Silicon Carbide Market Set to Surpass USD 8.36 Billion by 2032 Amid Rising Demand from Automotive, Renewable Energy, and Semiconductor Industries
Due to its endurance to high temperatures, silicon carbide is utilized as a raw material for refractory. The lining of kilns, furnaces, and reactors in numerous sectors, including cast iron, steel, aluminum, and metal, frequently uses refractory products. It is projected that the development in production in the aforementioned ferrous and non-ferrous industries will drive the market for refractory materials. More than $100 billion is invested in India's automotive sector, which accounts for 8% of all exports, 2.3% of the nation's GDP, and is anticipated to surpass China's automotive sector by 2025 to rank third internationally.
Global Silicon Carbide Market size was valued at USD 3.35 billion in 2023 and is poised to grow from USD 3.71 billion in 2024 to USD 8.36 billion by 2032, growing at a CAGR of 10.7% during the forecast period (2025-2032).
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Market Growth Drivers
Electric Vehicles and Clean Transportation: SiC devices are becoming essential in EV inverters, onboard chargers, and power modules due to their ability to withstand high voltages and operate at high frequencies with minimal power loss. Major automotive manufacturers are integrating SiC-based components to improve vehicle range and efficiency.
Semiconductor Industry Innovation: Silicon carbide is a preferred material in widebandgap semiconductors, enabling faster switching speeds and improved thermal conductivity. As 5G, IoT, and AI technologies advance, SiC-based semiconductors are seeing expanded deployment in data centers, industrial automation, and smart grids.
Renewable Energy Integration: The push toward decarbonization has led to more solar inverters and wind power systems adopting SiC components to improve efficiency and reliability. SiC is also gaining traction in grid infrastructure for its superior performance in high-voltage conditions.
Steel & Metallurgy Applications: SiC is widely used as a deoxidizing agent in steel manufacturing and as a refractory material due to its thermal resistance, hardness, and corrosion resistance, especially in emerging markets with booming infrastructure needs.
Market Segmentation Overview
By Product Type:
o Black Silicon Carbide (used in grinding and cutting tools)
o Green Silicon Carbide (used in polishing, electronics, and high-tech applications)
By Application:
o Steel and Metallurgy
o Automotive and Transportation
o Aerospace and Defense
o Electrical & Electronics
o Healthcare Devices
o Power Distribution Systems
By Region:
o Asia-Pacific: Leads global production and consumption, driven by rapid industrialization and demand from China and India.
o North America: Witnessing growth due to EV adoption, aerospace R&D, and increasing investment in semiconductor manufacturing.
o Europe: Focusing on green energy policies and transitioning to SiC for industrial decarbonization.
Key Market Trends
Rise of SiC Wafer Manufacturers: Companies like Wolfspeed, ON Semiconductor, and STMicroelectronics are expanding production capacity for 150mm and 200mm SiC wafers to meet growing global demand.
Strategic Collaborations & Investments: Increased M&A activity and strategic partnerships among OEMs and material suppliers to accelerate innovation and secure SiC supply chains.
Sustainability Push: As governments and industries pursue net-zero goals, the need for energy-efficient materials like SiC will surge across end-use sectors.
Top Players in Silicon Carbide Market
ON Semiconductor (onsemi) (United States)
STMicroelectronics (Switzerland)
Infineon Technologies (Germany)
Wolfspeed (United States)
ROHM Semiconductor (Japan)
Littelfuse (United States)
Microchip Technology (United States)
Mersen (France)
Fuji Electric (Japan)
Mitsubishi Electric (Japan)
Toshiba (Japan)
Renesas Electronics (Japan)
Semikron Danfoss (Germany)
GeneSiC Semiconductor (United States)
United Silicon Carbide (now part of Qorvo) (United States)
Cree (United States)
Microsemi Corporation (United States)
Power Integrations (United States)
IXYS Corporation (United States)
Alpha and Omega Semiconductor (United States)
Outlook
The silicon carbide market is entering a pivotal phase where demand is no longer limited to niche industrial uses but is spreading rapidly across mainstream energy and mobility sectors. With technological advances and supportive policy environments, silicon carbide is emerging as a key enabler of the future clean energy economy.
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