Silicon Carbide Market in 2025: Competitive Analysis and Industry Forecast | At a CAGR of 4.70%

Silicon Carbide Market

The global silicon carbide (SiC) market is experiencing unprecedented growth, fueled by increasing demand from the electric vehicle (EV) and renewable energy sectors. Silicon carbide, a semiconductor material known for its superior thermal conductivity, high electric field breakdown strength, and low thermal expansion, is becoming a critical component in power electronics. As industries transition towards more energy-efficient and high-performance solutions, the SiC market is expected to witness significant expansion over the next decade.

Silicon Carbide Market Size was valued at USD 1.98 billion in 2023. The Silicon Carbide industry is projected to grow from USD 2.07 billion in 2024 to USD 2.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.70% during the forecast period (2024 – 2032).

Key Drivers

1. Electric Vehicles (EVs): The automotive industry is undergoing a paradigm shift towards electrification, with major automakers investing heavily in EV development. Silicon carbide power electronics offer significant advantages over traditional silicon-based components, including higher efficiency, reduced weight, and improved thermal management. These benefits are crucial for extending the range and performance of electric vehicles, making SiC a preferred choice for EV manufacturers.
2. Renewable Energy: The renewable energy sector, particularly solar and wind power, is another major driver of the SiC market. Silicon carbide-based power electronics enhance the efficiency of inverters and converters used in renewable energy systems, leading to higher energy yields and reduced operational costs. As governments worldwide implement policies to promote clean energy, the demand for SiC components in this sector is expected to surge.
3. Industrial Applications: Silicon carbide is also gaining traction in various industrial applications, including power supplies, motor drives, and rail traction. The material’s ability to operate at higher temperatures and voltages makes it ideal for harsh industrial environments, where reliability and performance are paramount.

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Segmentation

Type insights Black silicon carbide and green silicon carbide are two types of silicon carbide that are segmented by market size. By accounting for around 66–68% of the Silicon Carbide market’s revenue in 2024, the black Silicon Carbide segment owned the lion’s share of the market. This is mostly due to the expanding chemical industry and rising production capacity brought on by the strong market demand.

The application-based segment of the silicon carbide market are energy, aerospace and aviation, automotive, electronics and semiconductors, military and defense, and medical and healthcare among others. The segment of steel and energy can generate high turnover due to rise in the demand for black silicon carbide for semiconductor and electronics applications. The rise in demand for automotive application of the product can also favor the market.

Regional Analysis

The regional silicon carbide market share analysis by MRFR reveals that North America can thrive in the near future. In Asia Pacific, the silicon carbide market can rise at considerable CAGR by 2024. Europe market can register rapid growth pace due to the existence of favorable conditions.

In North America, the gradual rise in the application of silicon carbide in the expanding healthcare sector and increase in the demand for silicon carbide across the cash-rich energy and power sector can support expansion of the market in the region. In Asia Pacific, rapid urbanization and increase in automotive production can support the regional market rise in the near future. India, and Japan are reputed to hold large automobile production base. The increase in vehicle trading activities can support APAC market rise. In Europe, the demand and sales of Electronics and semiconductors that are fabricated of silicon carbide with several sensitive applications can support progress of the regional market.

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Key Companies in the Silicon Carbide market includes

• CUMI EM
• AGSCO Corp
• Saint-Gobain
• ESD-SIC BV, among others

Company News

Several key players in the silicon carbide market are making strategic moves to capitalize on the growing demand for SiC-based solutions. Here are some notable developments:

Cree, Inc. (now Wolfspeed, Inc.): Wolfspeed, a leading manufacturer of silicon carbide and gallium nitride (GaN) products, recently announced the expansion of its SiC production capacity with the construction of a new state-of-the-art fabrication facility in New York. The $1 billion investment is expected to significantly increase the company’s production capabilities, enabling it to meet the rising demand from the automotive and industrial sectors.

Infineon Technologies AG: Infineon, a global leader in semiconductor solutions, has been actively expanding its SiC product portfolio. The company recently launched a new series of SiC MOSFETs designed for high-power applications, including electric vehicles and renewable energy systems. Infineon’s commitment to innovation and sustainability is driving its efforts to develop cutting-edge SiC technologies that address the evolving needs of the market.

STMicroelectronics: STMicroelectronics, a prominent player in the semiconductor industry, has been investing heavily in silicon carbide technology. The company recently signed a long-term supply agreement with a major automotive manufacturer to provide SiC-based power modules for electric vehicles. This partnership underscores the growing importance of SiC in the automotive sector and highlights STMicroelectronics’ position as a key supplier in the market.

ON Semiconductor: ON Semiconductor has been making significant strides in the SiC market, with a focus on developing high-performance SiC solutions for electric vehicles and renewable energy applications. The company recently introduced a new series of SiC power modules that offer enhanced efficiency and thermal performance, catering to the needs of next-generation EVs and solar inverters.

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