Silicon Carbide Is Estimated To Witness High Growth Owing To Wide Range of Applications

Silicon Carbide Is Estimated To Witness High Growth Owing To Wide Range of Applications

Market Overview:
Silicon carbide displays properties including high thermal conductivity, high chemical inertness, high mechanical hardness and strength, high thermal shock resistance, and high electric breakdown strength. These properties make it suitable for applications in semiconductors, refractories, abrasives, and ceramics industries. Semiconductor grade silicon carbide is used in electronics, automotive, aerospace and defense industries due to its high power rating, high operating temperature, high efficiency and low power loss.

Market Dynamics:
The wide range of applications of silicon carbide due to its unique mechanical and electrical properties is expected to drive the market growth over the forecast period. Silicon carbide semiconductors are increasingly being used in power electronics applications due to its advantages over traditional silicon semiconductors. It enables design of compact power electronic components with higher power densities, efficiencies and operating temperatures. Furthermore, silicon carbide is increasingly being adopted in electric vehicles for manufacturing fast charging circuits and on-board chargers due to its high power specifications. The adoption of electric vehicles is expected to significantly drive the demand for silicon carbide semiconductors over the forecast period. Additionally, increasing investments by governments and private organizations in development of silicon carbide technologies is also expected to boost the market growth.

SWOT Analysis

Strength:
- Silicon carbide has high thermal conductivity which makes it suitable for applications requiring heat dissipation.
- It exhibits high mechanical strength and hardness which makes it durable for wear and corrosion resistant applications.
- Silicon carbide is compatible with most chemical environments which increases its usage in semiconductor and corrosion resistant applications.

Weakness:
- Production of silicon carbide involves high temperature and high pressure which increases production costs.
- Availability of substitute materials like aluminum nitride and diamond in few application areas.

Opportunity:
- Growing demand for electric vehicles provides opportunity for usage of silicon carbide in power electronics which improves charging efficiency.
- Increasing expenditure on renewable energy especially solar energy drives the demand for silicon carbide in wafer manufacturing.

Threats:
- Fluctuations in raw material prices especially those of quartz can increase the production costs.
- Trade wars and geopolitical tensions can disrupt the supply chain.

Key Takeaways

The Global Silicon Carbide Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for electric vehicles. SiC semiconductors allow for faster switching of power compared to ordinary silicon, thereby improving charging efficiency of electric vehicles.

Regional analysis:
Asia Pacific dominates the global silicon carbide market, accounting for more than 40% share in 2023. China, Japan and South Korea are major consumers in the region driven by established automotive and electronics industry. Furthermore, large solar energy programs in China and India drives the SiC demand in this region.

Key players analysis:
Key players operating in the silicon carbide market are AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd. These key players are focusing on expanding their production capacities and investing in R&D to improve the performance of silicon carbide in various applications.

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