Silicon Carbide Market Continues Steady Expansion, Forecasting US$ 5.8 Billion by 2032

The silicon carbide market is expected to experience steady growth at a compounded annual rate of 7.5% throughout the forecast period. During this period, it is projected that the silicon carbide market will attain a total value of approximately US$ 5.8 billion by the year 2032 improving from the valuation of US$ 2.8 billion in 2022.

Another name for silicon carbide is carborundum. Silicon carbide is a semiconductor that helps the system reduce the size and power loss by 50%, so silicon carbide is expected to replace other silicon-based semiconductors and transistors on the market.

Various factors such as the surge in demand for motor drives, compact system size, and the increase in utility of silicon carbide in the cellular base station and radio frequency devices are some factors that are expected to be driving the growth of the silicon carbide market during the forecast period.

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Silicon Carbide Market: Drivers and Limitations

Various factors such as the increase in demand for motor drives, compact system size, and the increase in the use of silicon carbide in cellular base stations and radio frequency devices are some of the factors driving the growth of the silicon carbide market during the forecast period.

Silicon carbide reduces power system loss by 50% due to the increased adoption of compact-size semiconductors in various applications such as Industrial Motor drivers, Power Supply and Inverters, Lighting Control, and others.

On the other hand, the price of silicon carbide ranges from about $800 to $2,000 per ton, which is very high compared to other alternatives available in the market.

Therefore, the high cost of silicon carbide is the most important factor hindering the growth of the market. In addition, material defects and packaging-related issues are the other challenges faced by vendors associated with the silicon carbide market.

Global Silicon Carbide Market: Regional Trend

Asia Pacific holds the largest market for cellular base stations and radio frequency devices, and as such, the Asia Pacific region takes the largest market share in terms of revenue for the silicon carbide market.

It is also expected to maintain its dominance during the forecast period. It also becomes the main attraction for investors to invest in the Asia Pacific region as it supports government FDI for investments in countries like India and China.

In addition to the above, in China, the continued development of electric vehicles and electric vehicle charging is expected to provide new avenues for the opportunistic growth of the silicon carbide market in the coming years.

Key Developments in the Global Silicon Carbide Market

A multinational manufacturer of semiconductor wafers named SK Siltron said in March 2020 that it had successfully acquired DuPont’s Silicon Carbide Wafer division for which the deal was finalized on February 29, 2020.

A memorandum of understanding (MOU) was inked in January 2020 between SK Siltron and Daegu Gyeongbuk Institute of Science and Technology to provide parallel computing support for the research and development of single crystal growth technology.