Ultra High Purity Silicon Carbide Market Size, Share, Trends, Growth 2030

Ultra High Purity Silicon Carbide Market: Industry Prospective:

The global ultra-high purity silicon carbide market size was worth around USD 26.6 million in 2021 and is predicted to grow to around USD 92.8 million by 2030 with a compound annual growth rate (CAGR) of roughly 14.9% between 2022 and 2030.

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The report analyzes the global ultra high purity silicon carbide market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the ultra high purity silicon carbide market.       

Ultra High Purity Silicon Carbide Market: Overview

A semiconductor made of silicon and carbon is known as silicon carbide. To create tough ceramics, silicon carbide grains are fused during the sintering process. High corrosion resistance, thermal conductivity, consistent electric behavior, and low defect density are all features of ultra-high purity silicon carbide. It is suitable for next-generation power equipment like power converters and electric vehicles since it minimizes contaminants and offers optimal and high performance. The manufacturing of long-endurance automobile clutches and brakes, ceramic plates for bulletproof vests, power generators, solar inverters, high-voltage switches, and thin-film coatings have all benefited from the increased demand for ultra-high purity silicon carbide in recent years.

Key Insights

• As per the analysis shared by our research analyst, the global ultra-high purity silicon carbide market is estimated to grow annually at a CAGR of around 14.9% over the forecast period (2022-2028).
• In terms of revenue, the global ultra-high purity silicon carbide market size was valued at around USD 26.6 million in 2021 and is projected to reach USD 92.8 million, by 2030.
• One of the major factors driving the growth of the global ultra-high purity silicon carbide market is the growing stability in the production of semiconductors all across the globe.
• Based on the application, the semiconductor segment accounted for the largest revenue share in 2021.
• Based on region, the Asia Pacific held the largest revenue share in 2021.

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Ultra High Purity Silicon Carbide Market: Growth Drivers

Rising demand for electric vehicles to drive the market growth

The demand for EVs and EV charging stations has rapidly grown due to the sharp rise in greenhouse gases and different government measures to minimize oil imports. The carbon emissions of an EV are around 17–30% fewer than those of a gasoline or diesel vehicle, according to research by the European Energy Agency (EEA). As a result, EV sales have increased globally and have seen rapid adoption. Global EV sales increased by 108% in 2021 to 6,75 million units, with BEVs accounting for 71% of those sales. As the EV market expands, automakers are requesting higher voltage drive systems to shorten charging times and lighten overall EV weight, which can enable longer driving ranges.

Third-generation STPOWER silicon carbide (SiC) MOSFETs have been released by companies like STMicroelectronics to target advanced power applications like EV powertrains and other circumstances where energy efficiency, power density, and reliability are crucial. Specific standards for power losses, breakdown voltage, switching frequency, maximum operating temperature, and thermal conductivity must be met by power devices used in EVs and EV charging stations. Third-generation STPOWER SiC MOSFETs from STMicroelectronics have been specifically created to satisfy the needs of high-end automotive applications, such as EV traction inverters, onboard chargers, and DC/DC converters. Such initiatives are expected to contribute to the revenue growth of the global ultra high purity silicon carbide market.

Ultra High Purity Silicon Carbide Market: Restraints

High manufacturing and processing costs for manufacturing large SiC wafers with minimum defects

Silicon carbide is unavailable as a natural mineral and hence it is manufactured by using furnace techniques. SiC materials are more expensive than silicon and are commercially fabricated in high-temperature environments. The lower number of fabrication facilities, for example, contributes to the greater cost of device fabrication for foundries. Furthermore, the chemical inertness and low diffusion coefficient make doping challenging in SiC production. The current production procedures generate many sorts of material flaws in SiC substrates.

Ultra High Purity Silicon Carbide Market: Opportunities

Emerging technologies such as quantum computing and AI provide a lucrative opportunity

It is also projected that the development of upcoming technologies, such as quantum computing, artificial intelligence, and 5G technology, would present new opportunities for the global ultra high purity silicon carbide market players. One of the main drivers of market expansion is projected to continue to be the growing adoption of these technologies, especially in the United States. The U.S. business community has made significant investments in these technologies, which have helped advance the semiconductor industry and the creation of the data centers, supercomputers, and artificial intelligence (AI) systems that rely on them. For instance, between 1999 and 2019, R&D spending in the US industry expanded at a CAGR of 6.6%. The largest share of any nation's sales in R&D spending for 2019 was in the United States, where it totaled USD 39.8 billion, or around 17% of sales.

Ultra High Purity Silicon Carbide Market: Challenges

Availability of substitutes  

The availability of substitutes like gallium nitride, which has comparable qualities like the capacity to withstand high voltage, high frequency, similar bandwidth, and breakdown field, may be able to slow the rise in demand for silicon carbide as a third-generation semiconductor material. Compared to SiC, gallium nitride has higher electron mobility, making it more appropriate for high-frequency applications. These elements are anticipated to limit the market's ability to increase its revenue.

Ultra High Purity Silicon Carbide Market: Segmentation

The global ultra-high purity silicon carbide market is segmented based on application, distribution channel, and region

Based on the application, the global market is bifurcated into semiconductors, LEDs, and others. In 2021, the semiconductor application segment dominated the market. It is anticipated that this dominance will continue during the forecast period. The product's outstanding qualities, which include high corrosion resistance, strength, temperature, frequency, and purity, account for the segment's expansion. Because of these characteristics, the product is appropriate for next-generation power devices such as DC/AC converters for wind and solar power, thin-film coatings, high voltage switches, power inverters for air conditioners and industrial equipment, and power converters of hybrid and electric vehicles.

Recent Developments:

• In August 2022, Infineon Technologies AG and II-VI Incorporated signed a multi-year supply agreement for silicon carbide (SiC) wafers. The German-based semiconductor manufacturer is thus securing further access to this strategic semiconductor material to meet the strong increase in customer demand in this area. The agreement also supports Infineon's multi-sourcing strategy and increases its supply chain resilience. The first deliveries have already taken place.

• In August 2022, Toshiba Electronic Devices & Storage Corporation ("Toshiba") launched a new power device, the “TWxxNxxxC series,” its 3rd generation Silicon Carbide (SiC) MOSFETs that deliver low on-resistance and significantly reduced switching loss. The new products reduce on-resistance per unit area (RDS(ON)A) by about 43%, allowing the drain-source on-resistance * gate-drain charge (RDS(ON)*Qgd), an important index that represents the relationship between conduction loss and switching loss, to be lowered by about 80%. This cuts the switching loss by about 20% and lowers both on-resistance and switching loss. The new products contribute to higher equipment efficiency.

Ultra High Purity Silicon Carbide Market Report Scope:

Ultra High Purity Silicon Carbide Market: Regional Analysis

The Asia Pacific held the largest revenue share in 2021

The Asia Pacific region held the largest revenue share of more than 45% in 2021 in the global ultra high purity silicon carbide market and is expected to remain dominant over the forecast period. The growth in the region is attributed to the growing demand from electronics and subsequently semiconductor industries. The expansion of the regional market has been aided by the encouraging trend in the production of electronic components, cell phones, computers, industrial electronics, consumer electronics, and LED lights.

For instance, In its recently published Second Volume of the Vision document on Electronics Manufacturing in India, the Ministry of Electronics & Information Technology predicted that the electronics manufacturing industry will increase from its current US$ 75 billion in 2020–21 to US$ 300 billion in 2025–26. Mobile phones, IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, auto electronics, electronic components, LED lighting, strategic electronics, printed circuit board assembly (PCBA), wearables and hearables, and telecom equipment are the main products that are anticipated to drive growth in India's electronics manufacturing. From its current level of US$ 30 billion, mobile manufacturing is predicted to reach US$ 100 billion in yearly production growth or around 40% of the industry's growth. Thus, the aforementioned facts support the market expansion in the Asia Pacific region.

On the other hand, North America is expected to hold a significant market share over the forecast period. The North American vendors stand to gain from the demand for power electronics. Power electronics devices are becoming more and more popular in end-use sectors due to their smaller size and lighter weight. Power electronics products are also being used by manufacturers as a result of increased knowledge of energy efficiency and renewable energy sources, particularly concerning lowering greenhouse gas emissions.

Ultra High Purity Silicon Carbide Market: Competitive Analysis

The global ultra-high purity silicon carbide market is dominated by players like:

• LG Innotek
• American Elements
• Pacific Rundum Co. Ltd.
• JJISCO Inc.
• CoorsTek Inc.
• Washington Mills
• JJISCO
• Ferrotec Corporation
• Nanoshel LLC
• Polycrystal
• Bridgestone Corporation
• AGC Inc.

The global ultra-high purity silicon carbide market is segmented as follows:

By Application

• Semiconductor
• LEDs
• Others

By Distribution Channel

• Online
• Offline

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa