Silicon Carbide Industry Overview
The global silicon carbide market size was valued at USD 2.96 billion in 2021 and is anticipated to accelerate at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030.
The increased use of the product to manufacture refractory materials for the steel industry is projected to aid the market growth during the forecast period. Silicon carbide is used as a raw material for refractory on account of its high-temperature resistance. The refractory products are widely used in the linings of kilns, furnaces, and reactors in various industries, such as cast iron, steel, aluminum, and metal. The production growth in the aforementioned ferrous and non-ferrous industries is expected to drive the market for refractory materials.
Gather more insights about the market drivers, restrains and growth of the Global Silicon Carbide Market
The silicon carbide consumption trends in the U.S. remain largely stable from 2017 to 2019, with wider product penetration observed in the domestic semiconductor sector. The use of the product in wafer form remained among the key point of applications. The vendors of the domestic market posted healthy growth, with Washington Mills emerging to be the front–runner in the U.S. silicon carbide industry. However, the global pandemic and resultant closure of manufacturing activities directly impacted the new order bookings, which ultimately led to the shortfall of FY 2020. The restriction on movement coupled with social distancing impositions directly affected the productivity rate of domestic manufacturers.
Since the U.S. is the largest producer of wafers and substrates for the semiconductor industry, the impact level was mildly reduced, especially by the last quarter of FY 2020. The industry dynamics are likely to improve significantly in FY 2021 as the industrial and electronic manufacturing in the country resume their operations. The pent-up demand is estimated to play a key role in boosting the demand for the product, especially from the local chips marketspace. Such trends are projected to positively influence the market growth of silicon carbide and associated products during the forecast period.
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Market Share Insights
- January 2019:Cree, Inc., signed a long-term agreement to supply SiC wafers to STMicroelectronics.
Key Companies profiled:
Some of the prominent vendors in the global silicon carbide market include:
- AGSCO Corp.
- Carborundum Universal Ltd.
- Washington Mills
- Entegris, Inc.
- ESD-SIC b.v.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- SK Siltron Co., Ltd.
Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.