Silicon Carbide Market to Exceed USD 7.64 Billion by 2032, Driven by Expanding Applications in High-Performance Sectors | Research by S&S Insider
The rising demand for efficient power solutions has made Silicon Carbide (SiC) crucial for high-performance applications across sectors like electric vehicles (EVs), aerospace, and renewable energy.
Austin, Nov. 12, 2024 (GLOBE NEWSWIRE) — Market Size & Growth Insights:
According to the S&S Insider, “The Silicon Carbide Market Size was valued at USD 3.34 Billion in 2023 and is expected to reach USD 7.64 Billion by 2032 and grow at a CAGR of 9.68% over the forecast period 2024-2032.”
Silicon Carbide Demand Surges with Growing Applications in Industrial and EV Sectors.
The Silicon Carbide (SiC) market is rapidly growing as diverse industries adopt it for its high thermal conductivity, hardness, and electrical conductivity. SiC is highly sought-after in power electronics, automotive components, and industrial machinery, with the automotive sector driving demand due to its role in boosting electric vehicle (EV) powertrain efficiency. Major EV manufacturers, including Tesla, use SiC technology to improve drivetrain performance, increasing driving range by 10% and cutting energy losses by up to 50% compared to traditional silicon devices. SiC-based inverters and chargers also reduce EV charging times by approximately 50%. SiC’s durability under high-temperature, high-voltage, and high-power conditions makes it ideal for industrial and renewable energy applications, where it achieves up to 98% efficiency in industrial motors and improves solar inverter efficiency by up to 30%. SiC-based grinding wheels also extend tool life by 40%, reducing costs in automotive and aerospace sectors.
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Leading Market Players with their Product Listed in this Report are:
- Cree, Inc. (SiC Power Devices, SiC Wafer Substrates)
- Infineon Technologies AG (SiC Power MOSFETs, SiC Diodes)
- STMicroelectronics (SiC MOSFETs, SiC Schottky Diodes)
- ROHM Co., Ltd. (SiC Discrete Devices, SiC Modules)
- Wolfspeed (formerly Cree) (SiC Power Devices, SiC Wafer Materials)
- Onsemi (SiC Diodes, SiC MOSFETs)
- Microsemi (A subsidiary of Microchip Technology) (SiC Power Devices, SiC Modules)
- Siccast GmbH (SIC Castings, High-Performance Silicon Carbide)
- Carborundum Universal Limited (CUMI) (SiC Abrasives, SiC Refractories)
- Washington Mills (SiC Abrasives, SiC Powder)
- Grindwell Norton Ltd. (SiC Abrasives, Industrial Products)
- Entegris, Inc. (SiC Wafer Handling, SiC Material Supply)
- Coorstek (SiC Ceramics, SiC Components)
- SK Siltron Co., Ltd. (SiC Wafers, SiC Substrates)
- TankeBlue (Shenzhen TankeBlue) (SiC Power Devices, SiC Wafers)
- Norstel AB (SiC Substrates, SiC Epitaxial Wafers)
- Rohm Semiconductor (SiC Power Modules, SiC MOSFETs)
- Tungsten Heavy Powder & Parts (SiC Components, Advanced Ceramics)
- Saint-Gobain (SiC Grinding Wheels, SiC Refractories)
- ESD-SIC B.V. (SiC Substrates, SiC Powder)
Silicon Carbide Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.34 Billion |
| Market Size by 2032 | USD 7.64 Billion |
| CAGR | CAGR of 9.68% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Black Silicon Carbide, Green Silicon Carbide) • By Application (Steel, Automotive, Aerospace, Military & Defense, Electrical & electronics, Healthcare, Others) |
| Key Drivers | • Rising Demand for Energy Efficient Solutions Drives Growth of Silicon Carbide in Renewable Energy Systems • Growing Demand for Silicon Carbide in Advanced Manufacturing Boosts Efficiency and Durability in Industries |
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Silicon Carbide Market Expansion Driven by Industrial and Automotive Demand
By Product
In 2023, the black Silicon Carbide (SiC) segment held over 61.8% of total revenue, driven by its demand in industrial applications such as abrasives and steel production. Black SiC, produced through a high-temperature reaction of silica sand and carbon, offers a balance of quality and cost, making it ideal for grinding wheels, cutting tools, refractories, and ceramics across automotive, construction, and electronics industries.
Green SiC is expected to grow at the fastest CAGR from 2024 to 2032 due to its high purity, enhancing performance in advanced electronics like power devices for electric vehicles and renewable energy systems, meeting global demand for efficient, high-performance technologies.
By Application
In 2023, the electrical and electronics segment led the SiC market, contributing over 27.5% of total revenue, driven by SiC’s superior electrical conductivity, low resistance, and high thermal stability. SiC is increasingly used in high-power applications like power devices, inverters, and converters, benefiting electric grids, renewable energy, and consumer electronics.
The automotive sector is expected to grow rapidly from 2024 to 2032, driven by the shift to electric vehicles (EVs). SiC improves EV efficiency in powertrains, inverters, and battery systems, supporting higher voltages and temperatures, which enhance driving range, charging speed, and battery life.
Asia Pacific: The Powerhouse Driving Silicon Carbide Growth through EVs, Renewables, and Advanced Manufacturing
In 2023, Asia Pacific led the silicon carbide (SiC) market with a 56% share and is expected to maintain the highest growth rate from 2024 to 2032. The region’s dominance is driven by strong manufacturing bases in China, Japan, South Korea, and India, which are major producers of electronics, automobiles, and energy systems requiring SiC components. China’s adoption of electric vehicles (EVs) and Japan’s automotive giants like Toyota and Nissan integrating SiC into EV powertrains boost demand. Additionally, South Korea’s advancements in SiC wafer production and semiconductor fabrication further strengthen the region’s position. The push for renewable energy and electrification in transportation and industrial sectors, including solar inverters and EV charging infrastructure, is accelerating SiC adoption, particularly in India’s solar power and electric mobility sectors.
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Recent Development
- In September 2024, STMicroelectronics launched its fourth-generation STPower Silicon Carbide (SiC) MOSFET technology, offering improved efficiency, higher power density, and increased robustness for advanced power applications.
- In September 2024, Wolfspeed, Inc. introduced a 2300V baseplate-less SiC power module for 1500V DC Bus applications, enhancing efficiency, durability, and scalability for renewable energy, energy storage, and fast-charging sectors.
Table of Contents – Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Silicon Carbide Production Capacity and Utilization Rates, by Region, (2020-2023)
5.2 Silicon Carbide Technology Advancements, by Region, (2020- 2023)
5.3 Silicon Carbide Energy Efficiency Improvements, by Region
5.4 Silicon Carbide Supply Chain Metrics, by Region (2023)
6. Competitive Landscape
7. Silicon Carbide Market Segmentation, by Product
8. Silicon Carbide Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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