IMARC Group, a leading market research company, has recently released report titled “Silicon Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global silicon carbide market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the silicon carbide market?
The global silicon carbide market size reached US$ 5.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is silicon carbide?
Silicon carbide (SiC), or carborundum, is a hard, covalently bonded semiconductor that primarily consists of silicon and carbon. It naturally occurs as a rare mineral, moissanite, and is commercially produced by reacting sand with coke in an electric resistance furnace. As compared to silicon, SiC has a higher power rating and lower switching frequency and can be used in very high temperatures or voltage conditions. Consequently, SiC finds extensive applications in car brakes and clutches, light-emitting diodes (LEDs), and detectors. Apart from this, silicon carbide grains are bonded together through the sintering process to form hard ceramic plates for bulletproof jackets and vests.
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What are the growth prospects and trends in the silicon carbide industry?
The extensive incorporation of SiC in various consumer electronic devices, due to their several advantages, including higher drift velocity, breakdown voltage, and thermal conductivity combined with a wider bandgap and a large critical electric field, is primarily driving the market growth. Concurrent with this, the rising adoption of renewable energy sources for power generation in semiconductors is supplementing the demand for SiC in the market.
Moreover, extensive employment of SiC devices in the automotive industry, particularly in hybrid and electronic vehicles (EVs), owing to their efficient functionality in high voltage power converters and battery charging devices, is favoring the market’s growth. Besides this, the significant expansion of the steel industry and large-scale usage of SiC devices in cellular base stations and radio-frequency operations are supporting the market growth.
Silicon Carbide Market 2023-2028 Competitive Analysis and Segmentation:
Who are the leaders operating in the SiC industry?
Silicon Carbide Leaders:
- AGSCO Corp
- Carborundum Universal Limited (Murugappa Group)
- Compagnie de Saint-Gobain S.A.
- Cree Inc.
- Entegris Inc.
- ESK-SIC GmbH
- Fuji Electric Co. Ltd.
- General Electric Company
- Genesic Semiconductor Inc.
- Infineon Technologies AG
- Renesas Electronics Corporation
- SNAM Abrasives Pvt Ltd
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Key Market Segmentation:
The report has segmented the silicon carbide market on the basis of product, application and region.
Breakup by Product:
- Black Silicon Carbide
- Green Silicon Carbide
- Others
Breakup by Application:
- Steel
- Automotive
- Aerospace
- Military and Defense
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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