Ultra High Purity Silicon Carbide Market Growth Analysis | 2023-2028

Market Insights

The ultra high purity silicon carbide market was estimated at USD 34.8 million in 2022 and is likely to grow at a CAGR of 15.1% during 2023-2028 to reach USD 80.92 million in 2028.

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What is a silicon carbide?

Silicon carbide is a semiconductor that is developed with a mixture of silicon and carbon. It has a hardness level nearly equivalent to that of a diamond, allowing silicon carbide semiconductors to operate under extreme conditions.

Key Players

Some of the key players in the market are-

• Washington Mills
• CoorsTek Inc.
• JJISCO Inc.
• Pacific Rundum Co., Ltd.
• American Elements
• LG Innotek.

Market Dynamics

The surge in demand for ultra high purity silicon from the semiconductor industry coupled with the increasing use of quantum computing, artificial intelligence, and 5G technology is the major factor expected to fuel the growth of the market during the forecast period. Furthermore, the product is highly utilized in the manufacturing of semiconductor devices as it offers a plethora of advantages including high thermal conductivity, low defect density, high resistivity, and uniform electric behavior, thereby assisting the growth of the market over the forecast period.

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Segment Analysis

By Application Type

Based on the application type, the market is segmented as semiconductors, LEDs, and others. The semiconductor application type segment ruled the market in 2022 accounting for more than 85% share by volume and is estimated to maintain its irrefutable lead during the forecast period as well. The growth of the segment is on account of the excellent properties offered by the product, which include high corrosion resistance, strength, temperature, frequency, and purity. These properties make the product suitable for next-generation power devices, such as power converters of hybrid and electric vehicles, high voltage switches, power inverters for air conditioners & industrial equipment, DC/AC converters for wind and solar power, and thin-film coatings.

Regional Insights

In terms of regions, in 2022, Asia-Pacific accounted for the largest volumetric share of 45.0% of the market. The region is estimated to maintain its incontestable lead during the forecast period as well. The growth of the region’s market is driven by the growing demand from the electronics and subsequently, semiconductor industries. Furthermore, countries including South Korea, Taiwan, Japan, and China, which are among the top 10 producers of semiconductors in the world, drive the growth of the regional market. The Asia-Pacific region alone represented over 45% of the share in global semiconductor production. Besides, the continuous rise in the production of consumer electronics, industrial electronics, computer hardware, mobile phones, electronic components, and LEDs in the region is likely to generate more demand for the product in the regional market over the forecast period.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The ultra-high purity silicon carbide market is segmented into the following categories.

By Application Type

• Semiconductor
• LEDs
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the application types by country.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.