Silicon carbide (SiC) market size 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 11, 2024 /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. The surge in demand for SiC fibers within the aerospace industry is a primary driver of market expansion. Boasting attributes such as exceptional heat resistance, chemical stability, and lightweight construction, SiC fibers are ideal for diverse aerospace applications including heat engine insulation, turbine nanotubes, and ceramic matrix composites (CMCs), offering viable alternatives to metallic alloys. Moreover, their utilization leads to significant weight reduction and enhanced fuel efficiency in aircraft engines, thereby bolstering both environmental sustainability and cost-effectiveness for aircraft manufacturers. With defense aircraft fleets undergoing modernization efforts globally, there's been a notable uptick in demand for aircraft materials, further fueled by increased defense spending. These factors collectively contribute to a promising outlook for market growth throughout the forecast period.

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• The use of power inverters that use SiC for EVs is a key trend in the market.
• Competition from gallium nitride material is challenging the market growth.

Market Segmentation

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. 

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

• 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.
• Xiamen Powerway Advanced Material Co. Ltd.

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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Analyst Review

In the industrial materials, refractory materials play a critical role, especially in demanding sectors like the steel industry, where extreme temperatures and harsh conditions are the norm. SiC, known for its exceptional thermal conductivity and resistance to heat, finds widespread application in various industries, including kilns, furnaces, and reactors. Its versatility extends to both ferrous and non-ferrous industries, making it indispensable in processes involving materials like cast iron and aluminum.

Amidst the disruptions caused by the global pandemic, manufacturing activities faced challenges, yet sectors like industrial and electronic manufacturing persisted, driving the demand for SiC. One prominent player in this market, Washington Mills, stands at the forefront, navigating through uncertainties and contributing significantly to the SiC market's growth.

The market is segmented based on product types, with Black SiC and Green SiC being major categories. Each finds its application in various forms such as block, grain, and powder, catering to diverse needs across different industries. In iron and steel manufacturing processes, SiC plays a pivotal role, especially in electric arc furnaces and oxygen furnaces, where its properties ensure energy efficiency and longevity.

Notably, SiC is renowned for being one of the hardest man-made minerals, making it ideal for applications requiring durability and wear resistance. Its integration into special kinds of ceramics and metal-matrix composites enhances the performance and lifespan of components like wear-resistant seals and nozzles in critical sectors including the aerospace segment, where components like jet turbines and turbine blades demand utmost reliability, particularly in functions such as fuel intake.

Within the electrical and electronics segment, SiC finds use in enhancing energy efficiency. Its ability to handle high voltages and temperatures makes it invaluable in power electronics, contributing to advancements in renewable energy and electric vehicles.

In the chips marketspace, SiC is gaining traction due to its superior thermal management properties, catering to the evolving needs of modern electronics. As the market continues to evolve, SiC remains poised to play a vital role in shaping various industries, driving innovation and sustainability.

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Market Overview

In the steel industry, kilns, and furnaces, refractory materials play a crucial role in ensuring durability and efficiency. Silicon Carbide (SiC) emerges as a standout material due to its exceptional heat resistance and mechanical strength, making it ideal for lining reactors, cast iron, and aluminum smelting furnaces. The SiC market in ferrous industries is witnessing substantial growth, driven by its ability to withstand extreme temperatures and harsh chemical environments. Its widespread application across various industrial sectors underscores its versatility and reliability. As demands for high-performance materials surge, the Silicon Carbide market continues to expand, offering innovative solutions for critical industrial processes.

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Key Topics Covered:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
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SOURCE Technavio