The global silicon carbide market is expected to witness impressive growth during the forecast period of 2021-2028, according to a recent report by Market Research Future (MRFR). Silicon carbide is a type of compound that is used in various applications, including electronics, aerospace, and automotive industries. The increasing demand for energy-efficient devices and the growing adoption of renewable energy sources are some of the key factors driving the growth of the silicon carbide market.

According to the report, the Asia-Pacific region is expected to dominate the silicon carbide market during the forecast period, owing to the presence of major manufacturers and increasing demand for high-performance materials. The report also highlights the growing trend of electric vehicles and the need for silicon carbide-based power electronics in such vehicles. In addition, the report predicts that the increasing adoption of 5G technology will further drive the demand for silicon carbide-based semiconductors.

Some of the key players operating in the silicon carbide market include Saint-Gobain, Dow Chemical Company, Cree Inc., AGSCO Corporation, Carborundum Universal Limited, and Grindwell Norton Limited.