SILICON CARBIDE MARKET ANALYSIS

Silicon Carbide MarketSize and Trends

Global silicon carbide market market was valued at US$ 8.59 Bn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 13.92 Bn by 2030. Silicon carbide is one of the hardest compounds that have excellent power switching frequency and power rating. This property makes it ideal for electronic applications. It is produced by mixing petroleum coke and sand in high pressure and temperature conditions. Silicon carbide is broadly used in high-power devices, optoelectronics devices, high-temperature devices, and high-frequency power devices.

Figure 1. Global Silicon Carbide Market , By Application, 2022 

Capacity expansion plan by key manufacturers

Capacity expansion plan by key manufacturers to cater to growing needs around the globe is one of the emerging trends in the market. For instance, in September 2019, Cree, Inc. a manufacturer of silicon carbide (SiC) technology, announced plans to establish a silicon carbide corridor on the East Coast of the U.S. with the creation of the largest silicon carbide fabrication facility. Such initiatives by key manufacturers will favor the market growth of silicon carbide over the forecast period. Strategic alliance such as acquisition and merger by key players is one of the current trends in the industry.

For instance, in March 2020, SK Siltron, a global producer of semiconductor wafers, announced that it has completed the acquisition of DuPont's Silicon Carbide Wafer (SiC Wafer) unit, a producer of semiconductor silicon wafers. The acquisition was valued at US$ 450 million. The goal of this acquisition is to meet the demand from consumers and governments for sustainable energy and environmental solutions.

Figure 2. Global Silicon Carbide Market, By Region, 2022