Silicon Carbide Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2027|Grand View Research, Inc.


The global market for silicon carbide (SiC) is expected to expand at a substantial CAGR of 16.1% from 2020 to 2027, according to a recent report by Grand View Research Inc. The market growth is primarily aided by factors such as the high demand from the semiconductor industry. Silicon carbide can withstand higher voltages, up to 10 times more than regular silicon. This leads to simpler and more reliable system layouts.
Normal silicon, when used in semiconductors, can operate up to a maximum temperature of 150°C, thus putting limitations in the variety of environments that it can be used. There is no such issue with SiC semiconductors, which can efficiently function at temperatures of 200°C or more.
Due to the various advantages of SiC over silicon, they find critical applications in the power electronics devices, in systems such as military and defense, wind turbines, as well as solar power inverters. Silicon carbide is the preferred material for system designs that can accommodate more than a 1000 Volts.

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Product Insights:
Electrical and electronics segment is projected to show fastest growth in demand for the product in coming years, as it has many advantages over traditional silicon, and also has become more popular than Gallium Nitride. With consumer electronics being a huge demand area for semiconductors, the market is seeing substantial growth, which translates to healthy advancement for SiC industry.
Cree, which is known for its LED lighting products, announced that it would be setting up a USD 1 billion facility for silicon carbide fabrication near Utica, in September 2020. This is expected to be the largest such facility in the world. Cree stated that the plant would produce silicon carbide wafers for automotive-qualified 200mm power and radio frequency semiconductors. Completion of the facility is expected in 2022.

Application Insights:
The steel segment had a healthy share of 21.1% of the revenue in the global market in 2020, owing to its widespread use in the process of deoxidation during steelmaking. Silicon Carbide contains both silicon and carbon, which is a huge advantage during the BOF alloying process, as it requires both of these. SiC also solves the problem of nozzle clogging, which makes it attractive for use in this industry.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-silicon-carbide-market

Entegris completed the acquisition of CMP slurry manufacturer ‘Sinmat’ in January 2020. Sinmat designs and produces Chemical Mechanical Planarization (CMP) slurries that are used for polishing Silicon Carbide and Gallium Nitride, which are critical in the power electronics and advanced communications markets.
OpenGate Capital completed the acquisition of the silicon carbide division from Saint Gobain in May 2020, with the business being renamed as ‘Fiven’. The company is a leader in the production of SiC grains and powders, with the product offering hardness, thermal and wear resistance, and thermal conductivity. The product finds application in a number of areas such as metallurgy, technical ceramics, and filtration products.

Regional Insights:
Asia Pacific has emerged as the leading region for the sale of electric vehicle, with EV sales increasing from 30.53 thousand units in 2012 to 972.59 thousand units in 2018. According to estimates, China had the highest number of operating EVs in 2018, leapfrogging the US by one million EV units. With silicon carbide being a major component in EVs and their accessories such as charging stations, the market for SiC is expected to advance at a significant CAGR of 17.9% through 2027 in this region.

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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