Power Electronics is fastest growing segment fueling the growth of Silicon Carbide Market
Market Overview:
Silicon carbide (SiC) has emerged as an advanced semiconductor material with high strength, durability, thermal conductivity, high-temperature compatibility, chemical resistance, and radiation robustness. Its wide bandgap provides significant advantages like high voltage operation, high switching speed, and lower losses compared to silicon. It is increasingly being used in power electronics like power supplies, electric vehicles, and renewable energy applications.
Market key trends:
Power electronics is the fastest growing application segment for silicon carbide semiconductors. Due to its material properties, silicon carbide is finding increased applications in power electronics. For instance, SiC-based power modules for inverters and converters are enabling higher power densities, higher efficiencies, smaller form factors, and lower total system costs in applications like EV chargers, renewable energy systems, and industrial motor drives. SiC switches overcome the conductivity limitations of silicon and allows more compact power converters designs, higher frequencies, and lower cooling requirements. As the demand for electric vehicles and renewable energy grows significantly over the forecast period, the silicon carbide semiconductor market is expected to witness strong growth led by its increasing adoption in power electronics applications.
Segment Analysis
The Global Silicon Carbide Market Share is segmented into green silicon carbide and black silicon carbide. Green silicon carbide held the largest market share in 2023 owing to its extensive applications in abrasives and refractories. Green silicon carbide refers to synthetic silicon carbide produced by Acheson's process. Due to its high hardness and good thermal shock resistance, green silicon carbide is dominantly used for manufacturing grinding wheels, cutting tools, refractory products and wear-resistant materials.
Key Takeaways
The global silicon carbide market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from the semiconductor sector. The global silicon carbide market size was valued at US$ 9.12 Bn in 2023.
Regional analysis
Asia Pacific dominated the global silicon carbide market in 2023 and is expected to grow at the highest CAGR during the forecast period. Countries like China, India, Japan and South Korea are rapidly increasing industrial activity and infrastructure projects which is driving the demand for silicon carbide in this region.
Key players
Key players operating in the silicon carbide market include AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd. Key players are focusing on capacity expansion and new product development to gain competitive advantage in the market.
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