Silicon Carbide

Global Silicon Carbide Market to Reach US$4.1 Billion by 2030

The global market for Silicon Carbide estimated at US$1.6 Billion in the year 2024, is expected to reach US$4.1 Billion by 2030, growing at a CAGR of 16.9% over the analysis period 2024-2030. Black SiC, one of the segments analyzed in the report, is expected to record a 15.2% CAGR and reach US$1.9 Billion by the end of the analysis period. Growth in the Green SiC segment is estimated at 19.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$218.9 Million While China is Forecast to Grow at 19.4% CAGR

The Silicon Carbide market in the U.S. is estimated at US$218.9 Million in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2030 trailing a CAGR of 19.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.5% and 13.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.5% 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.

SCOPE OF STUDY:

The report analyzes the Silicon Carbide market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product (Black SiC, Green SiC, Other Products); End-Use (Electrical & Electronics, Aerospace, Steel, Automotive, Military & Defense, Other End-Uses)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 107 Featured) -

• DuPont de Nemours, Inc.
• General Electric Company
• Fuji Electric Co., Ltd.
• Carborundum Universal Ltd.
• Aremco Products, Inc.
• Entegris, Inc.
• Applied Ceramics, Inc.
• Ceramtec GmbH
• Cotronics Corp.
• GAB Neumann GmbH
• Agsco Corporation
• FUTONG Group Co., Ltd.
• Crystal Mark, Inc.
• Bruckewell Technology Ltd.
• Composition Materials Company Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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