Global Silicon Carbide (SiC) Market Analysis by Wafer Size, Application, Device type, Vertical, Region and segments forecast till 2033
The Global Silicon Carbide (SiC) Market valued at USD 993,500 million is to reach a value of USD 3441,120 million in 2033, growing at a CAGR of 16.80%.
Silicon carbide is used as a deoxidizing agent in the steel industry & it is the prime raw material in refractories production. The refractories made of Silicon Carbide (SiC) release towering thermal conductivity that is 10 times higher than fireclay refractories. Therefore, the evolvement in steel production is likely to propel the demand for refractories, which in turn is expected to augment the growth of the market in near future. Furthermore, the growing utilization of silicon carbide in electric and hybrid electric vehicles (EV/HEV), as well as in automobile charging infrastructure, rail, motor drives, power supplies, and uninterruptible power supplies (UPS) which expected to accelerate the market growth over the forecast period.
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