Silicon carbide, also known as carborundum, is an extremely hard, synthetically produced crystalline compound made by heating silica sand and carbon to high temperatures in an electric resistance furnace. Silicon carbide semiconductors can operate at much higher temperatures, voltages and frequencies compared to common semiconductors. Due to their unique properties like higher thermal conductivity, resistance to radiation damage and superior mechanical strength, silicon carbide is extensively used in applications like electric vehicles, fast charging, solar inverters and smartphones.
The global Silicon Carbide Market is estimated to be valued at US$ 10.51 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electric vehicles is one of the key factors driving the demand for silicon carbide semiconductors. Major automakers are focusing on developing electric vehicles with longer driving range and faster charging capabilities. Silicon carbide power devices address some of the key challenges faced by EVs like battery size, charging time and costs. They significantly reduce power losses in drivetrain and charger electronics which helps extend driving range per charge. Additionally, silicon carbide reduces conversion losses during DC fast charging, thereby enabling EVs to charge much faster. This in turn fuels the adoption of EVs and increases the requirement of silicon carbide in automotive application.
Segment Analysis
The Global Silicon Carbide Market Analysis is dominated by the power electronics sub segment. Silicon carbide has superior characteristics like high voltage blocking ability, wide bandgap and high thermal conductivity that make it suitable for high power systems. These properties allow silicon carbide based power devices to operate at higher temperatures, with greater efficiency and faster switching times. Thus power electronics systems using silicon carbide have higher power densities and require smaller heat sinks compared to silicon. This helps reduce their size and weight.
Key Takeaways
The global silicon carbide market is expected to witness high growth over the forecast period from 2024 to 2031. The global Silicon Carbide Market is estimated to be valued at US$ 10.51 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031.
Asia Pacific region currently dominates the silicon carbide market and is expected to remain the fastest growing regional market during the forecast period. This is due to the high demand for silicon carbide from countries like China, Japan and South Korea. These countries have a huge consumer electronics and automotive industries that are driving the adoption of silicon carbide semiconductors.
Key players:
Key players operating in the silicon carbide market are Kempinski, Doncasters Group, American Combustion Industries, General Electric, Basic Carbide Corporation, ACME, DENKA Company Limited and Dow Chemical. Kempinski is currently the global market leader with the largest production capacity and product portfolio. Doncasters and American Combustion also have a significant market share in the production of silicon carbide materials, components and devices used across different industries.
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