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The Silicon Carbide (SiC) Market size is estimated to grow by 2.57 million t at a Compound annual growth rate (CAGR) of 12.33% between 2022 and 2027. The growth of the market depends on several factors, including growing demand for power electronics, an increase in demand for fibers in the aerospace sector, and the growing EV automotive industry. SiC contains silicon and carbon in equal proportions. It is available in nature in the form of moissanite. Bulk productions of SiC are carried out through several synthetic routes. It is one of the toughest materials for high-temperature applications.
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The increase in demand for SiC fibers in the aerospace sector is notably driving the market growth. SiC fibers possess advantageous properties of high heat resistance, chemical stability, high modulus, lightweight, and durability, among others. This makes them appropriate for use in a variety of aerospace-related applications, including insulation for heat engines, nanotubes in turbines, ceramic matrix composites (CMCs), and substitutes for metallic alloys. Additionally, with a drastic decline in weight and an increase in the fuel efficiency of aircraft engines, the use of fibers in the aerospace sector, in turn, improves the environment and the economy of aircraft makers.
Due to advantageous features, composites such as fibers are widely used in the aircraft manufacturing business. As several countries look to modernize their defense aircraft fleet, demand for aircraft materials has also increased over the past decade. The development of advanced materials has benefited from increased defense spending. Therefore, these factors will contribute to the market growth during the forecast period.
Power inverters for EVs are emerging trends in market growth. Power inverters play a key role in efficient energy management in electric vehicles. The new generation of SiC-based automotive inverters and advanced semiconductor devices based on field effect transistors can save low energy losses and result in improved electric vehicle performance. SiC-based automotive inverters have the advantages of higher temperature resistance, improved efficiency, reduced size, and lighter weight over conventional inverters.
Growing environmental concerns about petroleum-based air pollution from automobiles and increasing technological developments for alternate energy sources will also drive the demand for SiC-based automotive inverters from the automobile industry for the development of electric vehicles and hybrid electric vehicles. For instance, automotive supplier Marelli, in July 2022, launched 800 volts SiC inverter platform for EVs. Hence, such developments are expected to accelerate the market growth and trends during the forecast period.
Competition from gallium nitride material is a major challenge impeding market growth. Gallium nitride-based devices range from transistors, Schottky diodes, power modules, MOSFETs, and IGBTs to rectifiers. Gallium nitride-based devices have similar performance as SiC-based devices. The key factor that is driving the competition between gallium nitride and SiC is the bulk commercialization of gallium nitride devices in comparison with devices, which are recently being commercialized.
Gallium nitride has superior properties compared with SiC. However, SiC has higher thermal conductivity than gallium nitride. In advanced power devices, gallium nitride and SiC are used together. Future research, focused on new technologies of gallium nitride devices, will give stiff competition to devices, thus restricting the growth of the market. Therefore, owing to such factors the market growth might be hampered during the forecast period.
The market share growth by the steel and energy segment will be significant during the forecast period. Steel and energy segment by application in the global market dominated in 2022. It is expected to maintain its dominance during the forecast period owing to growing infrastructure and energy sector development.
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The steel and energy segment was valued at 0.66 million t in 2017 and continued to grow until 2021. The steel and energy industries are the biggest end-users of SiC. A significant rise in demand is expected from developing countries because of fast-paced infrastructural developments during the forecast period. SiC briquettes and grains are used as solid fuels in steel manufacturing. They provide higher thermal energy compared with silicon manganese, ferrosilicon, and coal. SiC is often used to raise tap temperatures as it acts as an effective deoxidizer with minimum aluminum, sulfur, and nitrogen content and low carbon monoxide emissions. It is also cost-effective. Similarly, the increase in demand for efficient use of electricity in power transmission and smart grids in the renewable energy industry will drive the demand for SiC. Renewable energy and smart grids require technological advances to generate, store, convert, and distribute power efficiently to end-users residing in smart homes in which power can be used and stored efficiently, these are enabled by the use of power electronic devices. These devices use SiC to enable electrification. Thus, factors like these will propel the growth of the market in focus during the forecast period.
Black SiC dominated the global market in 2022 and is expected to maintain its lead during the forecast period. Its extreme hardness, high strength, and thermal conductivity at elevated temperatures make it ideal for various industries. The growth of steel, automotive, defense, aerospace, and electronics sectors is driving the segment's expansion. Additionally, black SiC is gaining popularity in advanced applications such as electronics, semiconductors, energy, heating elements, and nuclear fuels, further boosting the market. The benefits of reduced kiln weight and lighter SiC-based kilns also contribute to the segment's growth.v
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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. Both countries have implemented supportive policies to boost the EV market, such as India's plan to introduce 10,000 electric buses and China's tax exemptions for electric vehicles. Japan also aims to increase its EV market share significantly by 2030. To meet the increasing demand for SiC in the region, companies are expanding their presence by establishing more SiC fabrication facilities. For example, II-VI Inc. expanded its SiC wafer finishing manufacturing in China to cater to the growing EV and clean energy applications market.
The market growth and 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 market 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.
The SiC market, pivotal in industries like steel and semiconductor, witnessed shifts due to the global pandemic. Refractory materials play a crucial role in steel manufacturing processes, particularly in electric arc furnaces. Companies like Washington Mills lead in supplying SiC in various forms like wafer, block, grain, and powder. Black SiC dominates the market, contributing significantly to revenue share.
Green SiC, among the hardest man-made minerals, finds applications in specialized ceramics, metal-matrix composites, and wear-resistant components like seals and nozzles. In the semiconductor sector, SiC chips enhance energy efficiency in electronic devices. Moreover, SiC's properties benefit aerospace applications, notably in jet turbines and turbine blades, improving fuel intake and energy efficiency, while its use in the steel industry, particularly in oxygen furnaces, underscores its versatility and importance in diverse industrial applications.
The market trends and analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Silicon Carbide (SiC) Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.33% |
Market growth 2023-2027 |
2.57 million t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.66 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, India, Japan, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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