Silicon Carbide (SiC) Market Size 2023, Share, Growth Statistics till 2029 By Top Key Players-COI Ceramics, Washington Mills, SGL Group, Specialty Material

Silicon Carbide (SiC) Market Overview:

The global silicon carbide (SiC) market is expected to grow at 7% CAGR from 2023 to 2029. It is expected to reach above USD 787.44 million by 2029 from USD 428.31 million in 2022.

Silicon Carbide (SiC) Market 2023 research report covers obvious information regarding the development rate, market estimates, drivers, limitations, future-based demand, and revenue during the forecast period. The report explores the current outlook in global and key regions from the outlook of players, countries, product types and end industries.

Additionally, technology industry the report provides insights into the regional analysis that refuges different regions, contributing to the growth of the market. The Global Silicon Carbide (SiC) Market consists of data collected from numerous primary and secondary sources. This information has been verified and validated by the industry analysts, thus provided that significant insights to the researchers, analysts, managers, and other industry professionals. This document further supports in understanding market trends, applications, specifications, and market.

The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials.

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Who are the Top Players Silicon Carbide (SiC) Market?

Some of the major companies operating in the global Silicon Carbide (SiC) market is COI Ceramics, Washington Mills, SGL Group, Specialty Material, Advanced Ceramic Fibers, Toyo Tanso, GE Aviation, Haydale, Saint Gobain, American Elements, Kyocera SGS, Sandvik and Others.

Major Market Developments in Silicon Carbide Industry

• In July 2021, Microchip Technology (US) introduced the expansion of its silicon carbide portfolio with a family of high-efficiency, high-reliability 1700 V silicon carbide MOSFET die, discrete, and power modules. Microchip’s 1700 V silicon carbide technology is an alternative to silicon IGBTs.
• In June 2021, Cree, Inc. (US) signed a contract with Shenzhen Gospower Digital Technology Co., Ltd. (Gospower) (China), a national high-tech enterprise and leader in power electronics converters. Under this contract, CREE offers Cree’s Wolfspeed®650 V silicon carbide MOSFETs for next-generation Common Redundant Power Supply (CRPS) solutions.

Key Market Segments: Global Silicon Carbide (SiC) Market

Global Silicon Carbide Market By Type, 2020-2029, (USD Million), (Kilotons)

SIC Fiber

SIC Cutting Tools

Global Silicon Carbide Market By Application, 2020-2029, (USD Million), (Kilotons)

Ceramic Composite Material

Polymer Matrix Composites

Metal Composites Material

Non-Composite Material

Global Silicon Carbide Market By End User, 2020-2029, (USD Million), (Kilotons)

Aerospace

Energy & Power

Automotive Healthcare

Electrical & Electronics

Others

Driver: Growing Demand for SiC Devices in power electronics

Power electronics play a crucial role in the global electrical infrastructure. In the power electronics industry, numerous power devices are available, which convert alternating current to direct current (or vice versa) in the systems.

Also, they are designed to minimize energy loss and increase the efficiency of the system. SiC devices such as Sic diodes and modules are compound semiconductors composed of silicon and carbide. They offer several advantages such as wide bandgap, high drift velocity, high breakdown voltage, large critical electric field, and high thermal conductivity, and are capable of working at higher current density and temperatures.

Silicon Carbide (SiC) Market Regional Insights

North America: The market in North America is expected to grow at a significant rate due to the high adoption of e-commerce and the increasing use of IoT and AI technologies. The U.S. and Canada are expected to be major contributors to the market growth.

Europe: The market in Europe is expected to grow at a significant rate due to the increasing adoption of e-commerce and the growing demand for contactless delivery options. The UK, Germany, and France are expected to be major contributors to the market growth.

Asia Pacific: The market in Asia Pacific is expected to grow at a significant rate due to the increasing adoption of e-commerce and the growing demand for Silicon Carbide (SiC) Market in countries such as China, Japan, and South Korea.

Latin America: The market in Latin America is expected to grow at a moderate rate due to the increasing adoption of e-commerce and the growing demand for Silicon Carbide (SiC) Market in countries such as Brazil and Mexico.

Middle East and Africa: The market in Middle East and Africa is expected to grow at a moderate rate due to the increasing adoption of e-commerce and the growing demand for Silicon Carbide (SiC) Market in countries such as Saudi Arabia, UAE, and South Africa.

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TABLE OF CONTENTS

Global Silicon Carbide (SiC) Market Research Report 2023 – 2029

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Research Methodology

Part 04: Market Landscape

Part 05: Pipeline Analysis

Part 06: Market Sizing

Part 07: Five Forces Analysis

Part 08: Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers and Challenges

Part 13: Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

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