Silicon carbide (SiC) market to grow at a CAGR of 12.33% from 2022 to 2027, Increase in demand for SiC fibers in the aerospace sector to boost the market- Technavio

NEW YORK, March 21, 2023 /PRNewswire/ -- The global silicon carbide (SiC) market size is estimated to grow by 2.57 million tons from 2022 to 2027, according to Technavio. The market is expected to grow at a CAGR of 12.33% during the forecast period. Moreover, the growth momentum will accelerate. The increase in demand for SiC fibers is driving the market growth. SiC fibers have high heat resistance, chemical stability, and modulus. In addition, they are lightweight and durable, which makes them appropriate for various aerospace-related applications. The focus on the modernization of defense aircraft fleets by various countries has increased the demand for aircraft materials. Therefore, composites such as SiC fibers are used in aircraft manufacturing. These factors will contribute to the market growth during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Silicon carbide (SiC) market - Segmentation assessment
Segment overview
Technavio has segmented the market based on application (steel and energy, electronics, automotive, aerospace and defense, and medical) and product (black SiC, green SiC, and others). 

• The steel and energy segment will account for a significant share of the market growth during the forecast period. The steel and energy industry are the major end-users of SiC. SiC briquettes and grains are used as solid fuels in steel manufacturing, as they provide higher thermal energy when compared to silicon manganese, ferrosilicon, and coal. The increase in demand for energy efficiency in power transmission and the use of smart grids in the renewable energy industry will also drive the demand for SiC. Renewable energy and smart grids require advanced technologies to generate, store, convert and distribute power efficiently. Hence, they use SiC to enable electrification. Such factors will fuel the growth of the segment during the forecast period. 

Silicon carbide (SiC) market – Vendor analysis

The report includes a detailed analysis of key market vendors, including AGSCO Corp., ASUZAC Inc., CeramTec GmbH, CoorsTek Inc., ESD SIC bv, ESK SiC GmbH, Gaddis Inc., Henan Yicheng New Energy Co. Ltd., Hongwu International Group Ltd., Imerys S.A., KYOCERA corp., Miller and Co., Morgan Advanced Materials Plc, Murugappa Group, Saint Gobain, SNAM Abrasives Pvt. Ltd., STMicroelectronics NV, Dow Inc., Tokai Carbon Co. Ltd., and Xiamen Powerway Advanced Material Co. Ltd. The key offerings of some of these vendors are listed below:

• AGSCO Corp. - The company offers silicon carbide products for lapping, cutting, and anti-slip flooring aggregate.
• ASUZAC Inc. - The company offers silicon carbide products for heater peripheral parts, plasma-resistant materials, and semiconductor LED trays.
• CeramTec GmbH - The company offers silicon carbide products for friction bearings and mechanical seals.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/active/niche/trivial - buy the report!

Silicon carbide (SiC) market – Geography overview
By geography, the global silicon carbide (SiC) market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global silicon carbide (SiC) market.

• APAC is estimated to account for 43% of the growth of the global market during the forecast period. The fast growth of the electronics segment in developing countries and the increasing adoption of EVs in China and India will drive the growth of the regional market. For instance, China provides tax exemptions for electric vehicles. This, in turn, will increase the demand for SiC. Vendors are expanding their presence in APAC by constructing more SiC fabrication facilities. The growing construction of new SiC foundries will increase the demand for SiC in APAC during the forecast period.

Insights on the market contribution of various segments, including country- and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a sample report

Silicon carbide (SiC) market – Market dynamics

Leading trends influencing the market 

• The use of power inverters for EVs is a key trend in the market.
• Power inverters ensure efficient energy management in electric vehicles.
• New SiC-based automotive inverters and advanced semiconductor devices based on SiC field effect transistors can improve the performance of EVs.
• SiC-based automotive inverters have various advantages, such as higher temperature resistance, improved efficiency, reduced size, and lighter weight, when compared to conventional inverters.
• Environmental concerns will also drive the demand for SiC-based automotive inverters for the development of EVs and hybrid EVs.
• Such developments are expected to support the growth of the global SiC market during the forecast period.

Major challenges hindering the market growth

• Competition from gallium nitride material is challenging the market growth.
• Gallium nitride-based devices include transistors, Schottky diodes, power modules, MOSFETs, IGBTs, and rectifiers.
• These devices have similar performance as that of SiC-based devices.
• Moreover, gallium nitride devices are highly commercialized in comparison to SiC devices.
• Research on new technologies of gallium nitride devices will further pose stiff competition to SiC devices.
• These factors will hamper the market growth during the forecast period.

Insights on market trends & challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this silicon carbide (SiC) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the silicon carbide (SiC) market between 2023 and 2027
• Precise estimation of the size of the silicon carbide (SiC) market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the silicon carbide (SiC) market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of silicon carbide (SiC) market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (million t)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (million t)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global silicon carbide (SiC) market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global silicon carbide (SiC) market 2017 - 2021 (million t)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (million t)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 (million t)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (million t)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (million t)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Steel and energy - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Steel and energy - Market size and forecast 2022-2027 (million t)
• Exhibit 35: Data Table on Steel and energy - Market size and forecast 2022-2027 (million t)
• Exhibit 36: Chart on Steel and energy - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Steel and energy - Year-over-year growth 2022-2027 (%)

• 6.4 Electronics - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Electronics - Market size and forecast 2022-2027 (million t)
• Exhibit 39: Data Table on Electronics - Market size and forecast 2022-2027 (million t)
• Exhibit 40: Chart on Electronics - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Electronics - Year-over-year growth 2022-2027 (%)

• 6.5 Automotive - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Automotive - Market size and forecast 2022-2027 (million t)
• Exhibit 43: Data Table on Automotive - Market size and forecast 2022-2027 (million t)
• Exhibit 44: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 6.6 Aerospace and defense - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Aerospace and defense - Market size and forecast 2022-2027 (million t)
• Exhibit 47: Data Table on Aerospace and defense - Market size and forecast 2022-2027 (million t)
• Exhibit 48: Chart on Aerospace and defense - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Aerospace and defense - Year-over-year growth 2022-2027 (%)

• 6.7 Medical - Market size and forecast 2022-2027 
• Exhibit 50: Chart on Medical - Market size and forecast 2022-2027 (million t)
• Exhibit 51: Data Table on Medical - Market size and forecast 2022-2027 (million t)
• Exhibit 52: Chart on Medical - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Medical - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application (million t)

7 Market Segmentation by Product

• 7.1 Market segments
• Exhibit 55: Chart on Product - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 57: Chart on Comparison by Product
• Exhibit 58: Data Table on Comparison by Product

• 7.3 Black SiC - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Black SiC - Market size and forecast 2022-2027 (million t)
• Exhibit 60: Data Table on Black SiC - Market size and forecast 2022-2027 (million t)
• Exhibit 61: Chart on Black SiC - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Black SiC - Year-over-year growth 2022-2027 (%)

• 7.4 Green SiC - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Green SiC - Market size and forecast 2022-2027 (million t)
• Exhibit 64: Data Table on Green SiC - Market size and forecast 2022-2027 (million t)
• Exhibit 65: Chart on Green SiC - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Green SiC - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 67: Chart on Others - Market size and forecast 2022-2027 (million t)
• Exhibit 68: Data Table on Others - Market size and forecast 2022-2027 (million t)
• Exhibit 69: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Product 
• Exhibit 71: Market opportunity by Product (million t)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 73: Chart on Market share by geography 2022-2027 (%)
• Exhibit 74: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 75: Chart on Geographic comparison
• Exhibit 76: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 (million t)
• Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 (million t)
• Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 (million t)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 (million t)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 85: Chart on North America - Market size and forecast 2022-2027 (million t)
• Exhibit 86: Data Table on North America - Market size and forecast 2022-2027 (million t)
• Exhibit 87: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 (million t)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 (million t)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 (million t)
• Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (million t)
• Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 97: Chart on China - Market size and forecast 2022-2027 (million t)
• Exhibit 98: Data Table on China - Market size and forecast 2022-2027 (million t)
• Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 India - Market size and forecast 2022-2027 
• Exhibit 101: Chart on India - Market size and forecast 2022-2027 (million t)
• Exhibit 102: Data Table on India - Market size and forecast 2022-2027 (million t)
• Exhibit 103: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Japan - Market size and forecast 2022-2027 (million t)
• Exhibit 106: Data Table on Japan - Market size and forecast 2022-2027 (million t)
• Exhibit 107: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Russia - Market size and forecast 2022-2027 
• Exhibit 109: Chart on Russia - Market size and forecast 2022-2027 (million t)
• Exhibit 110: Data Table on Russia - Market size and forecast 2022-2027 (million t)
• Exhibit 111: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.12 US - Market size and forecast 2022-2027 
• Exhibit 113: Chart on US - Market size and forecast 2022-2027 (million t)
• Exhibit 114: Data Table on US - Market size and forecast 2022-2027 (million t)
• Exhibit 115: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 116: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 117: Market opportunity by geography (million t)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 118: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 119: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 120: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 121: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 122: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 123: Matrix on vendor position and classification

• 12.3 AGSCO Corp.
• Exhibit 124: AGSCO Corp. - Overview
• Exhibit 125: AGSCO Corp. - Product / Service
• Exhibit 126: AGSCO Corp. - Key offerings

• 12.4 ASUZAC Inc.
• Exhibit 127: ASUZAC Inc. - Overview
• Exhibit 128: ASUZAC Inc. - Product / Service
• Exhibit 129: ASUZAC Inc. - Key offerings

• 12.5 CeramTec GmbH
• Exhibit 130: CeramTec GmbH - Overview
• Exhibit 131: CeramTec GmbH - Business segments
• Exhibit 132: CeramTec GmbH - Key offerings
• Exhibit 133: CeramTec GmbH - Segment focus

• 12.6 CoorsTek Inc.
• Exhibit 134: CoorsTek Inc. - Overview
• Exhibit 135: CoorsTek Inc. - Product / Service
• Exhibit 136: CoorsTek Inc. - Key news
• Exhibit 137: CoorsTek Inc. - Key offerings

• 12.7 Dow Inc.
• Exhibit 138: Dow Inc. - Overview
• Exhibit 139: Dow Inc. - Business segments
• Exhibit 140: Dow Inc. - Key news
• Exhibit 141: Dow Inc. - Key offerings
• Exhibit 142: Dow Inc. - Segment focus

• 12.8 ESD SIC bv
• Exhibit 143: ESD SIC bv - Overview
• Exhibit 144: ESD SIC bv - Product / Service
• Exhibit 145: ESD SIC bv - Key offerings

• 12.9 ESK SiC GmbH
• Exhibit 146: ESK SiC GmbH - Overview
• Exhibit 147: ESK SiC GmbH - Product / Service
• Exhibit 148: ESK SiC GmbH - Key offerings

• 12.10 Henan Yicheng New Energy Co. Ltd. 
• Exhibit 149: Henan Yicheng New Energy Co. Ltd. - Overview
• Exhibit 150: Henan Yicheng New Energy Co. Ltd. - Product / Service
• Exhibit 151: Henan Yicheng New Energy Co. Ltd. - Key offerings

• 12.11 Hongwu International Group Ltd. 
• Exhibit 152: Hongwu International Group Ltd. - Overview
• Exhibit 153: Hongwu International Group Ltd. - Product / Service
• Exhibit 154: Hongwu International Group Ltd. - Key offerings

• 12.12 Imerys S.A.
• Exhibit 155: Imerys S.A. - Overview
• Exhibit 156: Imerys S.A. - Business segments
• Exhibit 157: Imerys S.A. - Key offerings
• Exhibit 158: Imerys S.A. - Segment focus

• 12.13 KYOCERA corp.
• Exhibit 159: KYOCERA corp. - Overview
• Exhibit 160: KYOCERA corp. - Business segments
• Exhibit 161: KYOCERA corp. - Key news
• Exhibit 162: KYOCERA corp. - Key offerings
• Exhibit 163: KYOCERA corp. - Segment focus

• 12.14 Miller and Co.
• Exhibit 164: Miller and Co. - Overview
• Exhibit 165: Miller and Co. - Product / Service
• Exhibit 166: Miller and Co. - Key offerings

• 12.15 Morgan Advanced Materials Plc 
• Exhibit 167: Morgan Advanced Materials Plc - Overview
• Exhibit 168: Morgan Advanced Materials Plc - Business segments
• Exhibit 169: Morgan Advanced Materials Plc - Key news
• Exhibit 170: Morgan Advanced Materials Plc - Key offerings
• Exhibit 171: Morgan Advanced Materials Plc - Segment focus

• 12.16 Murugappa Group
• Exhibit 172: Murugappa Group - Overview
• Exhibit 173: Murugappa Group - Business segments
• Exhibit 174: Murugappa Group - Key offerings
• Exhibit 175: Murugappa Group - Segment focus

• 12.17 Saint Gobain
• Exhibit 176: Saint Gobain - Overview
• Exhibit 177: Saint Gobain - Business segments
• Exhibit 178: Saint Gobain - Key offerings
• Exhibit 179: Saint Gobain - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 180: Inclusions checklist
• Exhibit 181: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 182: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 183: Research methodology
• Exhibit 184: Validation techniques employed for market sizing
• Exhibit 185: Information sources

• 13.5 List of abbreviations 
• Exhibit 186: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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