Silicon Carbide (SiC) Wafer Market Size, Growth, Trends, Forecast (2024-2032)

According to the UnivDatos, the rising demand for electric vehicles (EVs), advancements in power electronics, miniaturization, and high-performance needs drive the Silicon Carbide (SiC) wafer market. As per their “Silicon Carbide (SiC) Wafer Market” report, the global market was valued at USD 1156.66 million in 2024, growing at a CAGR of about 17.03% during the forecast period from 2025 - 2033 to reach USD million by 2033.

The Silicon Carbide (SiC) wafer market is observing a huge transformation fuelled by large global investments and funding to scale high-efficiency semiconductor production. Additionally, rising renewable energy systems, increased electric vehicles market, and next-generation power electronics expansion are compelling the government and private entities to continue investing billions of dollars into SiC manufacturing capacity. The U.S. CHIPS and Science Act and other similar initiatives in Europe and Asia are accelerating the construction of advanced 200 mm and 300 mm wafer fabs while enhancing domestic supply chain resiliency. Industry leaders are taking these investments and funding and further utilizing them to accelerate vertical integration, produce improved wafer quality, and meet automotive grade qualifications. This funding is not just improving demand for production but is also changing the competitive landscape of the global SiC ecosystem.

Some of the companies getting funding and investments, which are bolstering the market growth of silicon carbide, have been described below:

On 10th October 2023, Coherent Corp., one of the global leaders in materials, networking, and lasers, announced that DENSO CORPORATION and Mitsubishi Electric Corporation have agreed to invest an aggregate $1 billion in its silicon carbide business. The transaction results from the strategic review process announced in May 2023 for the Business. In addition, under the terms of the transaction, DENSO and Mitsubishi Electric each would invest $500 million in exchange for a 12.5% non-controlling ownership interest in the business, with Coherent owning the remaining 75%. Furthermore, the business declared to enter long-term supply arrangements with DENSO and Mitsubishi Electric, supporting their demand for 150 mm and 200 mm silicon carbide substrates and epitaxial wafers.

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Further, on May 20, 2024, SK Siltron CSS announced an investment of around USD 300 million in Michigan’s Bay County to increase the production of solutions that would further improve the performance of electric vehicles. The company manufactures silicon carbide (SiC) wafers, which could be used in the semiconductor power components of electric vehicles (EVs). The company manufactures a single 6-inch diameter wafer, which could make 450 semiconductor chips, enough to supply as many as eight EVs. Those semiconductor chips may also help increase the range of EVs by up to 10% thereby speeding up their charging times.

Rise in Funding and investments are catalysing the Silicon Carbide (SiC) wafer market.

The surge in investments and funding is redefining the trajectory of the Silicon Carbide (SiC) wafer market, accelerating its growth and global relevance. Government entities and industry leaders are infusing strategically aligned funding to grow the production capacity of SiC wafers. In addition to technological innovations, sustainable supply chains and larger wafer formats are also meeting the demand for electric vehicles, renewable energy, and high-power electronics. Companies are building new fabs, establishing long-term relationships, and increasing research and development, thereby creating a cleaner, electrified world. Furthermore, the manufacturing companies should focus on sustainable manufacturing, talent development, and localized supply chains to ensure the long-term success of the SiC ecosystem.

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