Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 482 Pages
Delivery time: 1-2 business days
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Global Silicon Carbide Market to Reach US$2.2 Billion by the Year 2026
Silicon carbide is witnessing rising adoption across a broad array of industrial applications due to its superior electrical, thermal and mechanical properties in comparison to standard silicon. Growth in the global market is on account of expansion of power electronics and recovery in steel industry, high uptake of SiC devices and increasing investments to boost silicon carbide production. The market is receiving a strong growth stimulus from increasing adoption of SiC devices in the field of power electronics and ongoing efforts by stakeholders to bolster silicon carbide production. In addition, increasing uptake of SiC devices in the power device and automotive industries coupled with rising popularity of electric and hybrid electric vehicles is bound to favor the market growth. The unabated expansion of the global steel industry is poised to create strong demand for silicon carbide represents a key raw material for refractories and an effective deoxidizing agent for the steel industry. In addition, increasing focus on renewable energy is expected to catalyze adoption of silicon carbide semiconductors owing to their high speed and superior toughness in comparison to silicon. Automotive continues to be one of the primary end-use segments of the silicon carbide market, and is expected to contribute to strong growth due to rising popularity of electric vehicles. These vehicles rely on silicon carbide-based power electronics that can operate at high-temperature settings.
Amid the COVID-19 crisis, the global market for Silicon Carbide estimated at US$850 Million in the year 2020, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 17.5% over the analysis period. Black SiC, one of the segments analyzed in the report, is projected to grow at a 15.5% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Green Sic segment is readjusted to a revised 21.3% CAGR for the next 7-year period. This segment currently accounts for a 33.4% share of the global Silicon Carbide market. Black silicon carbide segment occupies the dominating value share of the market owing to expansion of the construction and automotive industries and rising demand for steel. Black silicon carbide features a crystalline nature and is produced using coke and silica sand. The compound is commonly used in refractory, abrasive, wear-resistant and grinding & polishing products in numerous industrial applications. Green silicon carbide represents the purest form of silicon carbide and produced using coke and silica sand. The compound is more expensive and harder in comparison to black silicon carbide. Based on its desirable form factor and enhanced efficiency, green silicon carbide presents an effective alternative to silicon chips used in semiconductors.
The U.S. Market is Estimated at $148.5 Million in 2021, While China is Forecast to Reach $721.9 Million by 2026
The Silicon Carbide market in the U.S. is estimated at US$148.5 Million in the year 2021. The country currently accounts for a 15.5% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$721.9 Million in the year 2026 trailing a CAGR of 20.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.6% and 14.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.9% CAGR while Rest of European market (as defined in the study) will reach US$77.5 Million by the end of the analysis period. Asia-Pacific region dominates market share and growth is driven by continuous expansion of the manufacturing sector across countries such as China and India. The market growth is augmented by strong contribution from rising production of electric vehicles and hybrid electric vehicles in China, India, Japan and South Korea. Future growth of the Asia-Pacific market is bound to be favored by increasing investments in India in infrastructure projects and rising demand for housing, which is driving consumption of crude steel. The North American market is driven by ongoing efforts by major automakers to produce lightweight, affordable vehicles that deliver enhanced performance and score low in terms of carbon emissions. The trend is creating lucrative opportunities for providers of silicon carbide abrasives who are offering numerous products to cater to specific demands of automakers.
Electrical & Electronics (End-Use) Segment to Reach $754.5 Million by 2026
The electrical & electronics segment is estimated to post a fast revenue growth rate due to increasing adoption of power modules in advanced semiconductor devices. Semiconductors built on silicon carbide hold a wider band-gap, superior thermal conductivity and enhanced critical electric field. Future expansion of the segment is anticipated to be facilitated by rising production of next-generation semiconductor devices for different industrial applications. In the global Electrical & Electronics (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 18.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$147.7 Million in the year 2020 will reach a projected size of US$559.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$208.3 Million by the year 2026, while Latin America will expand at a 22.8% CAGR through the analysis period.
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