Silicon Carbide Market Set to Witness Robust Growth with Increasing Demand for Power Electronics and Electric Vehicles https://dataintelo.com/report/silicon-carbide-market The Silicon Carbide Market is witnessing a surge in demand as industries increasingly seek advanced materials for high-performance applications. According to a recent report by Dataintelo, the global silicon carbide market was valued at USD 2.64 billion in 2023 and is projected to grow at a CAGR of 18.5% during the forecast period of 2024 to 2032, reaching an estimated USD 14.56 billion by 2032. Silicon carbide (SiC) is rapidly gaining traction due to its exceptional thermal conductivity, high-temperature resistance, and efficient power handling capabilities. These properties make it an ideal material for various applications, including power electronics, automotive, energy, and telecommunications. The increasing adoption of electric vehicles (EVs) and the growing demand for power electronics are key drivers behind this robust market growth.