Silicon carbide, also known as carborundum, is a synthetic crystal compound of silicon and carbon. Silicon carbide has unique physical and chemical properties that make it very desirable for many purposes, especially as an abrasive and refractory. Some key properties include high thermal conductivity, high mechanical strength, high thermal shock resistance, high hardness, low thermal expansion, good corrosion resistance and good dielectric strength. These properties have led to a wide range of applications in various industries such as steel, aluminium, automotive, aerospace, military and power generation sector. The growing usage of silicon carbide in high voltage power semiconductor devices, electronics, solar panels, LED lighting and industrial furnaces is driving its global demand. Some other materials used for such applications are more expensive or less durable than silicon carbide, making it an effective alternative.
The global Silicon Carbide Market is estimated to be valued at US$ 9.12 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the silicon carbide market is its rising popularity as a semiconductor material. Silicon carbide demonstrates substantially better characteristics than ordinary silicon for high-power and high-frequency semiconductor devices. It has a wider bandgap, better thermal conductivity, higher electric field breakdown strength and better thermal stability than silicon. These properties make silicon carbide an ideal choice for high-power semiconductor devices. The superior properties allow smaller, faster and more energy efficient power electronics like electric vehicle motors and inverters to be built using silicon carbide. With more companies investing in silicon carbide semiconductor manufacturing capabilities, its adoption in high-power semiconductor applications is expected to grow significantly in the coming years.
- Threat of new entrants: The silicon carbide market requires high R&D and capital investments, which pose significant entry barriers for new players.
- Bargaining power of buyers: The existence of several players restricts the bargaining power of buyers in the silicon carbide market.
- Bargaining power of suppliers: The availability of raw materials and less differentiation among suppliers results in high bargaining power of suppliers in the silicon carbide market.
- Threat of new substitutes: There are limited substitutes for silicon carbide due to its unique material properties, reducing threats from substitutes.
- Competitive rivalry: The silicon carbide market has the presence of few international players and regional players, resulting in high competitive rivalry.
The Global Silicon Carbide Market Demand is expected to witness high growth.
Regional Analysis: North America is currently the largest market for silicon carbide, owing to the presence of major players in the region and increasing demand from the automotive and electronics industries.
Key players operating in the silicon carbide market are Infineon Technologies, Cree Inc., ROHM Semiconductor, STMicroelectronics, and TOSHIBA CORPORATION.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it