Silicon carbide (SiC) market to grow at a CAGR of 12.33% from 2022 to 2027

NEW YORK, Aug. 4, 2023 /PRNewswire/ -- The global silicon carbide (SiC) market size is estimated to grow by 2.57 million tons from 2022 to 2027, according to Technavio. The market is expected to grow at a CAGR of 12.33% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The increase in demand for SiC fibers is driving market growth. SiC fibers have high heat resistance, chemical stability, and modulus. In addition, they are lightweight and durable, which makes them appropriate for various aerospace-related applications. The focus on the modernization of defense aircraft fleets by various countries has increased the demand for aircraft materials. Therefore, composites such as SiC fibers are used in aircraft manufacturing. These factors will contribute to the market growth during the forecast period. - Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and the forecast period (2023-2027). Download Sample Report in minutes!

The silicon carbide (SiC) market covers the following areas:

Silicon Carbide (SiC) Market Sizing

Silicon Carbide (SiC) Market Forecast

Silicon Carbide (SiC) Market Analysis

The report on the silicon carbide (SiC) market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Silicon Carbide (SiC) Market 2023-2027 - Market Dynamics

Leading trends influencing the market

The use of power inverters that use SiC for EVs is a key trend in the market.

Power inverters ensure efficient energy management in electric vehicles.

New SiC-based automotive inverters and advanced semiconductor devices based on SiC field effect transistors can improve the performance of EVs.

SiC-based automotive inverters have various advantages, such as higher temperature resistance, improved efficiency, reduced size, and lighter weight, when compared to conventional inverters.

Environmental concerns will also drive the demand for SiC-based automotive inverters for the development of EVs and hybrid EVs.

Such developments are expected to support the growth of the global SiC market during the forecast period.

Major challenges hindering the market growth

Competition from gallium nitride material is challenging the market growth.

Gallium nitride-based devices include transistors, Schottky diodes, power modules, MOSFETs, IGBTs, and rectifiers.

These devices have similar performance as that of SiC-based devices.

Moreover, gallium nitride devices are highly commercialized in comparison to SiC devices.

Research on new technologies of gallium nitride devices will further pose stiff competition to SiC devices.

These factors will hamper the market growth during the forecast period.

Silicon Carbide (SiC) Market 2023-2027 : Market Segmentation

Technavio has segmented the market based on application (steel and energy, electronics, automotive, aerospace and defense, and medical) and product (black SiC, green SiC, and others).

The steel and energy segment will account for a significant share of the market growth during the forecast period. The steel and energy industry are the major end-users of SiC. SiC briquettes and grains are used as solid fuels in steel manufacturing, as they provide higher thermal energy when compared to silicon manganese, ferrosilicon, and coal. The increase in demand for energy efficiency in power transmission and the use of smart grids in the renewable energy industry will also drive the demand for SiC. Renewable energy and smart grids require advanced technologies to generate, store, convert and distribute power efficiently. Hence, they use SiC to enable electrification. Such factors will fuel the growth of the segment during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

AGSCO Corp.

ASUZAC Inc.

CeramTec GmbH

CoorsTek Inc.

ESD SiC bv

ESK SiC GmbH

Gaddis Inc.

Henan Yicheng New Energy Co. Ltd.

Hongwu International Group Ltd.

Imerys S.A.

KYOCERA corp.

Miller and Co.

Morgan Advanced Materials Plc

Murugappa Group

Saint Gobain

SNAM Abrasives Pvt. Ltd.

STMicroelectronics NV

Dow Inc.

Tokai Carbon Co. Ltd.

Xiamen Powerway Advanced Material Co. Ltd.

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Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Company Offerings

AGSCO Corp. - The company offers silicon carbide products for lapping, cutting, and anti-slip flooring aggregate.

ASUZAC Inc. - The company offers silicon carbide products for heater peripheral parts, plasma-resistant materials, and semiconductor LED trays.

CeramTec GmbH - The company offers silicon carbide products for friction bearings and mechanical seals.

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Silicon Carbide (SiC) Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 12.33%

Market growth 2023-2027

2.57 million tons

Market structure

Fragmented

YoY growth 2022-2023(%)

11.66

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 43%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AGSCO Corp., ASUZAC Inc., CeramTec GmbH, CoorsTek Inc., ESD SiC bv, ESK SiC GmbH, Gaddis Inc., Henan Yicheng New Energy Co. Ltd., Hongwu International Group Ltd., Imerys S.A., KYOCERA corp., Miller and Co., Morgan Advanced Materials Plc, Murugappa Group, Saint Gobain, SNAM Abrasives Pvt. Ltd., STMicroelectronics NV, Dow Inc., Tokai Carbon Co. Ltd., and Xiamen Powerway Advanced Material Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global silicon carbide (SiC) market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Steel and energy - Market size and forecast 2022-2027

6.4 Electronics - Market size and forecast 2022-2027

6.5 Automotive - Market size and forecast 2022-2027

6.6 Aerospace and defense - Market size and forecast 2022-2027

6.7 Medical - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Black SiC - Market size and forecast 2022-2027

7.4 Green SiC - Market size and forecast 2022-2027

7.5 Others - Market size and forecast 2022-2027

7.6 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 India - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Russia - Market size and forecast 2022-2027

9.12 US - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 AGSCO Corp.

12.4 ASUZAC Inc.

12.5 CeramTec GmbH

12.6 CoorsTek Inc.

12.7 Dow Inc.

12.8 ESD SiC bv

12.9 ESK SiC GmbH

12.10 Henan Yicheng New Energy Co. Ltd.

12.11 Hongwu International Group Ltd.

12.12 Imerys S.A.

12.13 KYOCERA corp.

12.14 Miller and Co.

12.15 Morgan Advanced Materials Plc

12.16 Murugappa Group

12.17 Saint Gobain

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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