Asia Pacific holds the largest share in the market, followed by North America. Further, China dominates the silicon carbide market in Asia Pacific, followed by India and Rest of Asia Pacific
The silicon carbide market was valued at US$ 712.85 million in 2019. A report by Research and Markets has projected it to reach US$ 1,810.56 million by 2027; it is expected to grow at a CAGR of 12.5 per cent from 2019 to 2027.
Silicon carbide, also known as carborundum, is a semiconductor material widely used in electronics and semiconductor industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting.
It is also used in the components of pumps used to drill and extract the oil in oilfield applications. Rising demand for silicon carbide in various application industries has led to an increase in the investments by manufacturers, governments, and research institutes in its production.
Segmented into black and green
The silicon carbide market has been segmented into black silicon carbide and green silicon carbide. The black silicon carbide segment accounted for a larger market share in 2019, and the green silicon carbide segment is expected to register a higher CAGR in the market during the forecast period.
Asia Pacific holds the largest share in the market, followed by North America. Further, China dominates the silicon carbide market in Asia Pacific, followed by India and Rest of Asia Pacific, respectively. The high demand for silicon carbide from the automotive, electronics and semiconductors, medical, and other industries is driving market growth in Asia.