Silicon Carbide Market Summary

The global silicon carbide market size was estimated at USD 5.23 billion in 2024 and is estimated to reach USD 9.15 billion by 2030, growing at a CAGR of 8.7% from 2025 to 2030. This strong growth outlook reflects the expanding use of silicon carbide across multiple industrial applications. The increased utilization of this material in the manufacturing of refractory products for the steel industry is projected to significantly support market growth during the forecast period, driven by the need for materials that can withstand extreme operating conditions.

Silicon carbide is widely used as a raw material for refractory applications due to its excellent high-temperature resistance, superior hardness, and chemical stability. Refractory products manufactured using silicon carbide are extensively employed in the linings of kilns, furnaces, and reactors across a range of industries, including cast iron, steel, aluminum, and other metal processing sectors. As production activity continues to grow in both ferrous and non-ferrous industries, the demand for durable and efficient refractory materials is expected to rise, thereby driving further growth in the silicon carbide market.

Key Market Trends & Insights

  • Asia Pacific held over 59% revenue share of the global silicon carbide market in 2024. The region’s dominance is attributed to rapid industrialization, strong steel and metal production capacity, and the presence of major manufacturing hubs across countries such as China, India, and Japan.
  • China remained a dominant player in the global silicon carbide market in 2024. The country’s leadership is supported by large-scale steel production, extensive use of refractories, and a well-established supply chain for silicon carbide manufacturing.
  • By product, the black silicon carbide segment held the revenue share of 54.8% in 2024. Black silicon carbide is widely preferred due to its cost-effectiveness, high thermal conductivity, and suitability for abrasive and refractory applications.
  • By application, the electronics segment held the revenue share of 27% in 2024. Growth in this segment is driven by the increasing use of silicon carbide in power electronics, semiconductors, and high-voltage applications due to its superior electrical and thermal properties.

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Market Size & Forecast

  • 2024 Market Size: USD 5.23 Billion
  • 2030 Projected Market Size: USD 9.15 Billion
  • CAGR (2025-2030): 8.7%
  • Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the market include AGSCO Corporation, Carborundum Universal Limited and Washington Mills.

  • Carborundum Universal Limited (CUMI), established in 1954, is a leading Indian materials science company headquartered in Chennai and is part of the Murugappa Group. CUMI specializes in manufacturing a diverse range of products, including abrasives, ceramics, refractories, and electro minerals, serving industries such as engineering, automotive, and energy.
  • Founded in 1868, Washington Mills is one of the world's largest producers of abrasive grains and fused mineral products, headquartered in North Grafton, Massachusetts. As a family-owned enterprise, it manufactures a wide array of materials, including silicon carbide, aluminum oxide, and boron carbide, catering to industries such as aerospace, automotive, and electronics.

Key Players

  • AGSCO Corporation
  • Carborundum Universal Limited
  • Washington Mills
  • Coorstek
  • Entegris, Inc.
  • ESD-SIC b.v.
  • Snam Abrasives Pvt. Ltd.
  • Gaddis Engineered Materials
  • Grindwell Norton Ltd.
  • SK siltron Co., Ltd.

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Conclusion

The silicon carbide market is expected to experience robust growth, supported by rising demand from the steel and refractory industries and expanding applications in electronics. Strong industrial activity in Asia Pacific, particularly in China, continues to drive market expansion. The dominance of black silicon carbide reflects its widespread industrial use and cost advantages, while growing adoption in electronics highlights emerging opportunities. As industries increasingly seek high-performance materials capable of operating under extreme conditions, silicon carbide is set to play a critical role in supporting technological advancement and industrial efficiency over the forecast period.