Driven by the price hike wave in power semiconductors in the first half of 2026, the SiC substrate market has eased from the fierce price war, with quotes continuing to rebound. On June 30, 2026, TanKeBlue Semiconductor submitted its IPO application to the Shanghai Stock Exchange, planning to raise approximately RMB 2.78 billion for projects such as the industrialization of 8/12-inch large-size silicon carbide substrates.
I. Latest Data on Global Market Share of SiC Substrates
According to the latest report data from Fuji Keizai, the global SiC substrate market share in 2025 is shown in the figure below.
Note: 1. The top figure shows the volume share of the global SiC substrate market, the bottom left figure shows the 6-inch market, and the bottom right figure shows the 8-inch market.
2. SICC is Tianyue Advanced, TanKeBlue Semiconductor is TanKeBlue, and Jingrui SuperSiC Electronic Materials is a subsidiary of Jingsheng Mechanical & Electrical.
II. Quantitative Analysis of Selected Listed Companies in the SiC Substrate Sector
Quantitative Analysis of Selected Listed Companies in the SiC Substrate Sector: (Scroll up and down to view):
The quantitative analysis in this report primarily uses the latest annual reports of each company as the basis for data evaluation. Meanwhile, the conclusions on business dynamics in the report are mainly derived from tracking and statistics of publicly disclosed orders and partnerships in the current quarter.
Introduction to the Market Performance Index for Listed Semiconductor Enterprises - Quantitative Model:
This index is a refined evaluation tool for listed semiconductor companies in China. By quantifying five key business dimensions from public reports and financial statements—technological innovation, financial health, profitability, market position, and capacity & potential—it strives to comprehensively and objectively segment the market performance of each product line.
1. In the "Technological Innovation" dimension, the index uses the R&D investment intensity indicator (10% weight) to directly reflect the company's resource allocation towards technological innovation; and uses the proportion of R&D personnel indicator (10% weight) to focus on the quality of human resource allocation;
2. In the "Financial Health" dimension, the index considers both short-term liquidity and long-term solvency, comprehensively evaluating the company's risk resistance through the quick ratio (5% weight) and "1 - debt-to-asset ratio" (5% weight). (Note: Since the debt-to-asset ratio is a negative indicator, this transformation method is used);
3. In the "Profitability" dimension, the index allocates and estimates the company's net profit attributable to parent based on the revenue proportion of each product line (20% weight), and adopts the product gross profit margin (10% weight) to explain the pricing power and cost control efficiency in segmented markets;
4. In the "Market Position" dimension, the index uses the revenue scale by product (30% weight) to highlight market share and business volume, serving as a key anchor for industry bargaining power;
5. In the "Capacity & Potential" dimension, the index uses the year-over-year growth rate of intangible assets on the balance sheet (10% weight) to measure long-term development momentum, reflecting the efficiency of R&D transformation.
Finally, we calculated the final index using the Z-score shifted and standardized data for each dimension, and directly present the absolute value of the index. Due to the different number of listed companies in various semiconductor sectors and the different bases for data standardization, the data in the tertiary classification is not comparable across sectors.
Note: 1. The quantitative data is extracted from the 2025 fiscal year annual reports of each company, consistent with the prospectus data of TanKeBlue Semiconductor, which is currently in the pre-IPO inquiry stage.
2. Wolfspeed underwent bankruptcy reorganization from June to September 2025.
3. Non-listed companies (such as Tongguang Co., Ltd.) and listed companies with insufficiently detailed data disclosure on their SiC business (such as Coherent) are excluded from the quantitative comparison.
4. We extracted data related to the SiC substrate business from the annual reports of Jingsheng Mechanical & Electrical, Luxiao Technology, Dongni Electronics, and Sanan Optoelectronics.
III. Analysis of the Impact of Demand-Side on the SiC Market
Driven by the shortage of power semiconductor devices caused by the surge in AI power supply demand, along with the price increase of upstream raw materials, the selling price of SiC substrates has gradually rebounded in mid-2026. Currently, the quoted price for P-MOS grade 8-inch SiC conductive substrates is RMB 4,400-4,900 per piece (Shanghai Metals Market, August 7, 2026).
From the perspective of demand-side trends, on the one hand, the penetration rate of electric vehicles is already relatively high, and severely affected by international trade barriers, leading to a slowdown in the growth of automotive-grade SiC demand; on the other hand, the demand for SiC devices from AI power supplies and supporting smart grid/microgrid infrastructure has become the fastest-growing track, gradually altering the supply and demand relationship on the SiC material side.
However, this does not mean that the price war will end immediately. As the yield rate ramps up and production volume increases for 8-inch SiC substrates, coupled with the continuous advancement of liquid phase method technology, its costs will gradually decrease. Combined with the clearance of 6-inch capacity caused by the price war over the past two years, the ultimate price game of SiC substrates requires not only considering the future supply and demand relationship but also how leading manufacturers control the pace of releasing goods to the spot market based on their commercial competition strategies.
IV. Comparative Profiles of Major Enterprises
(1) SICC
Company Profile: A global leader in wide bandgap semiconductor materials, ranking first globally in the overall market share of conductive silicon carbide substrate shipments in 2025.
Main Products: Provides 4/6/8/12-inch conductive and semi-insulating substrates, as well as a full range of 12-inch products.
Core Technology: 100% independent R&D of equipment and thermal fields; pioneered the liquid phase method to prepare P-type and 8-inch substrates without macroscopic defects.
Market Competitive Advantage: Holds over 50% of the global market share for 8-inch products, deeply bound to more than half of the world's top ten power giants, including Bosch (awarded the Excellent Supplier Award) and Infineon.
(2) Wolfspeed
Company Profile: The world's first fully vertically integrated (IDM) giant to achieve 8-inch mass production and hold the fundamental patent portfolio for silicon carbide. Completed bankruptcy reorganization in September 2025, currently fully focusing on the 8-inch Mohawk Valley Megafab and shutting down the 6-inch lines ahead of schedule.
Main Products: 150mm and 200mm conductive and high-purity semi-insulating substrates and homoepitaxial wafers, breaking through 300mm single-crystal technology.
Core Technology: Based on the PVT method, covering crystal nucleation control, vanadium-free high-purity semi-insulating technology for controlling intrinsic point defects, and laser-assisted lift-off.
Market Competitive Advantage: Relying on IP barriers and automotive-grade verification, locking in AI server power supplies and automotive applications.
(3) TanKeBlue Semiconductor
Company Profile: A pioneering specialized, refined, distinctive, and innovative enterprise that first realized the industrialization of silicon carbide substrates in China, ranking among the top three globally in the market share of conductive substrates.
Main Products: Focuses on 6-inch and 8-inch conductive single-crystal substrates, proactively expanding into 8-inch high-transmittance optical waveguide substrates for AR glasses.
Core Technology: Technology transformation from the Institute of Physics, Chinese Academy of Sciences; independently developed PVT growth furnaces, overcoming stable diameter expansion for large-size single crystals and low-stress cutting.
Market Competitive Advantage: Formed an integrated delivery system of "equipment + substrate + epitaxy", deeply positioned in the supply chains for automotive inverters and 5G base station RF chips.
(4) Jingrui SuperSiC Electronic Materials (Under Jingsheng Mechanical & Electrical)
Company Profile: Relying on its parent company, a leading equipment manufacturer, to build a deeply synergistic "equipment + materials" model, emerging as a new force in silicon carbide with a global layout.
Main Products: Focuses on 6-inch and 8-inch conductive and semi-insulating single-crystal substrate wafers and homoepitaxial wafers.
Core Technology: Relying on Jingsheng's full set of independently developed equipment, overcoming the control of temperature and flow fields in single-crystal growth, and low thermal resistance high-precision multi-wire cutting processes.
Market Competitive Advantage: Formed a transnational coordinated production capacity across "Ningxia - Zhejiang - Penang, Malaysia", accelerating the capture of international market share.
(5) Coherent
Company Profile: A global pioneer in optoelectronics and wide bandgap materials, a veteran hardcore technology giant with over 25 years of accumulation in single-crystal growth. Covers an extremely broad range of material systems.
Main Products: 150mm and 200mm conductive and high-purity semi-insulating substrate epitaxy; R&D breakthroughs in 300mm thermal management platforms.
Core Technology: Proprietary high-temperature annealing defect reduction process; breakthroughs in thick-film homoepitaxial preparation technology for 10kV high-voltage class with a thickness exceeding 250 microns.
Market Competitive Advantage: Canceled its SiC device business to focus on the SiC material side, deeply positioning itself in the supply chains for 5G communications, high-end RF, and AI data center power supplies with its low defect rate. Denso and Mitsubishi Electric have directly invested in its SiC business. The company's optical module business has also received direct investment from NVIDIA.
(6) SiCrystal
Company Profile: A material backbone under Japan's ROHM Group, the SiC manufacturing base with the deepest local technological accumulation in Europe.
Main Products: Focuses on 150mm and 200mm conductive (N-type) single-crystal substrates.
Core Technology: Possesses over 25 years of crystal growth heritage; achieves ultra-low basal plane dislocation (BPD) yield control through precise regulation of the temperature gradient in the PVT furnace.
Market Competitive Advantage: Deeply integrated into the "ONE ROHM" endogenous closed-loop supply system, while holding large-scale long-term supply agreements with STMicroelectronics.
(7) Shanxi Shuoke Crystal
Company Profile: Under CETC (China Electronics Technology Group Corporation), a core "national team" force that was the first in China to announce the successful development and mass shipment of 8-inch substrates.
Main Products: 4, 6, and 8-inch conductive and high-purity semi-insulating single-crystal substrates (12-inch wafers have been rolled off the production line); independently developed high-purity powder and supporting equipment.
Core Technology: Mastered high-purity powder synthesis technology; overcame the stable diameter expansion of ultra-large diameter single crystals and intrinsic defect control processes using the PVT method, realizing a closed-loop technical system of equipment-powder-substrate.
Market Competitive Advantage: Ensures the security of high-specification military semi-insulating defense materials; conductive types are deeply bound to large orders such as 720,000 pieces of 8-inch automotive-grade chips from Silan Micro.
(8) Tongguang Co., Ltd.
Company Profile: Strategically invested by OEM giants such as Great Wall Motor, a domestic unicorn enterprise with mass production capabilities for multi-specification and large-size wafers.
Main Products: 4-6 inch high-purity semi-insulating and conductive substrates, with mass production capabilities for 8, 10, and 12-inch conductive substrates.
Core Technology: PVT method high-resistance semi-insulating crystal growth process; overcoming the challenges of ultra-large diameter temperature field gradient stability and low-stress processing of thin wafers.
Market Competitive Advantage: Received deep capital injection from Great Wall, BAIC, etc., locking in the winning automotive-grade sales barriers, and driving the dual volume growth of power electronics and RF businesses.
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