Silicon Carbide Industry Overview
The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is anticipated to accelerate at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030.
The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials.
Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market
The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with wider product penetration observed in the domestic semiconductor sector. The use of the product in wafer form remained among the key point of applications. The vendors of the domestic market posted healthy growth, with Washington Mills emerging to be the front–runner in the U.S. silicon carbide industry. However, the global pandemic and resultant closure of manufacturing activities directly impacted the new order bookings, which ultimately led to the shortfall of FY 2020. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.
Since the U.S. is the largest producer of wafers and substrates for the semiconductor industry, the impact level was mildly reduced, especially by the last quarter of FY 2020. The industry dynamics are likely to improve significantly in FY 2021 as the industrial and electronic manufacturing in the country resume their operations. The pent-up demand is estimated to play a key role in boosting the demand for the product, especially from the local chips marketspace. Such trends are projected to positively influence the market growth of silicon carbide and associated products during the forecast period.
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Market Share Insights
- January 2019:Cree, Inc., signed a long-term agreement to supply SiC wafers to STMicroelectronics.
Key Companies profiled:
Some of the prominent vendors in the global silicon carbide market include:
- AGSCO Corp.
- Carborundum Universal Ltd.
- Washington Mills
- Coorstek
- Entegris, Inc.
- ESD-SIC b.v.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- SK Siltron Co., Ltd.
Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.
The new research report titled "Silicon Carbide Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the silicon carbide market include AGSCO Corporation, Carborundum Universal Limited., Dow Chemical Co., Entegris, Inc., ESD-SiC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Saint Gobain Ceramic Materials GmbH, SNAM Abrasives Pvt.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Silicon Carbide Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/silicon-carbide-market/download-sampleMarket DynamicsMany factors, such as the surge in demand for motor drives, compact system size, and the increase in utility of silicon carbide in the cellular base station and radiofrequency devices, are some factors, which are boosting the growth of the silicon carbide market during the forecast period.
On the other hand, the price of silicon carbide ranges from $800 to $2,000 per ton, which is very high compared to other available alternatives.
