IMARC Group has recently released a new research study titled “Silicon Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the silicon carbide market?
The global silicon carbide market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is silicon carbide?
Silicon carbide (SiC) is a versatile compound composed of silicon and carbon. It is characterized by its exceptional hardness, high thermal conductivity, and superior chemical resistance. Silicon carbide exists in various forms, including powders, grains, and fibers, and it is widely used in numerous industries for its unique properties. Due to its remarkable characteristics, silicon carbide has found applications in diverse sectors, such as automotive, aerospace, electronics, energy, and metallurgy. Its ability to withstand high temperatures, corrosion, and mechanical stress makes it a valuable material for various industrial processes and products.
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Market Trends and Drivers:
The increasing demand for silicon carbide in the automotive industry represents one of the key factors driving the market growth. Additionally, the rising focus on energy efficiency and the need for renewable energy sources have fueled the demand for silicon carbide in the renewable energy sector. It is widely used in solar inverters and wind turbine components, enabling higher energy conversion efficiency and reducing carbon emissions.
Besides this, the expanding application of silicon carbide in the electronics industry is propelling market growth. Silicon carbide-based semiconductors are being increasingly adopted in high-power and high-temperature electronic devices, including power modules, LED lighting, and radio frequency systems.
Moreover, the demand for silicon carbide in the steel and metallurgy industry is rising due to its use as an abrasive and refractory material in metal processing and foundries. Its hardness and thermal stability make it suitable for grinding, polishing, and cutting applications. The market is also being driven by the introduction of environmentally friendly silicon carbide materials with improved energy efficiency and reduced carbon footprint.
Who are the key players operating in the silicon carbide industry?
The report covers the major market players including:
- AGSCO Corp
- Carborundum Universal Limited (Murugappa Group)
- Compagnie de Saint-Gobain S.A.
- Cree Inc.
- Entegris Inc.
- ESK-SIC GmbH
- Fuji Electric Co. Ltd.
- General Electric Company
- Genesic Semiconductor Inc.
- Infineon Technologies AG
- Renesas Electronics Corporation
- SNAM Abrasives Pvt Ltd
Key Market Segmentation:
The report has segmented the silicon carbide market on the basis of component, application and region.
Breakup by Product:
- Black Silicon Carbide
- Green Silicon Carbide
- Others
Breakup by Application:
- Steel
- Automotive
- Aerospace
- Military and Defense
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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