The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is projected to reach USD 7.98 billion by 2030, expanding at a CAGR of 11.7% over the forecast period.
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.
Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market
The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with wider product penetration observed in the domestic semiconductor sector. The use of the product in wafer form remained among the key point of applications. The vendors of the domestic market posted healthy growth, with Washington Mills emerging to be the front–runner in the U.S. silicon carbide industry. However, the global pandemic and resultant closure of manufacturing activities directly impacted the new order bookings, which ultimately led to the shortfall of FY 2020. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.
Since the U.S. is the largest producer of wafers and substrates for the semiconductor industry, the impact level was mildly reduced, especially by the last quarter of FY 2020. The industry dynamics are likely to improve significantly in FY 2021 as the industrial and electronic manufacturing in the country resume their operations. The pent-up demand is estimated to play a key role in boosting the demand for the product, especially from the local chips marketspace. Such trends are projected to positively influence the market growth of silicon carbide and associated products during the forecast period.
Global Silicon Carbide Market Segmentation
Based on the Product Insights, the market is segmented into Black Silicon Carbide & Green Silicon Carbide
- The black SiC product segment dominated the global market with a revenue share of more than 55.00% in 2021. The grain form of the product is widely popular, especially in the iron and steel manufacturing processes through electric arc furnaces. This product category is made available in various forms including block, grain, and powder.
- The green SiC product segment is anticipated to register the fastest CAGR during the forecast period. The growing usage of specialty ceramics to produce metal-matrix composites, wear-resistant seals, nozzles, and others is likely to positively influence the growth of the green SiC segment during the forecast period.
Based on the Application Insights, the market is segmented into Steel, Automotive, Aerospace, Military & Defense Electrical & Electronics, Healthcare & Others
- In terms of revenue, the electrical & electronics segment led the market in 2021 with a revenue share of 26.6%.
- The aerospace segment accounted for the second-largest revenue in 2021 and the use of the product, especially in the development of jet turbines, is estimated to aid the segment growth during the forecast period.
Based on the Regional Insights, the market is segmented into North America, Europe, Central & South America, Asia Pacific, & Middle East & Africa
- Asia Pacific emerged as the dominant regional market in 2021 with a volumetric share of 59.8%.
- Europe held a significant revenue share in 2021. The region’s economic growth was deeply impacted by the emergence of coronavirus.
- North America accounted for a considerable volumetric share in 2021. The region is anticipated to register the third-largest CAGR, in terms of revenue, during the forecast period.
Market Share Insights
- January 2019: Cree, Inc., signed a long-term agreement to supply SiC wafers to STMicroelectronics.
Key Companies Profile:
The global market is largely fragmented with various vendors present at different levels of the value chain. The primary vendors are focused on the development of abrasives-based SiC, whereas a few established vendors are approaching integration with the development of value-added products for the electronics industry.
Some of the prominent vendors in the global silicon carbide market include:
- AGSCO Corp.
- Carborundum Universal Ltd.
- Washington Mills
- Entegris, Inc.
- ESD-SIC b.v.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- SK Siltron Co., Ltd.
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