Silicon Carbide Market Size To Reach $9.56 Billion By 2033

Silicon Carbide Market Growth & Trends

The global silicon carbide market size is estimated to reach USD 9.56 billion by 2033, registering a CAGR of 7.7% from 2026 to 2033, according to a new report by Grand View Research, Inc. The rising prominence of silicon carbide in the production of Single-crystal SiC wafers is projected to aid the market growth over the forecast period. In the last few years, the consumption of single-crystal SiC wafers increased significantly, especially to manufacture electronic chips in the semiconductor industry. The increasing need to produce compact and right design electronic devices is projected to further push the product demand in the semiconductors industry. These single-crystal wafers offer limited power loss in the form of heat owing to the reduced leakage currents and wide-bandgap. Moreover, the SiC-based wafers are equipped to handle 10 times more voltage than their counterpart materials.

The rising usage of SiC-based chips in the electronic section of Electric Vehicles (EVs) is anticipated to positively influence the dynamics of the industry over the forecast period. The prominent EV manufacturers, including Tesla, use SiC-based chips in their vehicles. As per the recent news, Tesla is establishing its new EV manufacturing in India. Such new investments are likely to provide opportunities for the growth of the market of SiC and its associated products over the predicted timeline. The organic and inorganic growth strategies adopted by key players in the semiconductor industry are also likely to support the growth of the market. For instance, in January 2019, Cree, Inc., signed a long-term agreement to supply SiC wafers to STMicroelectronics. The adoption of SiC power devices in electronics, renewable energy systems, and automotive has increased tremendously over the last few years and is anticipated to gain additional thrust over the coming years.

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Silicon Carbide Market Report Highlights

• Black silicon carbide is available in various forms, including blocks, grains, and powders.

• The electronics and electrical segment is growing due to the rapid shift toward high-efficiency power electronics.

• The silicon carbide industry in the Asia Pacific region is a significant hub for SiC adoption, driven by the rapid growth of EVs, renewable energy, and telecommunications.

Silicon Carbide Market Segmentation

Grand View Research has segmented the global silicon carbide market on the basis of product, application, and region:

Silicon Carbide Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Black

• Green

Silicon Carbide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Steel

• Automotive

• Aerospace & aviation

• Military & Defense

• Electronics

• Healthcare

• Others

Silicon Carbide Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • South Korea

• Latin America

• Middle East & Africa

List of Key Players in the Silicon Carbide Market

• AGSCO Corporation

• Carborundum Universal Limited

• Washington Mills

• Coorstek

• Entegris, Inc.

• ESD-SIC b.v.

• Snam Abrasives Pvt. Ltd.

• Gaddis Engineered Materials

• Grindwell Norton Ltd.

• SK Siltron Co.,Ltd.