Silicon Carbide Market Expecting Huge Demand in Upcoming Years 2024 - 2031 | AGSCO Corporation, Carborundum Universal Ltd.

Market Overview:

Global silicon carbide market market was valued at US$ 8.59 Bn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 13.92 Bn by 2030.

Market Dynamics:

The global silicon carbide market is estimated to witness significant growth over the forecast period, owing to rising demand from the semiconductor industry. Silicon carbide has wide bandgap property and high breakdown electric field strength compared to silicon. This makes it suitable for high-power devices. Additionally, silicon carbide has high thermal conductivity that allows devices fabricated with it to operate efficiently at high temperatures. Semiconductor devices manufactured using silicon carbide can operate at temperatures as high as 600°C while maintaining their performance. Another key factor driving the market growth includes silicon carbide's high mechanical hardness and strength, which makes it valuable for abrasives and cutting tools.

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Silicon Carbide Market Drivers:

Increasing Demand From Automotive Industry

Silicon carbide shows excellent performance at high operating temperatures, high switching frequencies, and high voltages. These properties make silicon carbide an ideal semiconductor material for power electronics applications in electric vehicles. The growing automotive industry globally is driving the adoption of electric and hybrid vehicles which use power electronics extensively. This increasing focus on electrification of vehicles will propel the demand for silicon carbide semiconductors in the coming years.

Silicon Carbide Market Opportunity:

Growing Investments in Silicon Carbide Manufacturing Capacities

To meet the rising demand and capture more market share, silicon carbide wafer and device manufacturers are aggressively investing in expanding their silicon carbide manufacturing capacities. For example, Cree Inc. has invested billions of dollars over the past decade in ramping up its silicon carbide fabrication facility in North Carolina. Similarly, ROHM, II-VI Incorporated, and STMicroelectronics have also undertaken large capacity expansion projects. These growing capital investments by silicon carbide industry players are expected to eventually improve wafer yields and drive down prices, making silicon carbide an economically viable solution for a wider range of applications. This increasing capacity growth represents a huge market opportunity for all participants in the silicon carbide value chain.

Silicon Carbide Market Trend:

Advancements in Silicon Carbide Device Design and Fabrication Processes

Continuous research and development efforts are underway globally to enhance the performance and lower the cost of silicon carbide power devices. Improvement areas include reduction of defect densities in wafers, development of novel device structures, introduction of new fabrication techniques, transition to larger wafer diameters of 150mm and 200mm, and integration of silicon carbide manufacturing processes with mainstream silicon fabrication facilities. Advancements such as these will help address current limitations and accelerate the adoption of this wide bandgap semiconductor. The silicon carbide technology itself is expected to evolve significantly in coming years, opening up new potential markets and applications that can further boost the revenues in this industry.

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Top Companies Featured in This Report:

★ 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
★ Snam Abrasives Pvt. Ltd

Market Segmentation:

By Product Type:

★ By Product Type: Black SiC, Green SiC, Others
★ By End User: Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors, Medical & Healthcare, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

The report offers insights on the following aspects:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Analysis of Silicon Carbide Market Competition Landscape by Players

Chapter 4: Assessment of Silicon Carbide Market Size by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, recent developments, and investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Silicon Carbide sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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