Global Silicon Carbide Market to Grow at a CAGR of 17% During 2024-2032, Driven by the Increasing Demand for Power Semiconductors

The growing demand for power semiconductors is the major factor driving the growth of the silicon carbide industry. Due to the favourable properties of silicon carbide (SiC) wafers, including heat resistance, high hardness, and high voltage tolerance, they are considered an excellent material to develop power semiconductors. With various companies entering the electric vehicle market and the rising investments to expand 5G telecommunications, the demand for power semiconductors is expected to witness a healthy growth. Moreover, with the growing focus of manufacturers to meet the demand from consumers and governments for environmental solutions and sustainable energy, the companies are making significant investments in related fields, which is expected to further propel the market forward.

However, the global outbreak of the COVID-19 pandemic had a negative impact on the market in 2020. Silicon carbide demand has been significantly impacted by a disturbance in the worldwide supply chain, as well as lower demand from several end-user sectors. In 2020, the global automotive sector witnessed a drop in sales, with sales being lower than 2019 volumes. Additionally, decreasing demand from other industries such as aerospace and defence, electronics, and others had adversely impacted silicon carbide demand, which was the direct fall out of halt in manufacturing facilities, supply chain disruptions, and labour shortages due to the COVID-19 induced government regulations. However, the situation is likely to improve in the forecast period, restoring the market's growth trajectory.

The leading manufacturers are adopting strategies like mergers and acquisitions to expand their global reach and enhance their R&D capabilities. SK Siltron, a global semiconductor wafer manufacturer, announced in March 2020 that it had finalised the acquisition of DuPont de Nemours Inc.’s (NYSE: DD) Silicon Carbide Wafer segment. Wirth this, SK Siltron is aiming to maximise its R&D and production capabilities, further entering rapidly expanding areas. STMicroelectronics (NYSE: STM), a global semiconductor leader serving clients across the spectrum of electronics applications, said in December 2019 that it had completed the full purchase of Norstel AB, a Swedish silicon carbide (SiC) wafer maker. Such developments are expected to aid the market growth in the forecast period.

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Market Analysis by Product, Device, End User, and Region:

• The global silicon carbide industry, on the basis of product, is segmented into black, green, and others.
• The industry can be broadly categorised based on device into discrete devices and bare die. Discrete devices are further divided based on type into MOSFET, diode, and module, among others.
• Based on end user, the industry is divided into steel, automotive, aerospace, defence and military, healthcare, electrical and electronics, and others.
• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The demand for silicon carbide is being driven by the increasing production of semiconductors globally.
• The increasing demand for steel from various end-use industries, such as automotive, construction, and oil and gas, is expected to drive the market over the forecast period.
• The increasing utilisation of silicon carbide power modules in electric vehicles is expected to propel the market growth.
• The growth of the electrical and electronics and automotive sectors in countries including China and India is fuelling the demand for silicon carbide.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for silicon carbide for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, devices, end users, and regions of silicon carbide. 
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 
• The market report also analyses the trade data by covering the major importing and exporting countries. .
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

AGSCO Corp., Entegris, Inc., ESK-SIC GmbH, Grindwell Norton Ltd., Imerys Graphite & Carbon Ltd, and Xiamen Powerway Advanced Material Co., Ltd, among others are the major players in the global silicon carbide market. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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