The growing demand for power semiconductors is the major factor driving the growth of the silicon carbide industry. Due to the favourable properties of silicon carbide (SiC) wafers, including heat resistance, high hardness, and high voltage tolerance, they are considered an excellent material to develop power semiconductors. With various companies entering the electric vehicle market and the rising investments to expand 5G telecommunications, the demand for power semiconductors is expected to witness a healthy growth. Moreover, with the growing focus of manufacturers to meet the demand from consumers and governments for environmental solutions and sustainable energy, the companies are making significant investments in related fields, which is expected to further propel the market forward.
However, the global outbreak of the COVID-19 pandemic had a negative impact on the market in 2020. Silicon carbide demand has been significantly impacted by a disturbance in the worldwide supply chain, as well as lower demand from several end-user sectors. In 2020, the global automotive sector witnessed a drop in sales, with sales being lower than 2019 volumes. Additionally, decreasing demand from other industries such as aerospace and defence, electronics, and others had adversely impacted silicon carbide demand, which was the direct fall out of halt in manufacturing facilities, supply chain disruptions, and labour shortages due to the COVID-19 induced government regulations. However, the situation is likely to improve in the forecast period, restoring the market's growth trajectory.
The leading manufacturers are adopting strategies like mergers and acquisitions to expand their global reach and enhance their R&D capabilities. SK Siltron, a global semiconductor wafer manufacturer, announced in March 2020 that it had finalised the acquisition of DuPont de Nemours Inc.’s (NYSE: DD) Silicon Carbide Wafer segment. Wirth this, SK Siltron is aiming to maximise its R&D and production capabilities, further entering rapidly expanding areas. STMicroelectronics (NYSE: STM), a global semiconductor leader serving clients across the spectrum of electronics applications, said in December 2019 that it had completed the full purchase of Norstel AB, a Swedish silicon carbide (SiC) wafer maker. Such developments are expected to aid the market growth in the forecast period.
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AGSCO Corp., Entegris, Inc., ESK-SIC GmbH, Grindwell Norton Ltd., Imerys Graphite & Carbon Ltd, and Xiamen Powerway Advanced Material Co., Ltd, among others are the major players in the global silicon carbide market. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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