Market Overview:
Silicon carbide is a semiconductor ceramic material that has high thermal conductivity, high chemical inertness, high mechanical strength and high electrical conductivity. It is widely used in power electronics, defense & aerospace, automotive and telecommunication industries. Its ability to operate at high temperature, pressure and intensity makes it well-suited for applications requiring high power density and demanding operating conditions.

Market key trends:
Silicon carbide is increasingly being adopted by power electronics manufacturers due to its superior properties compared to silicon. It is 10 times faster than silicon and has high reliability at increased temperatures, higher frequency operations and high voltages. These advantages allow manufacturing of smaller, more powerful and efficient power electronic devices. Growing adoption of electric and hybrid vehicles coupled with increasing deployment of renewable energy is driving demand for power electronic components using silicon carbide semiconductors. Rapid industrialization and infrastructure development across developing nations has also increased requirement for efficient power management systems, further augmenting silicon carbide market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The silicon carbide market requires heavy capital investments for manufacturing facilities, which poses high entry barriers.

Bargaining power of buyers: The presence of several buyers gives them moderate bargaining power. Buyers can negotiate for better prices and quality from suppliers.

Bargaining power of suppliers: A few suppliers dominate the silicon carbide powder and devices market. This gives them higher bargaining power over buyers.

Threat of new substitutes: Silicon carbide faces competition from alternatives like aluminum nitride and diamond; however, its unique properties restrict threats of substitutes.

Competitive rivalry: Intense competition exists among key players to increase market share through product innovation, partnerships and mergers & acquisitions.

SWOT Analysis

Strengths: Silicon carbide has superior properties than other materials. It has high thermal conductivity and mechanical strength.

Weaknesses: High processing costs involved in silicon carbide manufacturing. The need for customized products increases production complexity.

Opportunities: Growing demand for electric vehicles and adoption of 5G technology presents opportunities. Increasing demand from industrial, automotive and power electronics sectors.

Threats: Trade barriers imposed by governments impact material supply. Economic slowdowns decrease industry spending on new products.

Key Takeaways

The Global Silicon Carbide Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing adoption of SiC in the EV industry. Rising EV sales support the market growth.

Regional analysis - Asia Pacific dominates the global silicon carbide market and is expected to grow at the fastest rate owing to large manufacturing bases in China, Japan and India. The presence of key players augment the regional market.

Key players operating in the silicon carbide market are AGSCO Corporation, Carborundum Universal Ltd., Entegris Inc. ESD-SIC b.v., ESK-SIC GmbH, Gaddis Engineered Materials, Grindwell Norton Ltd., Norstel AB, Saint-Gobain Ceramics Materials GmbH, and Snam Abrasives Pvt. Ltd. Key players are focusing on new product launches to strengthen their market position.

For more details on the report, Read- https://www.ukwebwire.com/silicon-carbide-market-demand-share-analysis/