Ultra High Purity Silicon Carbide Market Growth Analysis, Industry Trends, Business Overview and Forecast 2032

Market Summary:

The global Ultra High Purity Silicon Carbide Market had a value of USD 30.8 billion in 2022 and is forecasted to reach USD 100.16 billion by 2032, indicating a robust revenue Compound Annual Growth Rate (CAGR) of 14% over the forecasted period. A significant driver of market revenue growth is the increasing demand for ultra high purity silicon carbide across various end-use industries, particularly in semiconductors, power electronics, and solar cells. The market's expansion is further fueled by the growing emphasis on Renewable Energy and electric vehicles, which is spurring the demand for high-performance semiconductors.

Ultra high purity silicon carbide is in high demand due to its outstanding characteristics, such as high thermal conductivity, exceptional hardness, and superior strength. Its ability to operate at elevated temperatures and its robust resistance to chemical and thermal stresses are making it increasingly popular in the production of semiconductors. Additionally, the need for high-performance semiconductors is rising in response to the growing demand for electronic devices like smartphones, laptops, and tablets, which is expected to contribute to the market's revenue growth.

Moreover, ultra high purity Silicon Carbide is experiencing increased demand in the power electronics sector because of its remarkable features, including high thermal conductivity, high voltage breakdown, and low on-state resistance. The surging use of electric vehicles and the adoption of renewable energy sources are driving the demand for high-performance power electronics, further propelling the market's revenue growth.

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Strategic Developments:

The UHP SiC market has seen significant strategic development activities in recent years, with major players entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the notable strategic developments in the UHP SiC market include:

• In 2021, II-VI Incorporated announced the acquisition of Ascatron AB, a Sweden-based supplier of SiC epitaxial wafers. The acquisition was aimed at expanding II-VI's product offerings in the UHP SiC market and strengthening its position in the SiC industry.
• In 2020, Cree, Inc. announced a strategic partnership with STMicroelectronics, a Switzerland-based semiconductor company. The partnership was aimed at accelerating the adoption of SiC technology in various applications, including automotive and industrial applications.
• In 2020, Showa Denko K.K. announced the expansion of its SiC epitaxial wafer production capacity. The expansion was aimed at meeting the increasing demand for SiC wafers in the semiconductor industry.

Ultra High Purity Silicon Carbide Market Report Scope

Leading Key Players in the Market:

Ultra High Purity Silicon Carbide (UHP SiC) is a high-performance material renowned for its exceptional attributes such as remarkable strength, minimal thermal expansion, and outstanding thermal conductivity. It finds applications across a range of industries, including semiconductors, automotive, aerospace, and defense, among others.

The global market for ultra high purity silicon carbide is poised for significant growth in the coming years, driven by the escalating demand for advanced materials in diverse industrial sectors. This market exhibits a degree of consolidation, with a select few major players contributing substantially to its overall revenue. Notable companies in the worldwide ultra high purity silicon carbide market include:

• II-VI Incorporated
• Cree, Inc.
• ROHM Semiconductor
• Morgan Advanced Materials
• Grindwell Norton Limited
• Entegris, Inc.
• Showa Denko K.K.
• Dow Chemical Company
• Saint-Gobain S.A.

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