The global silicon carbide market size is projected to touch USD 7.18 billion by 2027, exhibiting a revenue-based CAGR of 16.1% over the forecast period, according to a new report by Radiant Insights, Inc. Rising demand from semiconductors is likely to remain a key driving factor as the product improves efficiency, reduces form factor, and operates at high temperatures.
The aforementioned properties of Silicon carbide (SiC) semiconductors along with its advantages over silicon makes it suitable in applications such as automotive and aerospace and defense industries. High temperature resistant materials are widely used in these industries, thus, there is increasing adoption of SiC semiconductors in power electronics, which in turn is likely to drive the SiC market growth over the forecast period.
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The strategic initiatives adopted by the key players in the semiconductor industry are expected to play a key role in the growth of the SiC semiconductors industry. For instance, in January 2019, Cree, Inc., signed a multiyear supply agreement of silicon carbide wafers to STMicroelectronics. These rapid developments are expected to positively influence the growth of the silicon carbide market over the forecast period.
In Asia Pacific, the rising population along with adopting urbanization is expected to propel the development of smart cities and smart houses, which in turn is anticipated to boost the demand for silicon carbide power modules in electric vehicles. China is one of the largest automobile producers in the world, accounting for 29.1% in 2018. Increasing production of automobiles is anticipated to fuel the product demand over the coming years.
Key market players Carborundum Universal Limited; Entegris, Inc.; AGSCO Corporation; Dow Chemical Co.; ESD-SIC b.v.; Saint Gobain Ceramic Materials GmbH; ESK-SIC GmbH; and Grindwell Norton Ltd. Most of the market players are focused on capacity expansions and mergers and acquisitions to meet the growing demand for silicon carbide. For instance, In November 2018, Entegris announced the expansion of the manufacturing capacity of its facility located in Kulim, Malaysia by 30%. In the expansion project, new tooling, molding machines, and numerous updates to the assembly area were installed to support the increasing silicon carbide wafer and reticle handling demand.
Further key findings from the report suggest:
• Green silicon carbide segment is anticipated to progress at a CAGR of 10.1%, in terms of volume, over the forecast period owing to the increasing production of semiconductors that are further used in various electrical and electronics applications, such as transistors, solar cells, and LEDs
• Steel segment accounted for a revenue share of 21.1% in 2019 owing to the increasing demand for steel from various end-use, industries, such as automotive, construction, and oil and gas. Silicon carbide is used as a deoxidizing agent, abrasive, and refractory in the steel industry
• Electrical and electronics is among the fast growing segments with a CAGR of 10.8% in terms of volume from 2020 to 2027. The growth is attributed to the increasing demand for semiconductors owing to the increasing utilization of renewable sources of energy across the globe
• Asia Pacific is projected to witness a CAGR of 17.9% in terms of revenue over the forecast period, owing to the growth of the manufacturing sector in countries including China, India, Japan, and South Korea
• North America is expected to witness a CAGR of 7.6% in terms of volume over the forecast period owing to the increasing product utilization in electronics, aerospace, and defense industries
• Major players in the silicon carbide market include AGSCO Corporation; Carborundum Universal Limited; Dow Chemical Co.; Entegris, Inc.; ESD-SIC b.v.; ESK-SIC GmbH; Grindwell Norton Ltd; and Saint Gobain Ceramic Materials GmbH.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Market snapshot
Chapter 3 Silicon Carbide Market Variables, Trends, & Scope
3.1 Market Segmentation
3.2 Penetration & Growth Prospect Mapping
3.3 Silicon Carbide Market - Value chain analysis
3.3.1 Raw material trends
3.3.1.1 Silica sand
3.3.2 Manufacturing trends
3.3.2.1 Acheson process
3.3.2.2 Synthesis of silicon carbide powders and whiskers from rice hulls
3.3.2.3 Chemical vapor disposition
3.3.3 Cost structure analysis
3.3.4 Sales channel analysis
3.3.4.1 Direct sales
3.3.4.2 Indirect sales
3.3.5 Profit margin analysis
3.4 Market dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing demand of refractories
3.4.1.2 Rising demand from semiconductor industry
3.4.2 Market restraint analysis
3.4.2.1 Gallium nitride as a substitute for silicon carbide in power modules
3.5 Regulatory framework
3.6 Porter’s analysis
3.7 PESTEL analysis
3.8 Major deals & strategic alliances analysis
3.8.1 Divestment of silicon carbide business by Saint-Gobain
Continued…
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The new research report titled "Silicon Carbide Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the silicon carbide market include AGSCO Corporation, Carborundum Universal Limited., Dow Chemical Co., Entegris, Inc., ESD-SiC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Saint Gobain Ceramic Materials GmbH, SNAM Abrasives Pvt.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Silicon Carbide Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/silicon-carbide-market/download-sampleMarket DynamicsMany factors, such as the surge in demand for motor drives, compact system size, and the increase in utility of silicon carbide in the cellular base station and radiofrequency devices, are some factors, which are boosting the growth of the silicon carbide market during the forecast period.
On the other hand, the price of silicon carbide ranges from $800 to $2,000 per ton, which is very high compared to other available alternatives.
