SkyQuest Technology Group has recently published a comprehensive Silicon Carbide Market report, offering a detailed analysis of the product landscape and industry scope while providing insights into the market outlook and future trends from 2025 to 2032. Due to its endurance to high temperatures, silicon carbide is utilised as a raw material for refractory. The lining of kilns, furnaces, and reactors in numerous sectors, including cast iron, steel, aluminium, and metal, frequently uses refractory products.
Global Silicon Carbide Market size was valued at USD 3.35 billion in 2023 and is poised to grow from USD 3.71 billion in 2024 to USD 8.36 billion by 2032, growing at a CAGR of 10.7% during the forecast period (2025-2032).
It is projected that the development in production in the aforementioned ferrous and non-ferrous industries will drive the market for refractory materials. More than $100 billion is invested in India’s automotive sector, which accounts for 8% of all exports, 2.3% of the nation’s GDP, and is anticipated to surpass China’s automotive sector by 2025 to rank third internationally. In India, more than 2,000 semiconductor chips are designed annually, according to reports from the Department of Electronics and Information Technology.
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Detailed Segmentation and Classification of the report (Market Size and Forecast – 2032, Y-o-Y growth rate, and CAGR):
The Silicon Carbide Market can be segmented based on several factors, including product type, application, end-user, and distribution channel.
Global Silicon Carbide Market is segmented by Device, Wafer Size, Type, Production Method, Application and region.
Based on Device, the market is segmented into SiC Discrete Device, SiC MOSFETs, SiC Diodes and SiC Module.
Based on Wafer Size, the market is segmented into Up to 150 mm and >150 mm.
Based on Type, the market is segmented into Black Silicon Carbide, Green Silicon Carbide and Others.
Based on Production Method, the market is segmented into Acheson process, Physical Vapor Transport (PVT), Chemical Vapor Deposition (CVD) and Other production methods.
Based on Application, the market is segmented into Steel & Energy, Automotive, Aerospace & Aviation, Military & Defense, Electronics & Semiconductors and Medical & Healthcare.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Silicon Carbide Market – Regional Analysis:
With a 60.0% volumetric share in 2022, the Asia Pacific region became the biggest regional market. Giants in the regional steel industry including China, India, Japan, and South Korea are represented there. Many foreign suppliers have opened operations throughout Asia Pacific as a result of these countries’ significant steel manufacturing bases.
In 2022, North America had a substantial volumetric share. During the projection period, the region is expected to experience an increasing CAGR in terms of revenue. The growing emphasis on the creation of clean steel is probably going to help the local steel-making industry’s product demand. The substance’s application in the production of steel results in steel that is cleaner and emits fewer emissions.
Top Market Players in Silicon Carbide Market are:
ON Semiconductor (onsemi) (United States)
STMicroelectronics (Switzerland)
Infineon Technologies (Germany)
Wolfspeed (United States)
ROHM Semiconductor (Japan)
Littelfuse (United States)
Microchip Technology (United States)
Mersen (France)
Fuji Electric (Japan)
Mitsubishi Electric (Japan)
Toshiba (Japan)
Renesas Electronics (Japan)
Semikron Danfoss (Germany)
GeneSiC Semiconductor (United States)
United Silicon Carbide (now part of Qorvo) (United States)
Cree (United States)
Microsemi Corporation (United States)
Power Integrations (United States)
IXYS Corporation (United States)
Alpha and Omega Semiconductor (United States)
Global Silicon Carbide Market Recent Developments:
In September 2022, A leading manufacturer of semiconductor wafers, SK Siltron, declared that it would invest USD 1.65 billion by 2026 and dedicate USD 0.7 billion to expand wafer production in Gumi National Industrial Complex.
In May 2022, SK Siltron revealed that the newly constructed USA Bay City factory would expand manufacturing capacity, expecting over 100,000 silicon carbide sheets annually.
In March 2022, the introduction of 3.3 kV Silicon Carbide (SiC) power devices by Microchip Technology, a Silicon Carbide market leader in microcontroller, mixed-signal, analogue, and Flash-IP solutions, will enable customers to transition to high-voltage SiC quickly and easily. These power devices offer high efficiency, reliability, and the lowest resistance.
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Forward-Looking Insights
The Silicon Carbide Market is set to experience sustained growth, fueled by technological advancements, broader global market access, and rising industry demand. With the industry addressing emerging challenges and capitalizing on new opportunities, it is expected to drive innovation and play a pivotal role in advancing global health and economic progress.
About Company:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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