Silicon Carbide Market Size, Trends and Growth Analysis by 2027

The silicon carbide market was valued at approximately US$ 712.85 million in 2019 and is anticipated to grow to US$ 1,810.56 million by 2027, reflecting a compound annual growth rate (CAGR) of 12.5% during the period from 2019 to 2027.

Silicon carbide, commonly referred to as carborundum, is a semiconductor material that finds extensive applications in the electronics and semiconductor sectors. Its remarkable physical hardness makes it suitable for use as an abrasive in various processes, including honing, water jet cutting, grinding, and sand blasting. Additionally, silicon carbide is utilized in the components of pumps that are essential for drilling and extracting oil in oilfield applications. The increasing demand for silicon carbide across multiple industries has spurred significant investments from manufacturers, governmental bodies, and research institutions aimed at enhancing its production capabilities.

The silicon carbide market is categorized based on type into black silicon carbide and green silicon carbide. In 2019, the black silicon carbide segment held a larger share of the market, while the green silicon carbide segment is projected to exhibit a higher CAGR throughout the forecast period. Black silicon carbide is a highly durable synthetic mineral known for its excellent thermal conductivity and strength at elevated temperatures. For instance, at 1000?C, silicon carbide is approximately 7.5 times stronger than aluminum oxide. It boasts a modulus of elasticity around 410 GPa and can maintain its strength at temperatures reaching up to 1600?C. Notably, it does not melt at standard temperatures but rather dissociates at 2600?C. Black silicon carbide is typically available in various forms, including blocks, grains, and powders. It is widely used as bonded and industrial abrasives, coated abrasives, and in refractories and ceramics. The powder form of black silicon carbide is particularly favored for grinding nonferrous materials, finishing hard and tough substances, and filling ceramic components due to its cost-effectiveness.

Regionally, the silicon carbide market is divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region commands the largest market share, followed closely by North America. Within Asia Pacific, China leads the silicon carbide market, with India and the rest of the Asia Pacific region following. The robust demand for silicon carbide from sectors such as automotive, electronics and semiconductors, medical, and others is propelling market growth in this region.

Several key players are active in the silicon carbide market, including Fiven ASA, AGSCO Corp, Carborundum Universal Limited, ESD-SIC, ESK-SIC GmbH, Futong Industry Co. Limited, Electro Abrasives, LLC, Washington Mills, Tifor B.V., and Grindwell Norton Ltd.

The overall size of the global silicon carbide market has been determined through a combination of primary and secondary research methods. The research process commenced with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data pertinent to the market. Furthermore, numerous primary interviews were conducted with industry stakeholders to validate the collected data and to obtain deeper analytical insights into the market dynamics. Participants in these interviews typically include industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the silicon carbide sector.