Global Silicon Carbide Market was valued at US$ 850.60 Mn in 2020 which expected to reach US$ 2,670.25 Mn by 2027, with a CAGR of 16.80 % from 2021-2027. Silicon carbide is a dark crystalline compound of silicon & carbon. Its chemical formula is SiC. Silicon Carbide is used as an abrasive & as a refractory and in electric resistors.
Market’s growth is driven by the increase in demand for Silicon Carbide in steel industry. Silicon carbide (SiC) is used as a deoxidizing agent in the steel industry and it is essential raw material in refractories production. The refractories made of Silicon Carbide (SiC) exhibit high thermal conductivity which is ten times higher than fireclay refractories.
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The increase in demand from semiconductor industry is likely to remain key driving factor as the product improves efficiency, reduces form factor, and operates at high temperatures. The aforementioned properties of SiC semiconductors along with its advantages over silicon make it suitable in applications including, automotive & aerospace and defense industries. High temperature resistant materials are used in these industries, thus, there is increasing adoption of silicon carbide semiconductors in power electronics, which in turn is likely to fuel the global silicon carbide market growth throughout the forecast period.
The strategic initiatives adopted by the key players in the semiconductor industry are expected to play vital role in the growth of the silicon carbide market. For instance, in July 2021, Renesas’ new R-Car Gen3e series upgrades the popular R-Car Gen3 for automotive infotainment, cockpit, and digital cluster. R-Car Gen3e in combination with a Renesas PMIC as “Winning Combo” enable to eliminate an external vehicle controller by activating the on-chip real-time CPU.
Qualiket Research has segmented the global Global Silicon Carbide Marketbased on Wafer Size, Application,Vertical, device and region
By Wafer Size
By Application
By Vertical
By Device
By Region
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List of Key Players Global Silicon Carbide Market
Key Insights & Findings:
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