Global silicon carbide market is poised to witness a dexterous 15% growth during the forecast period (2019 – 2029). Silicon carbide (SiC) products possess advantageous properties such as high thermal conductivity which propels market demand through 2029. Surging demand for compact systems, motor drives, and radio frequency devices further the revenue scope for manufacturers. Government support on FDI investments in developing markets is garnering significant attention from prominent SiC manufacturers.
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Market players are targeting developing markets such as China where a booming ecosystem of EV manufacturers cater to a skyrocketing consumer demand. Black silicon carbide is expected to bolster demand on the back of sharp cutting properties that make it an ideal choice in finishing cast iron, non-ferrous metals, stone, and rubber.
Key Takeaways of Silicon Carbide (SiC) Market Study
- Black Silicon Carbide will gain over 4X growth during the forecast period. Budding electric automotive industry and increasing consumption from steel and construction end-uses will invigorate demand.
- Electrical & electronics segment will grow 3.6X through the projection period. Low coefficient of thermal expansion and high resistance to thermal shock make SiC an ideal raw material for electrical & electronics manufacturers.
- APAC (East Asia and Southeast Asia & Oceania) account for more than 50% share of total market value with a prolific growth rate of 16% through 2029. Developing markets such as China, India, and Indonesia are propagating energy efficient automotive manufacturing, further increasing the demand for silicon carbide to be used in EV batteries.
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Global Silicon Carbide Market: In-Depth Assessment on Key Segments
The global silicon carbide market is segmented on the basis of product, application and region.
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Stringent Sustainable Norms to Act as Growth Levers
Emerging electric vehicles market will propel the demand for silicon carbide. Green silicon carbide will witness increasing demand due to superior properties such as high purity, and friability. Power electronics are increasingly employing silicon carbide in manufacturing motor devices, and cellular base stations. Penetration of electric alternatives over conventional combustion engine alternatives produce remunerative growth opportunities. Incentive policies in developing countries act as a catalyst for high growth opportunities for innovators. For instance, EV manufacturers can avail incentive policies only when their product offers a commuting range of more than 150 km with an energy density of 105 watt-hours per kg. Hence market players must invest in research and development of energy efficient products to attract gainful growth opportunities.
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