Westford, USA, Jan. 17, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, silicon carbide market is experiencing a surge in adoption within power electronics, primarily owing to its remarkable attributes of high efficiency and minimal power losses. This versatile material finds extensive application in critical sectors such as solar inverters, wind turbines, and electric vehicle chargers, where energy efficiency and performance optimization are paramount.
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Browse in-depth TOC on the "Silicon Carbide Market”
- Pages - 157
- Tables – 65
- Figures – 76
Sectors such as electric vehicles and power electronics are poised for remarkable growth in the silicon carbide market. SiC's unique properties, including high-temperature tolerance and energy efficiency, make it indispensable for enhancing performance and sustainability. SiC is projected to play a pivotal role in meeting the demands for higher efficiency and advanced technologies, consequently propelling market growth during the forecast period.
Prominent Players in Silicon Carbide Market
- 3M Company
- AGSCO Corporation
- Carborundum Universal Limited
- Dow Chemical Company
- ESD-SIC b.v.
- Fujimi Corporation
- Gaddis Engineered Materials
- Grindwell Norton Limited
- Henan Huaxi Furnace Refractory Co., Ltd.
- Henan Yichuan Ruishi Abrasive Co., Ltd.
- Hyperion Materials & Technologies
- Jiangsu Leyuan New Materials Group Co., Ltd.
- Morgan Advanced Materials plc
- Norstel AB
- Renesas Electronics Corporation
- Saint-Gobain S.A.
- Showa Denko K.K.
- Tianzhu Yutong Silicon Carbide Co., Ltd.
- Washington Mills Electro Minerals Corporation
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Electrical and Electronics Segment is Expected to Grow the Market Due to Ever-Increasing Importance of its Products
Electrical and electronics segment has emerged as the market leader in revenue, underscoring its pivotal role in the silicon carbide market. This segment's growth trajectory is expected to be significantly influenced by the ever-increasing importance of its products in the development of efficient electronic chips.
The market in North America has held a substantial volumetric share in the silicon carbide market, and this trend is expected to continue with an increasing CAGR in terms of revenue during the forecast period.
Automobile Segment is Expected to Dominate the Market Due to the Continued Importance of Abrasives-Based Products
Automobile segment is poised for substantial growth, with a significant CAGR anticipated during the forecast period in the silicon carbide market. One of the key drivers of this growth is the continued importance of abrasives-based products within the segment.
Regional markets in the Asia Pacific region have emerged as the largest regional market in the global silicon carbide market, boasting a formidable presence from steel industry giants such as China, India, Japan, and South Korea. These countries have long established themselves as powerhouses in steel manufacturing, contributing significantly to the region's dominance.
A comprehensive analysis of the major players in the silicon carbide market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Silicon Carbide Market
- SK Siltron, a prominent manufacturer of semiconductor wafers, made a significant announcement regarding its investment plans in 2022. The company revealed its commitment to invest a substantial sum of USD 1.65 billion by 2026, with a considerable portion, USD 0.7 billion, allocated to expand wafer production in the Gumi National Industrial Complex. This strategic move underlines SK Siltron's dedication to meeting the growing global demand for semiconductor wafers, particularly in the booming technology and electronics sectors.
- In 2022, SK Siltron shared details about its recently constructed USA Bay City factory, emphasizing its role in expanding manufacturing capacity. The facility's expansion project aimed to increase production significantly, with expectations of manufacturing over 100,000 silicon carbide sheets annually.
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Key Questions Answered in Silicon Carbide Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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