Silicon Carbide Market Report 2026

The silicon carbide market size has grown rapidly in recent years. It will grow from $3.1 billion in 2025 to $3.64 billion in 2026 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to expansion of steel and abrasive applications, increasing adoption of sic in power electronics, growth of industrial manufacturing demand, rising use of sic in high-temperature environments, availability of synthetic sic production processes.

The silicon carbide market size is expected to see rapid growth in the next few years. It will grow to $6.73 billion in 2030 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to increasing penetration of electric vehicles, rising investments in renewable energy infrastructure, expansion of high-voltage power applications, growing demand for lightweight and durable materials, increasing adoption of advanced semiconductor devices. Major trends in the forecast period include increasing adoption of sic power electronics, rising use of silicon carbide in ev powertrains, growing demand for high-temperature resistant materials, expansion of sic applications in aerospace and defense, enhanced focus on energy-efficient power devices.

The rising demand for consumer electronics is expected to drive the growth of the silicon carbide market going forward. Consumer electronics include electronic devices and gadgets designed for personal use, such as smartphones, laptops, televisions, and home appliances. Silicon carbide is used in these devices for its high-temperature resistance and efficient power management, improving performance and durability. For example, in May 2023, the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, reported that total electronic equipment production in Japan reached $52,36,535 million (¥771,457 million). Consumer electronics production reached $2.17 trillion (¥32,099 million) in May 2023, compared to $1.71 trillion (¥25,268 million) in May 2022. Therefore, growing demand for consumer electronics is boosting the silicon carbide market.

Major companies in the silicon carbide market are concentrating on developing innovations, such as smaller and lighter components, to reduce weight and size, which is essential for optimizing vehicle performance and energy consumption. Smaller and lighter components refer to parts or devices designed to occupy less space and weigh less, often aimed at enhancing portability, efficiency, or lowering material costs. For example, in September 2024, STMicroelectronics NV, a Switzerland-based semiconductor manufacturing company, introduced Generation 4 SiC MOSFETs intended to improve electric vehicle (EV) traction inverters. This new generation of silicon carbide power technology offers significant advancements in power efficiency, density, and robustness. Specifically designed for next-generation EV traction inverters, it enhances driving range through improved energy efficiency while also reducing component size and weight, thus optimizing vehicle performance. Ongoing innovations are expected to continue through 2027.

In September 2024, Carborundum Universal Limited, an India-based manufacturer of industrial products, acquired Silicon Carbide Products, Inc. for USD 6.66 million. This acquisition is intended to enhance Carborundum Universal Limited's product offerings and strengthen its market presence in the silicon carbide sector. Silicon Carbide Products, Inc. is a U.S.-based company specializing in the production and distribution of silicon carbide (SiC) materials and products.

Major companies operating in the silicon carbide market are Infineon Technologies AG, Cree Inc. (now Wolfspeed), ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC B.V., Grindwell Norton Limited, Saint-Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., Shandong Ruifeng Chemical Co. Ltd., Washington Mills Electro Minerals Corporation, LG Innotek Co. Ltd., Pallidus Inc., Elsid S.A., Asron AB, CoorsTek Inc.

Asia-Pacific was the largest region in the silicon carbide market in 2025. The regions covered in the silicon carbide market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the silicon carbide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The silicon carbide market consists of sales of silicon carbide in different forms, including nitride-bonded silicon carbide, sintered silicon carbide, and reaction-bonded silicon carbide. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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