As per a recent report published by Fact.MR, the global silicon carbide market is poised to grow at a CAGR of 17% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 1.05 Billion in 2022, expected to close at a valuation of US$ 5.1 Billion. The rising trend of electric vehicles and the robust strength of black silicon carbide are necessitating the deployment of Silicon Carbide solutions.
From 2015 to 2021, the market for Silicon Carbide grew at a CAGR of 16.3%, closing at a value of US$ 988 Million. As of 2022, the industry is likely to reach US$ 1.05 Billion. Prospects heightened after the augmenting applications in plug-in hybrid (PHEV) and electric vehicles (EV). Silicon carbide-based batteries prevent loss of charge and ensure that PHEVs and EVs run for longer distances.
Government policies lay emphasis on increasing the minimum distance that EV manufacturers must ensure in automotive products. Black silicon carbide increases the efficiency and charging capacity of EV batteries which will help in expanding the market grounds for prominent manufacturers.
Key Takeaways from the Market Study
- Global Silicon Carbide market to flourish 2.6x from 2022-2032
- Black Silicon Carbide to be a top-selling category, capturing more than 50% market and flourishing at a 17% CAGR until 2032
- By application, Silicon Carbide for the automotive industry to expand at a CAGR of 16%
- S to emerge as the fastest-growing Silicon Carbide market, documenting a 12.6% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 2 Billion in 2032
“With the upward trend of electric vehicles in the automotive industry, key manufacturers are investing heftily in improving their driving distance and efficiency of the battery. Enterprises are adopting black and green Silicon Carbide for the manufacturing of semiconductors owing to their high resistance to thermal shock. This is helping them reduce operational costs, eliminate complexity, and increase the strength of the EVs,” comments a Fact.MR analyst.
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The global market for Silicon Carbide is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In July 2021, STMicroelectronics manufactured the first 200mm (8-inch) Silicon-Carbide (SiC) bulk wafers for prototyping next-generation power devices from its facility in Norrköping, Sweden. The transition to 200mm SiC wafers marks an important milestone in the capacity build-up for ST’s customer programs in the automotive and industrial sectors.
- In Apr 2021, Saint-Gobain Crystar®developed a special, high porosity ceramic filter solution to provide a filtration efficiency equivalent to surgical masks (>95% retention of bacteria-inoculated aerosols with an average size of 3 µm, ref. EN 14683 AC. Combined with the enhanced airtightness of Precimask® masks, a high and reliable protection level is ensured.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global silicon carbide market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (black silicon carbide and green silicon carbide) and by application (steel, automotive, aerospace, military & defense, electrical & electronics, healthcare and others) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania and Middle East & Africa).
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