The import of silicon carbide to India is forecasted to grow steadily from USD 61.966 million in 2024 to USD 70.954 million in 2028. This represents an average Compound Annual Growth Rate (CAGR) of approximately 3.42% over the five-year forecast period. In comparison to 2023's actual imports, which stood at USD 60 million, there is a consistent year-on-year growth, reflecting robust demand in various sectors such as electronics, automotive, and renewable energy industries.
Trends to watch include increasing domestic industrial applications and potential policy changes in India that could impact import tariffs or encourage local production. Additionally, the global focus on reducing carbon emissions may drive further demand for silicon carbide due to its efficiency in power electronics.
