Silicon Carbide Market Value to Reach USD 11.1 billion by 2028 | Key Players, Demands, Trend, Size, Share and Future Outlook

The global silicon carbide market was valued at USD 1.8 billion in 2022 and is projected to reach USD 11.1 billion by 2028; it is expected to register a CAGR of 36.4% during the forecast period. Higher mechanical, electrical, and thermal properties of SiC than regular silicon is driving the growth of the silicon carbide market, whereas availability of substitute materials such as gallium nitride is restraining the growth of silicon carbide market.

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The silicon carbide market is dominated by a few globally established players such as STMicroelectronics N.V. (Switzerland); Infineon Technologies AG (Germany); WOLFSPEED, INC. (North Carolina); ON Semiconductor Corporation (Arizona); ROHM Co., Ltd. (Kyoto). The study includes an in-depth competitive analysis of these key players in the silicon carbide market, with their company profiles, recent developments, and key market strategies.

The silicon carbide market refers to the industry that produces and supplies silicon carbide (SiC), a compound material made up of silicon and carbon. SiC is used in a wide range of applications, including power electronics, automotive components, aerospace, and semiconductor manufacturing, among others.

The silicon carbide market is driven by the increasing demand for high-performance materials that offer superior properties such as high strength, hardness, and thermal stability. SiC is known for its exceptional properties, including high thermal conductivity, low thermal expansion, and high resistance to chemical and thermal shock.

The market includes a range of SiC products, including SiC wafers, SiC powder, SiC fibers, and SiC coatings. The market also includes SiC components such as SiC diodes, SiC transistors, and SiC power modules, which are used in power electronics applications.

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