Share this article Share this article ResearchAndMarkets.com's offering. The silicon carbide market was valued at US$ 712.85 million in 2019 and is projected to reach US$ 1,810.56 million by 2027; it is expected to grow at a CAGR of 12.5% from 2019 to 2027. Silicon carbide, also known as carborundum, is a semiconductor material widely used in electronics and semiconductor industries. The physical hardness of silicon carbide makes it fit for use as an abrasive in processes such as honing, water jet cutting, grinding, and sand blasting. It is also used in the components of pumps used to drill and extract the oil in oilfield applications. Rising demand for silicon carbide in various application industries has led to an increase in the investments by manufacturers, governments, and research institutes in its production.