Silicon Carbide (Carborundum) Market to Reach US$ 19 Billion by 2033, Driven by EVs and Electronics Boom

The global silicon carbide (carborundum) market is poised for a remarkable expansion, projected to surge from US$ 4.3 billion in 2023 to US$ 19 billion by 2033, growing at an impressive CAGR of 16%, according to a recent market analysis by Fact.MR. This rapid growth is primarily driven by the material's increasing adoption in electric vehicles (EVs), high-end electronics, and refractory applications in the steel industry.

Silicon carbide (SiC), known for its chemical inertness, thermal conductivity, high hardness, and resistance to heat and abrasion, is becoming a material of choice across industries that demand high-performance materials. Its widespread utility in power electronics, electric vehicle components, semiconductors, and steel furnaces makes it a critical raw material in industrial transformation efforts geared toward sustainability and efficiency.

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Asia Pacific: Dominating Regional Demand with 60% Market Share

Asia Pacific leads the global silicon carbide market with a 60% share in 2022, driven by strong consumption in China, India, and Japan. China is spearheading the region's growth, backed by its "Made in China 2029" strategy aimed at reducing import dependency in semiconductor production. SiC is increasingly used in semiconductors and as a deoxidizing agent in steel production. Furthermore, initiatives like India's PLI Scheme and EMC 2.0 are further bolstering regional demand for SiC in electronics manufacturing.

The establishment of India's first silicon carbide fabrication facility in Gujarat by Silicon Power Corporation is a significant step toward domestic semiconductor capacity enhancement, supporting the country's vision of becoming an electronics manufacturing hub.

North America: Accelerated Expansion in Semiconductors and Electric Vehicles

The United States is witnessing substantial growth in the SiC market owing to its robust electronics, automotive, and energy sectors. Home to key players like Cree Inc., Saint-Gobain, and AGSCO Corporation, the region is benefiting from increased investments in EV infrastructure and renewable energy. A recent executive order by the U.S. government emphasizing semiconductor supply chain security is anticipated to further boost domestic SiC production and innovation.

In a strategic move, Qorvo acquired UnitedSiC in 2021 to strengthen its portfolio in power semiconductors targeting EVs, renewable energy, and data centers. Similarly, SK Siltron's Bay City plant in the U.S., announced in 2022, is expected to manufacture over 100,000 SiC wafers annually, significantly increasing the supply of high-quality SiC components.

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Europe and Middle East & Africa: Leveraging Industrial Applications

In Europe, SiC demand is fueled by growth in automotive electrification and industrial applications. Aerospace and defense sectors are also increasingly integrating SiC-based materials for lightweight and high-temperature-tolerant components. In the Middle East & Africa, adoption is slower but gaining traction in steel manufacturing and renewable energy projects.

Competitive Landscape and Strategic Developments

The silicon carbide market is moderately consolidated, with key players focusing on collaborations, capacity expansions, and product innovation. Major companies include Saint Gobain Ceramics Materials GmbH, Imerys, Morgan Advanced Materials, Tokai Carbon Co., and Grindwell Norton Ltd.

A key development includes the collaboration between ROHM Semiconductor and Vitesco Technologies in June 2020 to enhance EV energy efficiency using SiC components. This partnership exemplifies the industry's shift towards more energy-efficient and compact power electronics in electric mobility.

Additionally, GeneSiC Semiconductor, a subsidiary of Navitas, launched its 750V G3R SiC MOSFET in June 2021, promising ultra-fast switching, lower losses, and compact designs for EV and industrial applications.

Market Opportunities and Challenges

The expanding role of SiC in electric and hybrid vehicles, semiconductors, and steel production offers a significant growth runway. Black SiC, commanding a 54% share in 2022, is widely used in electric arc furnaces for steelmaking, while green SiC is gaining preference in precision abrasives and electronics.

However, challenges such as high production costs, complex doping processes, and material flaws in SiC substrates pose restraints. The emergence of gallium nitride (GaN) as a competing wide-bandgap semiconductor also threatens market share, especially in high-frequency applications where GaN offers better electron mobility.

Future Outlook

Driven by rising demand from EVs, smart electronics, and industrial manufacturing, the silicon carbide market is on a trajectory of high growth. With increasing government support, ongoing R&D, and expansion of global manufacturing capacity, SiC is positioned to play a pivotal role in the future of sustainable, high-performance technologies. Manufacturers are expected to capitalize on the booming semiconductor and EV ecosystem while navigating the challenges posed by costs and competition from alternative materials.

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