Silicon Carbide Market Size to Reach USD 12.56 Bn by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Silicon Carbide Market ’ with a forecast period of 2025-2034. In 2023, the Global Silicon Carbide Market size was USD 3.77 billion, and is calculated at USD 4.21 billion in 2024. The market is projected to reach USD 12.56 billion in 2034, and register a revenue CAGR of 11.56% over the forecast period (2025-2034).

Market Overview:

Global Silicon Carbide (SiC) market revenue growth is driven by rising demand from Electric Vehicles (EVs), increasing demand for power electronics and components, and increasing use of advanced components in renewable energy sectors and infrastructure. Properties such as high thermal conductivity, efficiency, and durability of SiC are resulting in increasing use in solar and wind energy infrastructure, solar inverters, wind turbines, and high-voltage power systems to improve power conversion. Also, silicon carbide is widely used in the electronics sector and is proving crucial in deployment of 5G technology and data centers due to thermal stability and high-frequency performance. 

Applications and use of various silicon carbide components and parts is increasing in aerospace, defense, and healthcare sectors, where resilience under extreme conditions is key. SiC semiconductors are also transforming sectors such as telecommunications, aerospace, and industrial manufacturing by delivering robust performance and reliability under extreme conditions. Advancements in production techniques, such as 3D printing for SiC parts and components, along with improvements in wafer quality and fabrication technologies, are reducing costs and enhancing scalability. In addition, innovations in material engineering and sustainable manufacturing practices are expected drive up demand from various sectors over the forecast period.

Silicon carbide offers high thermal conductivity and electric field resistance, which allows devices to operate at higher voltages and temperatures than traditional silicon-based solutions. These benefits are especially crucial in EVs and renewable energy infrastructure, where efficiency and longevity are critical. Advancements in wafer production technology, such as the transition from 4-inch to larger 6-inch and 8-inch wafers, is expected to increase manufacturing scale and reduce costs. Ongoing research into 3D printing and other innovative SiC fabrication methods is indicating potential for reducing production costs and enabling more complex designs. 

The shift towards renewable energy and sustainable energy sources is driving up demand for EVS worldwide. This trend is having a major impact on demand for silicon carbide, owing to properties to improve energy efficiency and battery performance. Advancements in high-performance electronics such as 5G technologies and infrastructure, high-power data centers, and advanced telecommunications are also driving demand for SiC in electronics.

However, factors such as high production costs of silicon carbide materials and components, limited availability of high-quality raw materials, and complex manufacturing and integration challenges are expected to have a negative impact on potential market growth. 

Some Key Takeaways:

• Among the regional markets in 2023, Asia Pacific silicon carbide market accounted for largest revenue share of over 60% of global market revenue.  
• Factors such as robust manufacturing sector, rising electric vehicle production, and extensive electronics industry in China, Japan, and South Korea can be attributed to majority share from APAC.
• North America market accounted for second-largest revenue share in 2023, with the US leading in terms of revenue share contribution owing to rising adoption of SiC in EVs industry and steady push for efficient energy solutions in power grids and renewable projects.
• Europe silicon carbide market revenue growth is driven by Germany and France, due to significantly high demand for silicon carbide from automotive industry and rising focus on EVs, green technology, and decarbonization and renewable energy initiatives.
• In 2023, the green silicon carbide segment accounted for largest revenue share among the product type segments in the global Silicon Carbide (SiC) market.
• The SiC power modules segment accounted for largest revenue share among the device type segments in 2023 and this trend is expected to continue over the forecast period. 
• The electric vehicles and charging infrastructure sub-segment of the automotive segments accounted for largest revenue share among the application segments in 2023.
• Among the end-use industry segments, the automotive segment is expected to lead in terms of revenue share over the forecast period.
• The competitive landscape in the global Silicon Carbide (SiC) market is intensifying, with major players adopting various strategies to account for larger market share.
• Major companies such as Cree (Wolfspeed), Infineon Technologies AG, STMicroelectronics, Onsemi, and others are investing significantly in R&D to develop next-generation SiC products that offer superior efficiency and durability, catering to high-demand applications like fast-charging EV infrastructure and advanced telecommunications.

Company List:

• Wolfspeed, Inc. (formerly Cree)
• Infineon Technologies AG
• STMicroelectronics
• Onsemi
• ROHM Co., Ltd.
• Renesas Electronics Corporation
• Fuji Electric Co., Ltd.
• SK Siltron Co., Ltd.
• Entegris, Inc.
• Washington Mills
• Saint-Gobain
• CoorsTek
• Carborundum Universal Limited
• Grindwell Norton Ltd.
• Imerys

Recent Developments:

• October 23, 2024: Supreme Petrochem Limited (SPL), which is the largest producer of polystyrene and expandable polystyrene in India, is advancing its operations with a new Mass ABS Project and increasing its capacities for compounds, masterbatches, and EPS at its Amdoshi facility in Maharashtra. The Mass ABS Project aims for a total capacity of 140,000 MTPA, being developed in two phases of 70,000 MTPA each. The first phase is expected to be operational by March 2025. Notably, the Mass ABS process is considered more environmentally sustainable than traditional emulsion processes, as it effectively reduces water pollution. SPL has also secured a licensing and engineering design agreement with Versalis-Eni Chemicals Group for the first phase of this project. 
• October 17, 2024: Carlisle Companies Incorporated announced a definitive agreement to acquire the expanded polystyrene (EPS) insulation division of PFB Holdco, Inc., which is backed by The Riverside Company and includes the Plasti-Fab and Insulspan brands, collectively known as ‘Plasti-Fab’. This company is recognized as a leading provider of EPS insulation products, operating primarily in Canada and the Midwestern United States. According to the agreement, Carlisle will acquire Plasti-Fab for USD 259.5 million in cash, which equates to 6.7 times the adjusted EBITDA for the twelve months ending August 31, 2024, factoring in anticipated cost synergies. The deal is subject to standard closing conditions and is projected to be finalized in the fourth quarter of 2024.

Silicon Carbide Market Segmentation

By Product Type:

• Black Silicon Carbide
• Green Silicon Carbide
• Other

By Device Type:

• SiC Discrete Devices
• Diodes
• MOSFETs
• SiC Power Modules
• SiC Power Semiconductors
• SiC Optoelectronic Devices

By Application:

• Power Electronics
• Automotive
• Electric Vehicles (EVs)
• Charging Infrastructure
• Renewable Energy
• Solar
• Wind
• Industrial 
• Power Supplies
• Motor Drives

By End-Use Industry:

• Automotive
• Energy and Power
• Electronics and Semiconductors
• Aerospace and Defense
• Other

Regional Segmentation: 

North America

• United States
• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America 

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA