The global silicon carbide market was valued at USD 5.23 billion in 2024 and is projected to reach USD 9.15 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 8.7% from 2025 to 2030. This growth is primarily driven by the increasing use of SiC in manufacturing refractory materials for the steel industry.
Silicon carbide's exceptional high-temperature resistance makes it an ideal raw material for refractory products. These refractory materials are extensively used as linings in kilns, furnaces, and reactors across various industries, including cast iron, steel, aluminum, and other metal processing sectors. The rising production within these ferrous and non-ferrous industries is expected to further boost the demand for refractory materials, consequently driving the SiC market.
Key Market Trends & Insights:
- Regional Dominance: The Asia Pacific region held over 59% of the global silicon carbide market revenue share in 2024. This dominance is attributed to the region's rapid growth in the electric vehicle (EV) sector, expanding renewable energy initiatives, and advancements in telecommunications.
- Product Segment Leadership: The black silicon carbide segment accounted for a 54.8% revenue share in 2024. Black silicon carbide is available in various forms, including blocks, grains, and powders, catering to diverse industrial needs.
- Application Focus: The electronics segment held a 27% revenue share in 2024. Silicon carbide's superior properties, such as exceptional thermal conductivity, high melting point, and chemical inertness, make it crucial in various electronic applications, particularly in high-power and high-frequency devices, as well as its traditional role in steel manufacturing.
Order a free sample PDF of the Silicon Carbide Market Intelligence Study, published by Grand View Research.
Market Size & Forecast
- 2024 Market Size: USD 5.23 Billion
- 2030 Projected Market Size: USD 9.15 Billion
- CAGR (2025 - 2030): 8.7%
- Asia Pacific: Largest market in 2024
Key Companies & Market Share Insights
Some of the key players actively shaping the silicon carbide market include AGSCO Corporation, Carborundum Universal Limited (CUMI), and Washington Mills. These companies are focused on innovation and continuous product portfolio enhancement to secure a competitive advantage in the market.
AGSCO Corporation, headquartered in Chicago, Illinois, is a manufacturer and distributor of industrial chemicals, abrasives, minerals, and blasting equipment. They offer a range of silicon carbide products, including aggregates and blasting media for applications such as anti-slip flooring, lapping, cutting tools, and metal removal. AGSCO specializes in providing comprehensive solutions for abrasive blasting and surface preparation across various industries like aerospace, automotive, construction, and fabrication.
Carborundum Universal Limited (CUMI), established in 1954 and headquartered in Chennai, India, is a leading materials science company and a part of the Murugappa Group. CUMI specializes in manufacturing a diverse range of products, including abrasives, ceramics, refractories, and electro minerals. They serve a wide array of industries such as engineering, automotive, and energy, with a strong focus on delivering integrated solutions from mining to market.
Founded in 1868, Washington Mills is one of the world's largest producers of abrasive grains and fused mineral products, with its headquarters in North Grafton, Massachusetts. As a family-owned enterprise, it manufactures a wide array of materials, including silicon carbide, aluminum oxide, and boron carbide. Washington Mills caters to numerous industries, including aerospace, automotive, and electronics, providing an extensive line of standard abrasive grains and specialty electro-fused minerals.
Key Players
- AGSCO Corporation
- Carborundum Universal Limited
- Washington Mills
- Coorstek
- Entegris, Inc.
- ESD-SIC b.v.
- Snam Abrasives Pvt. Ltd.
- Gaddis Engineered Materials
- Grindwell Norton Ltd.
- SK siltron Co., Ltd.
Explore Horizon Databook - The world's most expansive market intelligence platform developed by Grand View Research.
Conclusion
The silicon carbide market is experiencing significant growth, primarily due to its increasing use in refractory materials for the steel industry, driven by its high-temperature resistance. Beyond refractories, the market is expanding due to rapid growth in electric vehicles, renewable energy, and telecommunications. Asia Pacific is a dominant region, and black silicon carbide leads the product segments. Electronics applications are also a key driver, leveraging SiC's superior thermal and electrical properties. Leading companies are focused on innovation, R&D for high-performance products, and strategic expansions to meet rising global demand.
No comments:
Post a Comment