Compound Semiconductor Materials Market Size to Surpass USD 69.02 billion by 2033, Driven by EV and IoT Boom

Compound Semiconductor Materials

The compound semiconductor materials market size is predicted to be worth USD 24.31 billion in 2023 and rise to USD 69.02 billion by 2033. Initially, the global market was expanding at a CAGR of 9.1% from 2018 to 2022.

Data transactions have increased due to growing industrialization, which is fueling the expansion of the semiconductor market globally. Due to their strong radiation resistance, compound semiconductor materials are utilized in scientific applications, such as rocket and jumpsuit coatings. Over the anticipated period, this tendency is probably going to support market expansion.

The production of semiconductor devices for autos and cell phones makes extensive use of the technique. The amount of RF content used by smartphones is projected to increase as the telecom sector progresses toward the deployment of 5G connectivity, which leads to a rise in the need for compound semiconductor materials and devices.

Key Takeaways

  • In 2022, the United States was expanding at a share of 16.1% in the compound semiconductor materials market.
  • The compound semiconductor materials market was significantly expanding, with a size of USD 22.27 billion in 2022.
  • In 2022, Australia was expanding at a 0.7% share in the compound semiconductor materials market.
  • Due to the market’s enormous potential and the growing need for electrical vehicles, analysts expect it is likely to rise 1.09 times between 2022 and 2023.
  • The market in China is anticipated to expand at an adequate CAGR of 12.1% by 2033.
  • In 2022, Germany was expanding at a 4.2% share in the compound semiconductor materials market.
  • In 2022, Japan was expanding at a 4% share in the compound semiconductor materials market.
  • By 2033, it is anticipated that the United Kingdom market could expand at a respectable CAGR of 6%.
  • Based on material type, the Gallium Nitride (GaN) is likely to lead the market with a share of 21.2% and continue to lead the market.

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Critical Approaches Increasing Top Players’ Wealth

Businesses produce a variety of compound semiconductor materials, including silicon carbide, indium phosphide, gallium nitride, and gallium arsenide, among others. Also, they provide a range of goods that are used in a variety of industries, including telecommunications, automotive, aerospace, and defense. They include transistors, diodes, power amplifiers, and lasers, among others.

Players invest substantially in research and development to create new products and technologies in order to preserve their competitive edge in this highly competitive market. In order to diversify their product offerings and improve their market share, businesses are concentrating on strategic alliances and partnerships with other industry participants.

Key players

  • IQE plc
  • Sumitomo Electric Industries, Ltd.
  • Nichia Corporation
  • Samsung
  • Qorvo Inc.
  • Skyworks
  • Shin-Etsu Chemical Co. Ltd.
  • Freiberger Compound Materials GmbH
  • Comptek Solutions Oy

Recent Developments

  • A strategic relationship between IQE plc and Porotech was established in May 2022. This alliance aims to scale, develop, and commercialize Porotech’s proprietary “PoroGaN” wafer technology.
  • IQE and Global Foundries partnered strategically in October 2021. This long-term partnership’s primary goal is to develop gallium nitride-on silicon technology for use in wireless and mobile infrastructure.

Compound Semiconductor Materials Market Key segments

By Material Type:

  • Gallium Arsenide (GaAs)
  • Gallium Nitride (GaN)
  • Indium Phosphide (InP)
  • Zinc Selenide (ZnSe)
  • Silicon Carbide (SiC)
  • Gallium Phosphorus (GaP)
  • Aluminum Gallium Indium Phosphide (AlGaInP)
  • Aluminum Gallium Arsenide (AlGaAs)

By Application:

  • Laser
  • Optical Fibers
  • Photovoltaic Cells
  • Optical Devices
  • LED Epitaxial Wafers
  • Power Amplifiers
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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