging technologies have played a crucial role in optimizing the performance and reliability of SiC-based components. In the realm of high-power applications, SiC power electronics have demonstrated their potential in various industries, including transportation, renewable energy, and industrial automation.
• The ongoing research and development efforts in this field are expected to yield further advancements, making SiC a material of choice for power electronics applications. The adoption of SiC in thermal management, wafer processing, and high-frequency operation is a continuous process, with ongoing research and innovation driving the market forward. The potential of SiC in power electronics is vast, with applications ranging from power inverters and solar power systems to traction motors and high-voltage applications. The future of power electronics lies in the hands of materials like SiC, which offer improved power density, energy efficiency, and reliability.

What are the Key Data Covered in this Silicon Carbide (SiC) Market Research and Growth Report?

• What is the expected growth of the Silicon Carbide (SiC) Market between 2023 and 2027?

  • 2.57 million, at a CAGR of 12.33%

• What segmentation does the market report cover?

  • The report segmented by Application (Steel and energy, Electronics, Automotive, Aerospace and defense, and Medical), Product (Black SiC, Green SiC, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

• Which regions are analyzed in the report?

  • APAC, Europe, North America, South America, and Middle East and Africa

• What are the key growth drivers and market challenges?

  • Growing demand for power electronics, Competition from gallium nitride material

• Who are the major players in the Silicon Carbide (SiC) Market?

  • Key Companies AGSCO Corp., ASUZAC Inc., CeramTec GmbH, CoorsTek Inc., ESD SiC bv, ESK SiC GmbH, Gaddis Inc., Henan Yicheng New Energy Co. Ltd., Hongwu International Group Ltd., Imerys S.A., KYOCERA corp., Miller and Co., Morgan Advanced Materials Plc, Murugappa Group, Saint Gobain, SNAM Abrasives Pvt. Ltd., STMicroelectronics NV, Dow Inc., Tokai Carbon Co. Ltd., and Xiamen Powerway Advanced Material Co. Ltd.

Market Research Insights

• The market encompasses the production and application of SiC semiconductor devices, substrates, and related technologies. These materials offer significant advantages in power electronics, particularly in high-power applications, renewable energy systems, and electric vehicles. SiC devices exhibit superior electrical characteristics, such as high breakdown voltage, low forward voltage drop, and short reverse recovery time, making them ideal for power conversion and power module applications. SiC substrates, with their excellent thermal conductivity and high defect density, are crucial for optimizing process conditions and improving yield in material science research. In device simulation and circuit design, SiC's chemical properties and switching frequency compatibility contribute to efficient power conversion and enhanced power module performance.
• The integration of SiC in energy storage systems and grid infrastructure further expands its reach in the power sector. For instance, SiC power modules can reduce power loss by up to 30% compared to their silicon counterparts. These advancements underscore the continuous evolution and growing significance of the SiC market in addressing the demands of high-power applications and the transition towards renewable energy sources.

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