EVs expected to reinforce the demand for silicon carbide
As per a report published by Fact.MR, the global silicon carbide market is poised to grow at a CAGR of 17% from 2022 to 2032.
During the said forecast period, the industry is likely to yield a dollar opportunity worth $1.05bn in 2022, expected to close at a valuation of $5.1bn. The rising trend of electric vehicles and the strength of black silicon carbide are necessitating the deployment of silicon carbide solutions.
From 2015 to 2021, the market for silicon carbide grew at a CAGR of 16.3%, closing at a value of $988m. As of 2022, the industry is likely to reach $1.05bn. Prospects heightened after the augmenting applications in plug-in hybrid (PHEV) and electric vehicles (EVs). Silicon carbide-based batteries prevent loss of charge and ensure that PHEVs and EVs run for longer distances.
Government policies lay emphasis on increasing the minimum distance that EV manufacturers must ensure in automotive products. Black silicon carbide increases the efficiency and charging capacity of EV batteries which will help in expanding the market grounds for prominent manufacturers.
Key takeaways from the market study
- Global silicon carbide market to flourish 2.6x from 2022-2032
- Black silicon carbide to be a top-selling category, capturing more than 50% market and flourishing at a 17% CAGR until 2032
- By application, silicon carbide for the automotive industry to expand at a CAGR of 16%
- US to emerge as the fastest-growing silicon carbide market, documenting a 12.6% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at $2bn in 2032
“With the upward trend of electric vehicles in the automotive industry, key manufacturers are investing heftily in improving their driving distance and efficiency of the battery. Enterprises are adopting black and green silicon carbide for the manufacturing of semiconductors owing to their high resistance to thermal shock. This is helping them reduce operational costs, eliminate complexity, and increase the strength of the EVs," commented a Fact.MR analyst.
The global market for silicon carbide is characterized by the presence of multiple vendors, aiming to offer consulting and integration services to clients. Additionally, enterprises are seeking out, specialised service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In July 2021, STMicroelectronics manufactured the first 200mm (8") silicon-carbide (SiC) bulk wafers for prototyping next-generation power devices from its facility in Norrköping, Sweden. The transition to 200mm SiC wafers marks an important milestone in the capacity build-up for ST’s customer programs in the automotive and industrial sectors.
- In April 2021, Saint-Gobain Crystar developed a high porosity ceramic filter solution to provide a filtration efficiency equivalent to surgical masks (more than 95% retention of bacteria-inoculated aerosols with an average size of 3 µm, ref. EN 14683 AC.) Combined with the enhanced airtightness of Precimask masks, a high and reliable protection level is ensured.