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Silicon Carbide - Global Market Trajectory & Analytics

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    Report

  • 482 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5140789

Global Silicon Carbide Market to Reach US$2.2 Billion by the Year 2026


Silicon carbide is witnessing rising adoption across a broad array of industrial applications due to its superior electrical, thermal and mechanical properties in comparison to standard silicon. Growth in the global market is on account of expansion of power electronics and recovery in steel industry, high uptake of SiC devices and increasing investments to boost silicon carbide production. The market is receiving a strong growth stimulus from increasing adoption of SiC devices in the field of power electronics and ongoing efforts by stakeholders to bolster silicon carbide production. In addition, increasing uptake of SiC devices in the power device and automotive industries coupled with rising popularity of electric and hybrid electric vehicles is bound to favor the market growth. The unabated expansion of the global steel industry is poised to create strong demand for silicon carbide represents a key raw material for refractories and an effective deoxidizing agent for the steel industry. In addition, increasing focus on renewable energy is expected to catalyze adoption of silicon carbide semiconductors owing to their high speed and superior toughness in comparison to silicon.

Automotive continues to be one of the primary end-use segments of the silicon carbide market, and is expected to contribute to strong growth due to rising popularity of electric vehicles. These vehicles rely on silicon carbide-based power electronics that can operate at high-temperature settings. The increasing adoption of power semiconductors and the resulting spike in load on power systems are poised to benefit the market. Power supply and inverter segment devices are gaining from high demand for stable, efficient power supplies like UPS, wireless charging devices and power modules in the telecommunications, power electronics, automotive and renewable power generation industries. The use of SiC devices in these applications enables double-conversion mode for high efficiency. In addition, these devices allow UPS manufacturers to ensure compact footprint, affordability and power quality for their products.

Amid the COVID-19 crisis, the global market for Silicon Carbide estimated at US$1.1 Billion in the year 2022, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 17.5% over the analysis period. Black SiC, one of the segments analyzed in the report, is projected to grow at a 15.5% CAGR to reach US$1.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Green Sic segment is readjusted to a revised 21.3% CAGR for the next 7-year period. This segment currently accounts for a 33.4% share of the global Silicon Carbide market. Black silicon carbide segment occupies the dominating value share of the market owing to expansion of the construction and automotive industries and rising demand for steel. Black silicon carbide features a crystalline nature and is produced using coke and silica sand. The compound is commonly used in refractory, abrasive, wear-resistant and grinding & polishing products in numerous industrial applications. Green silicon carbide represents the purest form of silicon carbide and produced using coke and silica sand. The compound is more expensive and harder in comparison to black silicon carbide. Based on its desirable form factor and enhanced efficiency, green silicon carbide presents an effective alternative to silicon chips used in semiconductors.

The U.S. Market is Estimated at $167.3 Million in 2022, While China is Forecast to Reach $721.9 Million by 2026


The Silicon Carbide market in the U.S. is estimated at US$167.3 Million in the year 2022. The country currently accounts for a 15.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$721.9 Million in the year 2026 trailing a CAGR of 20.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.6% and 14.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.9% CAGR while Rest of European market (as defined in the study) will reach US$77.5 Million by the end of the analysis period. Asia-Pacific region dominates market share and growth is driven by continuous expansion of the manufacturing sector across countries such as China and India. The market growth is augmented by strong contribution from rising production of electric vehicles and hybrid electric vehicles in China, India, Japan and South Korea. Future growth of the Asia-Pacific market is bound to be favored by increasing investments in India in infrastructure projects and rising demand for housing, which is driving consumption of crude steel. The North American market is driven by ongoing efforts by major automakers to produce lightweight, affordable vehicles that deliver enhanced performance and score low in terms of carbon emissions. The trend is creating lucrative opportunities for providers of silicon carbide abrasives who are offering numerous products to cater to specific demands of automakers.

Electrical & Electronics (End-Use) Segment to Reach $754.5 Million by 2026


The electrical & electronics segment is estimated to post a fast revenue growth rate due to increasing adoption of power modules in advanced semiconductor devices. Semiconductors built on silicon carbide hold a wider band-gap, superior thermal conductivity and enhanced critical electric field. Future expansion of the segment is anticipated to be facilitated by rising production of next-generation semiconductor devices for different industrial applications. In the global Electrical & Electronics (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 18.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$147.7 Million will reach a projected size of US$559.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$208.3 Million by the year 2026, while Latin America will expand at a 22.8% CAGR through the analysis period.

Select Competitors (Total 107 Featured):

  • AGSCO Corporation
  • Carborundum Universal Limited
  • Entegris, Inc.
  • ESK-SIC GmbH
  • Fuji Electric Co., Ltd.
  • Grindwell Norton Limited
  • Infineon Technologies AG
  • Microchip Technology Inc.
  • Renesas Electronics Corporation
  • ROHM Co., Ltd.
  • Saint Gobain Ceramic Materials GmbH
  • Semiconductor Components Industries, LLC
  • STMicroelectronics AG
  • The General Electric Company
  • Toshiba Corporation

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Silicon Carbide - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Review of the World Economy in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact on Silicon Carbide Market
  • Impact of COVID-19 on the Semiconductor Industry Exposes the Risk of Value Chain Modularity
  • Silicon Carbide: A Prelude
  • Silicon Carbide Emerges as Go-To Solution for Demanding Industrial Applications
  • Market Outlook
  • Asia-Pacific Continues to Dominate Production and Consumption
  • Recent Industry Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Growing Focus on Power Electronics Drives Uptake of SiC
  • Rising Demand for Wide-Bandgap Materials Bodes Well
  • Automotive Industry: A Major Market for SiC
  • Incessant Drift Towards E-Mobility Drives Uptake
  • SiC MOSFETs Gaining Traction in Automotive Sector
  • Select Automotive Models & Platforms with SiC MOSFET Inverter Technology
  • EVs and Opportunities: Past, Present and Future
  • Global Electric Car Fleet Size (In Thousand Units) for the Years 2014, 2016, 2018 and 2021
  • Global Chip Shortage Mars the Expected Recovery of the Auto Industry in 2021 & 2022. EVs to Also Feel the Pain
  • Rising Chip Lead Times Hurt Auto OEMs: Global Auto Chip Lead Times (In Weeks) for Years 2017 Through 2021
  • Growth in 5G Adoption and Prospects Ahead
  • Global 5G Subscriptions (In Million) for Years 2020, 2022, 2024 and 2026
  • Percentage 5G Adoption by Region in 2025
  • SiC Low Costs Drive Application as Abrasives
  • Knoop Hardness of Tooling Materials such as Diamond, Cubic Boron Nitride, Vanadium Carbide, Silicon Carbide, Aluminum Oxide, Tungsten Carbide, Hard Steel HRC 65 and Soft Steel HRB 85 - (in x 103)
  • SiC to Experience Improved Demand as Material Engineering Gains Traction in Aerospace
  • Composites Make Up for About Half of Total Weight of Modern Aircraft: Percentage Breakdown of Structural Weight Composition by Material for Airbus 350XWB and Boeing 787
  • Aerospace Industry Limps Back Onto a Long Road to Recovery, Brightening the Outlook for Aerospace Materials
  • Aerospace Industry Recovery to Strengthen by 2022
  • Global Air Traffic Passenger Traffic Estimates and Forecasts in Billion for the Period 2015-2025
  • Global Aircraft Fleet by Aircraft Type for the Years 2018 and 2038
  • Steel: An Important End-Use Market for SiC
  • Recovery in Steel Demand Sends Good Vibes for Silicon Carbide Market
  • Global Steel Demand (2021): Percentage Breakdown of Consumption by Product Shape
  • Global Crude Steel Production in Million Tonnes: 2010-2020
  • Global Steel Consumption in Million Tonnes: 2016, 2018, 2020, 2022, 2024 and 2026
  • SiC as a Refractory Material
  • Rising Interest in Graphene Drives Prospects
  • SiC Gains as Solar Power Becomes Indispensable to Global Energy Mix
  • Robust Demand for Solar Power Provides a Fertile Environment for the Growth of Solar Lighting Systems: Global Demand for Solar Photovoltaic Power (In Gigawatts) for Years 2020, 2022, 2024 & 2026
  • Growing Investments in Microgrid Systems Drive SiC Components
  • Global MicroGrids Market in US$ Billion for Years 2020, 2022, 2024, and 2026
  • SiC Seeks Role in Military & Defense Applications
  • R&D Developments to Widen Market Prospects
  • Nanoscale SiC Powder in Demand
  • Silicon Carbide Offers Promise to Avoid False Negatives in COVID-19 Tests
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Silicon Carbide Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 107

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AGSCO Corporation
  • Carborundum Universal Limited
  • Entegris, Inc.
  • ESK-SIC GmbH
  • Fuji Electric Co., Ltd.
  • Grindwell Norton Limited
  • Infineon Technologies AG
  • Microchip Technology Inc.
  • Renesas Electronics Corporation
  • ROHM Co., Ltd.
  • Saint Gobain Ceramic Materials GmbH
  • Semiconductor Components Industries, LLC
  • STMicroelectronics AG
  • The General Electric Company
  • Toshiba Corporation