The global silicon carbide market is anticipated to reach USD 6.04 billion by 2025, according to a new report by Grand View Research, Inc. Power semiconductor applications of the product in aerospace, automotive, energy, and electronics are estimated to significantly drive the market growth over the forecast period.
Silicon carbide has the ability to withstand extreme temperatures. As a result, it is used as a raw material in the production of furnaces, kilns, and reactors which cater to numerous industries such as steel, aluminum, cast iron and metal. The surging demand from metal industry is expected to drive the market for refractory materials, which in turn is expected to benefit the silicon carbide market.
Due to its lightweight & hardness, silicon carbide demand in military & defense is increasing at rapid pace, thus replacing beryllium to manufacture mirrors. The product offers high voltage switching devices for military & defense, thus contributing to augment the growth.
The electrical & electronics industry accounted for significant revenue share in 2018 and the share is expected to increase in 2025. SiC is used to embed the AC and DC high-voltage applications such as cable endings that may experience stress concentrations. Moreover, SiC power modules are significantly adopted in power correction factors, owing to larger critical electric field, wider band gap, and higher thermal conductivity of SiC power semiconductor devices.
Silicon carbide offers low energy losses, high power densities and enables higher efficiency & compact products for long term in-vivo applications ranging from bone implant to neurological implants and sensors. It is also used in polishing and deburring of medical tweezers. Its increasing use in abrasive tools for medical industry is expected to drive the demand from healthcare industry.
China is the largest producer & consumer of the product due to its large metal industry. The market witnesses presence of numerous players in China who export the product to rest of Asia, North America, and Europe.
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Further key findings from the report suggest:
- In terms of revenue, electrical & electronics dominated the market with a share of 25.9% in 2018 owing to rising adoption of SiC power modules in variable frequency drives and power correction factors.
- Black silicon carbide was the largest consumed product with a revenue share of 55.4% in 2018 due to its significant adoption in the manufacturing of bonded abrasives, refractories, ceramics, steel, and semiconductors.
- In March 2018, Cree completed the USD 393.3 million acquisition of Infineon Technologies AG Radio Frequency Power Business. This deal was aimed at enabling Cree to supply silicon carbide based power solutions to wireless technologies market.
- In terms of revenue, the global demand for silicon carbide in automotive industry is forecasted to grow at a CAGR of 14.8% owing to demand of lightweight and high performing power modules in electric vehicles.
- Asia Pacific captured the highest volume share of 59.2% in 2018, owing to wide manufacturing base present in the region and rapid expansion of economies like China, India and Southeast Asia.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com