Fueled by surging electric vehicle demand, the silicon carbide industry is shifting into hyperdrive, projected to rocket from a $2.12 billion market to over $12 billion by 2030 as this superior semiconductor material rapidly replaces silicon in everything from power electronics to renewable energy.
Key Takeaways
- Global Silicon Carbide (SiC) market size reached USD 2.12 billion in 2023 and is projected to grow to USD 12.3 billion by 2030 at a CAGR of 28.7% driven by EV power electronics demand.
- In 2022, the SiC power device market segment accounted for 58% of the total SiC market revenue, primarily due to applications in inverters and converters.
- Asia-Pacific region dominated the SiC market with a 45% share in 2023, led by China and Japan in semiconductor manufacturing.
- China produced 1.8 million tons of black SiC in 2023, representing 65% of global abrasive SiC supply.
- Global metallurgical-grade SiC production capacity was 4.2 million tons in 2023, with utilization rate of 78%.
- Wolfspeed's SiC wafer production capacity expanded to 450,000 6-inch wafers per year by end of 2023.
- SiC power devices in EVs require 650V-1700V ratings, with 1200V chips comprising 55% of production in 2023.
- Automotive sector consumed 40% of SiC devices in 2023, mainly for traction inverters.
- Industrial power supplies used 25% of SiC MOSFETs in 2023 for efficiency gains over silicon.
- Average SiC wafer price dropped 15% in 2023 to USD 1,200 per 6-inch substrate due to scale.
- 200mm SiC wafer spot price was USD 3,500 in Q4 2023, down 20% from Q1.
- Black SiC 99% purity F12 grit averaged USD 1.45/kg in 2023 globally.
- Wolfspeed announced 200mm SiC wafer production with micropipes <0.1/cm² in 2023.
- ROHM developed 4th gen SiC MOSFET with 30% lower on-resistance at 1200V in 2023.
- Infineon launched CoolSiC 2000V modules with 50kHz switching capability in 2023.
The silicon carbide market is booming mainly due to electric vehicle power electronics demand.
Application Sectors
- SiC power devices in EVs require 650V-1700V ratings, with 1200V chips comprising 55% of production in 2023.
- Automotive sector consumed 40% of SiC devices in 2023, mainly for traction inverters.
- Industrial power supplies used 25% of SiC MOSFETs in 2023 for efficiency gains over silicon.
- Renewable energy inverters adopted SiC at 30% penetration rate in 2023, up from 12% in 2021.
- Consumer electronics SiC demand for chargers grew 60% YoY in 2023 to 15% market share.
- Aerospace and defense SiC applications in radar systems used 5% of high-voltage SiC in 2023.
- Data center power systems integrated SiC for 20% energy savings, capturing 18% of SiC market in 2023.
- Oil & gas harsh environment sensors used SiC at 8% adoption rate in 2023 for high-temp reliability.
- Medical equipment like MRI power supplies utilized 3% of SiC devices in 2023 for compact design.
- Telecommunications 5G base stations deployed SiC RF devices at 12% market penetration in 2023.
- SiC in power tools motors used 15% of devices in 2023.
- Welding equipment SiC adoption 22% for inverters in 2023.
- UPS systems for data centers 35% SiC penetration in Tier 1 2023.
- SiC in wind turbine converters reached 18% share in 2023.
- Robotics servo drives used SiC at 10% rate for precision 2023.
- HVAC systems efficiency boosted 25% with SiC, 12% market in 2023.
- SiC LEDs for harsh lighting 5% of market in mining 2023.
- High-speed trains SiC traction 28% adoption in China 2023.
- SiC in induction heating for metalworking 20% share 2023.
- Smart grid inverters 25% SiC equipped in EU 2023.
Application Sectors Interpretation
Silicon carbide, once the rough industrial diamond of the semiconductor world, is now being precisely cut into the high-voltage heart of our electric cars, the brains of our data centers, and the durable sinew of everything from wind turbines to welding gear, proving efficiency isn't just a spec sheet metric but the quiet revolution powering nearly every sector that matters.
Market Analysis
- Global Silicon Carbide (SiC) market size reached USD 2.12 billion in 2023 and is projected to grow to USD 12.3 billion by 2030 at a CAGR of 28.7% driven by EV power electronics demand.
- In 2022, the SiC power device market segment accounted for 58% of the total SiC market revenue, primarily due to applications in inverters and converters.
- Asia-Pacific region dominated the SiC market with a 45% share in 2023, led by China and Japan in semiconductor manufacturing.
- The SiC substrate market grew from USD 450 million in 2021 to USD 720 million in 2023, with a CAGR of 26.5%.
- EV adoption is expected to drive 35% of SiC demand growth annually through 2028, with SiC MOSFETs replacing silicon IGBTs.
- North America SiC market revenue was USD 450 million in 2023, forecasted to reach USD 2.8 billion by 2032 at 22.8% CAGR.
- SiC device shipments reached 1.2 million units in 2023, up 45% from 2022, mainly 1200V class for automotive.
- Europe SiC market is projected to grow at 31.2% CAGR from 2024-2030, valued at USD 350 million in 2023.
- The abrasive SiC segment held 42% market share in 2023 due to steel and automotive polishing needs.
- SiC market in renewable energy applications expected to reach USD 1.5 billion by 2027, growing at 32% CAGR.
- Global SiC market revenue hit USD 2.5 billion in 2024 Q1, up 18% QoQ.
- SiC in EV chargers market share reached 28% in 2023, projected 55% by 2027.
- South Korea SiC production investments totaled USD 1.2 billion in 2023.
- SiC Schottky diodes captured 62% of power diode market in automotive 2023.
- Projected SiC CAGR for power electronics 29.4% from 2023-2030.
- Abrasive SiC demand in semiconductors polishing grew 22% in 2023.
- US SiC market valued at USD 500 million in 2023, 24% CAGR forecast.
- SiC device ASP declined 12% in 2023 to USD 25 average.
- India SiC imports rose 35% to 50,000 tons in 2023 for abrasives.
- SiC in rail traction systems market to USD 800M by 2030.
Market Analysis Interpretation
With electric vehicles relentlessly demanding more efficient power, the once humble abrasive silicon carbide has shockingly become the semiconductor industry's rock-hard darling, rocketing from grinding steel to powering the future at a blistering pace.
Pricing Trends
- Average SiC wafer price dropped 15% in 2023 to USD 1,200 per 6-inch substrate due to scale.
- 200mm SiC wafer spot price was USD 3,500 in Q4 2023, down 20% from Q1.
- Black SiC 99% purity F12 grit averaged USD 1.45/kg in 2023 globally.
- SiC MOSFET 1200V/50A module price fell to USD 45 in 2023 from USD 60 in 2022.
- Green SiC powder for refractories priced at USD 2.10/kg average in China 2023.
- High-purity SiC epitaxial wafer (4H) cost USD 450/cm² in 2023 for 6-inch.
- Abrasive SiC market saw 8% price increase in 2023 to USD 1.8/kg due to energy costs.
- SiC diode 650V/40A retail price USD 8.50 in 2023, down 10% YoY.
- SiC substrate defect density improved, reducing 150mm wafer price to USD 4,200 in late 2023.
- 150mm SiC wafer price USD 2,800 in Q3 2023, -25% YoY.
- SiC JFET 1200V price USD 15/unit bulk 2023.
- Metallurgical SiC lumps USD 650/ton FOB China Oct 2023.
- SiC module 1700V/400A USD 1,200 in 2023 automotive grade.
- F220 grit SiC USD 1.20/kg export price 2023.
- 6-inch SiC bare wafer USD 950 spot Oct 2023.
- SiC cascode module price drop 18% to USD 35 in 2023.
- Refractory SiC bricks USD 850/ton in 2023.
- EPC e-mode GaN-on-SiC price USD 22 for 100V 2023.
- SiC gate driver IC integrated USD 5.50 in 2023.
Pricing Trends Interpretation
The market's descent into affordability is a ruthless ballet, where SiC scales not just as a material but as a promise, crushing its own price with every leap in purity, yield, and grit.
Production Statistics
- China produced 1.8 million tons of black SiC in 2023, representing 65% of global abrasive SiC supply.
- Global metallurgical-grade SiC production capacity was 4.2 million tons in 2023, with utilization rate of 78%.
- Wolfspeed's SiC wafer production capacity expanded to 450,000 6-inch wafers per year by end of 2023.
- China accounted for 72% of global SiC raw material production (silicon and carbon sources) in 2022.
- II-VI Inc. produced 200,000 150mm SiC substrates in 2023, up 50% from previous year.
- Global high-purity SiC powder production reached 150,000 tons in 2023 for electronics applications.
- Saint-Gobain's SiC production facility in Norway output 350,000 tons annually as of 2023.
- Japan’s SiC boule growth capacity for substrates hit 100,000 units per month in 2023 by Sumitomo Electric.
- United SiC (Qorvo) ramped substrate production to 50,000 wafers/year in 2023 for RF devices.
- Global SiC furnace capacity increased by 15% in 2023 to 5.8 million tons equivalent.
- Russia SiC production capacity 120,000 tons/year in 2023, 90% metallurgical.
- Entegris supplied 300,000 SiC slurries tons for CMP in 2023.
- Coherent Corp produced 150,000 6-inch SiC substrates in FY2023.
- Global SiC recycling rate for abrasives was 25% in 2023.
- Norstel (II-VI) 4-inch substrate output 120,000 units in 2023.
- SiC green body production via LPE method scaled to 20,000 wafers/month 2023.
- World's largest SiC furnace in China: 50 tons/day capacity operational 2023.
- SiC powder purity >99.999% production volume 5,000 tons in Japan 2023.
- SK Siltron ramped to 30,000 6-inch epi wafers/month in 2023.
- Annual global SiC smelting energy consumption 15 TWh in 2023.
Production Statistics Interpretation
While China dominates the bulk of raw and abrasive silicon carbide, the high-stakes race for the pure, crystalline material powering the electric future is being fiercely contested in factories from North Carolina to Norway, with every new wafer and furnace revealing a global industry scaling up for a shockingly transformative decade.
Technological Advancements
- Wolfspeed announced 200mm SiC wafer production with micropipes <0.1/cm² in 2023.
- ROHM developed 4th gen SiC MOSFET with 30% lower on-resistance at 1200V in 2023.
- Infineon launched CoolSiC 2000V modules with 50kHz switching capability in 2023.
- GTAT and ON Semi achieved 8-inch SiC crystal growth yield >80% in 2023 trials.
- SiC trench MOSFET technology reduced gate oxide stress by 40% as per STMicro 2023 paper.
- New CVD process for SiC epi layers achieved 10µm thickness uniformity <2% in 2023.
- UnitedSiC integrated FET tech halved RDS(on) to 40mΩ for 650V devices in 2023.
- SiC nanowire catalysts improved solar cell efficiency to 25% in lab tests 2023.
- High-voltage SiC IGBT prototypes reached 10kV blocking in 2023 by Chinese researchers.
- SiC vertical JFET with 3.7mΩ-cm² achieved by Palo Alto Research 2023.
- 3C-SiC on Si pseudo-substrate defect density <500/cm² in 2023.
- SiC nanowire FETs for quantum computing demo 2023.
- Laser annealing for SiC doping uniformity 99.5% 2023.
- SiC PiN diodes 15kV forward current 100A 2023 record.
- Additive manufacturing of SiC composites density 99.8% 2023.
- SiC MEMS pressure sensors withstand 600°C in 2023 tests.
- Hybrid SiC-SiC/SiC fiber composites tensile strength 450MPa 2023.
- SiC power IC with integrated driver 650V 2023 launch.
- Quantum dot enhanced SiC detectors sensitivity x10 2023.
Technological Advancements Interpretation
The industry spent 2023 aggressively patching every conceivable crack in Silicon Carbide's armor, from scaling up pristine wafers and slashing resistance at every voltage to forging new frontiers in quantum and extreme environments, proving it's no longer just a promising material but an engineering force being relentlessly perfected.
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