GVR Report cover Silicon Carbide Market Size, Share & Trends Report

Silicon Carbide Market Size, Share & Trends Analysis Report By Product (Black & Green), By Application (Steel, Automotive, Aerospace), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-153-5
  • Number of Report Pages: 94
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Advanced Materials

Report Overview

The global silicon carbide market size was evaluated at USD 3.30 billion in 2022 and is anticipated to accelerate at a compound annual growth rate (CAGR) of 11.7% from 2023 to 2030. 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.

U.S. silicon carbide market size and growth rate, 2023 - 2030

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.

Product Insights

The black SiC product segment dominated the global market with a revenue share of more than 54.0% in 2022. This product category is made available in various forms including block, grain, and powder. The grain form of the product is widely popular, especially in the iron and steel manufacturing processes through electric arc furnaces. The rising consensus towards the adoption of electric arc furnaces to promote reduced usage of natural raw materials is likely to aid the segment growth during the forecast period.

The green SiC product segment is anticipated to register the fastest CAGR during the forecast period. The product is defined among the hardest man-made minerals, which possess high strength at extreme temperatures. On account of its resistivity against high temperatures, the product is widely utilized in the development of special kinds of ceramics. 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.

Application Insights

In terms of revenue, the electrical and electronics segment led the market in 2022 with a revenue share of over 26.0%. The rising prominence of the product in the development of efficient electronic chips is projected to remain a key driver for segment growth. The exceptional characteristics of the product including resistivity at high temperatures, greater bandgap, high-frequency operation, and chemical stability, are likely to aid its penetration in the electrical and electronic industry. The aerospace segment accounted for the second-largest revenue in 2021. The use of the product, especially in the development of jet turbines, is estimated to aid the segment growth during the forecast period.

The use of the product to manufacture turbine blades with exceptional tolerance to high temperatures may push energy efficiency while reducing fuel intake. The steel application segment is projected to register a steady CAGR during the forecast period. The product usage in an oxygen furnace assists in lifting the temperature and provides additional energy to process a larger volume of scrap. The disruptions caused by the COVID-19 pandemic directly impacted the steelmaking operations in 2020. However, the steel industry has started recovering from 2021, which is likely to aid the market growth.

Global silicon carbide market share and size, 2022

The automotive segment is also estimated to witness a significant CAGR over the predicted timeline. The use of product-based abrasives in providing a smooth, shining surface for automotive vehicles is anticipated to remain a key driver for the segment growth during the forecast period. However, the current slowdown caused by the emergence of the pandemic indirectly affected the new order booking from the automotive industry. This trend is likely to be offset by FY 2023 as the global automotive industry rebounds.

Regional Insights

Asia Pacific emerged as the dominant regional market in 2022 with a volumetric share of 60.0%. The regional market comprises steel-producing giants, such as China, India, Japan, and South Korea. These countries have large steel manufacturing bases owing to which many international vendors have established their offices in Asia Pacific. The economic development of the region, in terms of manufacturing capabilities, evolved greatly over the last decade, promoting the establishment of downstream sectors, further progressing the SiC penetration in the region. Europe held a significant revenue share in 2022. The region’s economic growth was deeply impacted by the emergence of coronavirus. The disruptions caused due to the imposed lockdown affected the manufacturing operations for most of the industries, such as steel, automotive, and aerospace, among others.

Silicon Carbide Market Trends, by Region, 2023 - 2030

However, the region is has shown positive recovery signs from 2021 as the aforementioned downstream sectors become stabilized. North America accounted for a considerable volumetric share in 2022. The region is anticipated to register the third-largest CAGR, in terms of revenue, during the forecast period. The increasing emphasis on the development of clean steel is likely to assist the product demand from the domestic steel-making sector. The use of the material in steel making offers cleaner steel with a lower level of emissions. The Middle East & Africa region is projected to observe steady growth during the forecast period. The development of downstream sectors, such as automotive, consumer goods, electronics, and construction, in gulf countries, is anticipated to aid the market growth.

Key Companies & Market Share Insights

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. The emergence of the pandemic directly impacted the revenue streams of the manufacturers in 2020. Many of the vendors observed negative or stagnant revenue growth as downstream demand from industries, such as automotive, construction, and aerospace dried up due to the imposed lockdowns. Some of the prominent vendors in the global silicon carbide market include:

  • 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.

Silicon Carbide Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 3.68 billion

Revenue forecast in 2030

USD 7.98 billion

Growth Rate

CAGR of 11.7% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Volume in Kilotons, Revenue in USD million/billion and CAGR from 2023 to 2030

Report coverage

Volume forecast, Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; China; India; Brazil

Key companies profiled

AGSCO Corporation; Carborundum Universal Limited, Washington Mills; Coorstek; Entegris, Inc.; ESD-SIC b.v.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Silicon Carbide Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global silicon carbide market report on the basis of product, application and region:

Global Silicon Carbide Market Report Segmentation

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Black Silicon Carbide

    • Green Silicon Carbide

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Steel

    • Automotive

    • Aerospace

    • Military & Defense

    • Electrical & Electronics

    • Healthcare

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

    • Europe

      • Germany

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa (MEA)

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.