The Global Silicon Carbide (SiC) Market is galvanizing pervasively, mainly due to the growing power electronics market. According to Market Research Future (MRFR) the SiC Market holds great potential to expand further in the years to come, garnering extensive prominence. MRFR in its analysis, also states that the global Silicon Carbide market will perceive exponential growth by 2023, posting a staggering CAGR during the assessment period (2017-2023).
Silicon Carbide (SiC) is an integral material for high-power electronics, and hence, accounts for a key enabler of state of the art products in growing markets such as electric vehicles, data centers, and solar systems. Owing to some unique properties, such as an outstanding power switching frequency and power rating performance, SiC, has the edge over other materials such as Silicon. This also enables SiC to perceive huge applications in extreme environment where delivering high power switching property gets crucial.
Hence, it is widely used in semiconductor electronics devices that operate at high temperature or high voltage or both, making SiC a highly preferable material in end-use applications such as steel and electronics among others. Additionally, silicon carbide perceives a high demand from some of the burgeoning industries such as aerospace & aviation, energy, military & defense, and most importantly from automotive and healthcare sectors. The high uptake and augmented demand of SiC, in turn, foster the market growth on the global platform.
June 26, 2018 – GTAT Corporation (GTAT -US) inaugurated its new state-of-the-art silicon carbide (SiC) manufacturing plant at Hudson, New Hampshire. The New facility also includes the company’s new corporate headquarters and its advanced R&D center.
The opening of the new SiC production plant represents a significant milestone for GTAT’s transition from an equipment provider to a materials company while, also, positioning it as one of the only companies in the world with the knowledge and the capacity to offer high-quality SiC material for increasing power electronics applications in high growth markets.
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Global Silicon Carbide Market – Segmentations
The MRFR analysis is segmented into three key dynamics for the convenience of the report and enhanced understanding;
By Application: Aerospace & Aviation, Steel & Energy, Automotive, Military & Defense, Medical & Healthcare, and Electronics & Semiconductors, among others.
By Product: Black and Green Silicon Carbide, among others (refractory, metallurgical, coated, micro grit, and metallurgical briquettes).
By Region: North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The Steel & Energy Segment accounts for the largest application of SiC, followed by the electronics, semiconductors and automobile segments.
The Medical & Healthcare Segment is estimated to demonstrate the highest growth over forecast period.
Silicon Carbide Market – Regional Analysis
The Asia Pacific accounts for the leading market for silicon carbide due to the burgeoning industries such as steel & energy, electronics & semiconductors and most importantly automotive. India, Taiwan, and South Korea countries are accounting for the largest consumer of the product. The largest number of manufacturing plants and consumption in these countries is the key driving force for the market growth in the region.
Continuing with the same APAC is expected to retain its hegemony over the global market during the forecast period as well, followed by the North America region and Europe respectively. Additionally, countries such as India and China backed by the burgeoning manufacturing industry and the presence of major semiconductor manufacturing companies support the market growth in the region.
North America region accounts for the world’s second-largest market for silicon carbide, perceiving the huge demand from the automotive industry backed by the considerable demand for commercial vehicles in the region. Markets in the developed economies witness immense potential in the world of silicon carbide owing to their easy and cost-effective production processes.
Owning a substantial market share, the U.S. accounts for one of the largest five commercial vehicle manufacturing countries which makes the country, a dominant driving force, contributing to the market growth in the region. The region is projected to grow significantly during the review period.
The Europe SiC Market is one of the promising market expected to witness steady growth in the next six years. The presence of a well-established aerospace and aviation industry coupled with the growing markets in the countries such as the Netherlands, Russia, and Germany predominantly support the market growth in the region.
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