Northbrook, IL 60062 -- (SBWIRE) -- 09/20/2022 -- The thin wafer market is projected to grow from USD 11.4 billion in 2022 and is projected to reach USD 20.6 billion by 2027; it is expected to grow at a CAGR of 12.5% from 2022 to 2027.

Reduction in sizes of electronic devices, growing smartphone and consumer electronics markets, high amount of material saving combined with rising adoption of MEMS technology in portable health monitoring devices is expected to fuel the growth of the thin wafer market.

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Silicon Carbide (SiC) is evolving at a rapid space. Semiconductor device manufacturers and fabrication facilities largely prefer SiC wafers because these wafers offer several advantages over traditional silicon substrates. Hardness is one of the major advantages of this substrate. To minimize the impact of pressure or stress, this substrate is increasingly being used for thin wafers. Moreover, SiC has a low coefficient for thermal expansion, meaning that its shape remains unaltered even when subjected to heating or cooling. It can operate on temperatures as high as 1600 °C, which makes it suitable for high-temperature applications. Besides, this property also aids in increasing the life of the semiconductor device in which the SiC wafer is installed. Other advantages offered by SiC wafers include higher power density, reduced switching losses, better heat dissipation, and increased bandwidth capacity. These wafers are increasingly being adopted in the automotive, industrial, and energy industries. SiC wafers help reduce the size and weight of power modules in vehicles, thereby increasing acceleration, and also provide improved battery savings.

The market for 300 mm wafer segment is expected to exhibit highest growth during the forecast period. These wafers offer manufacturers the ability to produce a large number of devices in a single batch. This is one of the reasons companies are developing semiconductor devices that are composed of 300 mm wafers. The market for these wafers is expected to grow at a significant rate due to the growing use of these wafers in LEDs, MEMS, ICs, and many other electronic and semiconductor devices.

The thin wafer market for LED application is expected to grow at the highest CAGR during the forecast period. Thin wafers are increasingly being used in LED devices because of everal benefits high efficiency and low power consumption. Additional factors such as are growing adoption of OLED display in smartphones and television sets and the deployment of LED components in automobiles is also contributing to the market growth.

Wafer polishing equipment market is expected to grow at the highest CAGR during the forecast period. The growth of the wafer polishing equipment market can be attributed to the increasing demand for thinner wafers to integrate microelectronics into various consumer electronic devices. Also, the increasing number of semiconductor fabrication plants in countries such as China and Taiwan, owing to growing investments in semiconductor manufacturing, is expected to contribute toward the growth of the wafer thinning equipment market.

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In terms of geographic coverage, the thin wafer market has been segmented into 3 regions, namely, Americas, EMEA and Asia Pacific. The market in Asia Pacific is expected to record the highest growth rate during the forecast period, primarily due to countries such as Taiwan, China, South Korea contributing to the overall market share significantly. Asia Pacific is witnessing dynamic changes in terms of the adoption of new technologies across various industries. As Asia Pacific has low labor costs, most of the thin wafers are manufactured in Asia Pacific and are exported to various regions. The increasing number of semiconductor fabrication plants as well as IC manufacturing firms in countries like China and Taiwan, due to increasing investments in semiconductor manufacturing is expected to contribute towards the growth of the thin wafer market.