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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Silicon Carbide Market Size
The global silicon carbide market is projected to grow at a CAGR of 17% between 2024 and 2032.
Growing Crude Steel Production to Augment the Silicon Carbide Industry Growth
Based on end user, the steel segment is expected to account for a significant share in the market. Silicon carbide is utilised as a deoxidising agent in the steel sector and is a major raw material in the production of refractories, which is expected to significantly drive its demand in the steel industry. The thermal conductivity of silicon carbide refractories is five times higher than that of fireclay refractories. With increasing global crude steel output, there is expected to be a rise in demand for refractories, which, in turn, is expected to enhance the silicon carbide industry growth in the near future. Along with the steel sector's increased demand for silicon carbide, the electronics industry, which uses the material to make semiconductors, is also driving the market.
Silicon Carbide Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of around 17% between 2024 and 2032.
The expanding population, the increasing automobile production, and the rising demand for semiconductors, refractories, and electronics are the major market drivers.
The key trends fuelling the market development include the growing adoption of electric vehicles and rapid urbanisation.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different silicon carbide products included in the market report are black and green, among others.
The various devices considered in the market report are discrete devices and bare die.
The significant end users of the product are steel, automotive, aerospace, defence and military, healthcare, and electrical and electronics, among others.
The major players in the market are AGSCO Corp., Entegris, Inc., ESK-SIC GmbH, Grindwell Norton Ltd., Imerys Graphite & Carbon Ltd, and Xiamen Powerway Advanced Material Co., Ltd, among others.
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