Global Silicon Carbide 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.
Driver
Increasing global demand for EVs due to rapid adoption of zero-emission technologies
The global demand for electric vehicles (EVs) has been increasing rapidly due to the rise in greenhouse emissions and government measures to minimize oil imports. The carbon emissions of an EV are around 17-30% lower than those of a petrol or diesel vehicle, which has led to an increase in global EV sales and fast acceptance of EVs. Global EV sales increased by 108% in 2021 to 6.75 million units, with battery electric vehicles (BEVs) accounting for 71% of those sales. Cumulative global sales of EVs reached 18.6 million by the end of 2021, a 58% increase from the end of 2020, and the global average EV share of new vehicle sales achieved an all-time high of 8.3% in 2021, up from 4.2% in 2020.The United States saw a significant increase in EV sales, with sales of new light-duty plug-in electric vehicles nearly doubling from 308,000 in 2020 to 608,000 in 2021.The global EV market is expected to continue to grow in the coming years, with forecasts projecting further increases in EV sales.
Market Opportunities
Increasing Demand for Advanced Ceramics from Automotive and Medical Industries to Boost Growth
The vital request growth will be boosted by the increasing demand for the product from the automobile and medical industries. Due to their thermal and electrical components, battery factors in automobile assistance exhibit substantial product consumption. Zirconia ceramics are often used in medical precision. Its valuable natural, physical, and artistic portions are what fuel the expansion. As a result, it will demonstrate the rising need for implant abutments, synthetic bones, and end osseous implants. As a result, the growing demand for the product during the evaluation time will be fueled by the diligence.
Market Restraints
High Prices of Advanced Ceramics to Hamper Growth
Comparing the cost of this pottery to essence and amalgamation, it is expensive. Their valuable product system, which comprises raw material processing, forming process, sintering, diamond grinding, and inspection, is what causes the high pricing. This approach necessitates several ministries and pricey stones, raising the expense of the goods and pushing up the final cost of the item. This limits the product demand in sectors like electronics, automobiles, and chemicals and is likely to impede the rise of demand throughout the projected timeline.
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https://www.coherentmarketinsights.com/market-insight/silicon-carbide-market-4587
Key Takeaways:
- On the basis of product type, black SiC dominated the global silicon carbide market in 2022 with around 57.0% of the market share in terms of revenue, followed by green SiC and Others, respectively.
- New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for silicon carbide are key strategies adopted by players in the global silicon carbide market. For instance, in December 2021, STMicroelectronics N.V., a Switzerland-based semiconductor company, announced the introduction of third-generation STPOWER SiC MOSFETs for electric vehicles, powertrains, and other platforms where power density, energy efficiency, and reliability are basic criteria. This new and advanced design helps the manufacturer with the capability of fast charging and reduction in weight in the case of an electric vehicle. Furthermore, they are used in industrial applications by enhancing the efficiency of motor drives, renewable-energy converters, and other applications
Market Trends
The aerospace & aviation end user segment
The aerospace & aviation end user segment accounted for a substantial share of around 23.20% across the global market owing to its superior mechanical and hardness properties. Silicon carbide is an ideal material for the production of military aircraft structures and vehicle armor. Moreover, silicon carbide is also used in other applications such as scanning mirrors and space-based telescopes. Thus, increasing demand for silicon carbide from the military and defense industry is projected to foster market growth over the forecast period.
Competitive Section:
- Key Companies
- AGSCO Corporation,
- Carborundum Universal Ltd
- Entegris Inc. ESD-SIC b.v.
- ESK-SIC GmbH
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- Norstel AB
- Saint-Gobain Ceramics Materials GmbH
- Snam Abrasives Pvt. Ltd.
