Polysilicon Market Expected to Nurture the Growth by 2025
Polysilicon is an extremely pure form of silicon. Its main application is in the production of solar photovoltaic units, due to its promising semiconductor properties. The rapid growth of the solar photovoltaics sector in recent years is thus the major driver for the polysilicon market.
Developed countries in North America and Europe have been leading consumers in the global polysilicon market due to the steady government support to the solar photovoltaics sector. Growing demand from individual customers for home-based solar photovoltaic units is likely to be a key driver for the polysilicon market in the region, as the widespread installation of smart grid technology has enabled consistent use of alternative energy sources, as smart grid software has helped eliminate the difficulties in integrating conventional and alternative power infrastructure. In Europe, Central European and Mediterranean countries have become major players in the solar photovoltaics sector and are likely to remain regional leaders in the global polysilicon market as a result.
Developing countries in Asia Pacific, Latin America, and Africa could become leading contributors to the global polysilicon market in the coming years due to the steady growth of the solar photovoltaics sector in these regions in the last few years. Cheap solar photovoltaic installations have become the norm in underdeveloped regions, and while this constricts the demand for the more expensive polysilicon, the boost to the solar industry is likely to help the polysilicon market in the long run. Southeast Asian economies such as China and India have become leading producers of solar power in the last few years and are thus likely to remain key regional players in the global polysilicon market.
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Global Polysilicon Market: Overview
Polysilicon is a hyper pure polycrystalline form of silicon and is used as feedstock material in many solar energy applications and as a key raw material for manufacturing electronic chips. Owing to its semiconductor properties, polysilicon is extensively used to make photovoltaic (PV) panels across the globe. The market for polysilicon is fast evolving and is driven by the rapid growth of solar photovoltaic industry and product developments in the semiconductor industry. In microelectronics, polysilicon is used in the fabrication of crystalline silicon wafers. Fluidized bed reactor (FBR) technology is one of the most widely used processes in the production of polysilicon and has helped reduce the manufacturing cost of the material. A rise in solar photovoltaic installations worldwide is anticipated to have a favorable impact on the growth of the polysilicon market.
The research report, prepared with valuable inputs from various industry leaders and market experts, provides a comprehensive insight into the market dynamics, current trends, emerging technologies, profile of key players, and lucrative growth avenues for companies in the polysilicon market. The research analysis takes a closer look at the major investment trends along with the recent product advancements in the polysilicon market across major regions. The report analyzes the regulatory framework positively impacting the growth of the market and the various disruptive technologies expected to alter the growth dynamics of the polysilicon market. The in-depth insights in the study are helpful to new and established market players alike to devise impactful strategies.
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Global Polysilicon Market: Key Trends, Drivers, and Restraints
The growing demand for photovoltaic cells and increasing applications of polysilicon in the semiconductors and electronics industry are the key factors driving the growth of the market. Coupled with this, favorable government regulations on clean energy and investments made by private players in different renewable energy technologies are expected to boost the polysilicon market. In addition, tax exemptions provided by different state and local governments in the solar PV industry are anticipated to stimulate the demand for polysilicon across the globe.
In contrast, high capital expenditure for setting up polysilicon production plants is likely to hinder the growth of the polysilicon market to an extent. Lack of proper anti-dumping policies on PV cells in some regions, particularly China, combined with a global supply glut, is a key market challenge faced by polysilicon manufacturers. Market analysts, however, contend that increasing consumer awareness towards the adoption of clean energy technologies and the implementation of governments’ policies on the reduction of carbon dioxide emissions in developed and developing regions are expected to create lucrative growth opportunities for market players.
Global Polysilicon Market: Region-wise Outlook
Asia Pacific is fast emerging as one of the prominent regions for the growth of the polysilicon market. Developments in the region are driven by the rising demand for solar PV installations along with various solar tax exemptions provided to private players setting up PV plants. In addition, growth in the electronics wafer manufacturing industry in India, China, Japan, and South Korea and technological advances in the semiconductor and electronics industry in Asia Pacific are likely to spur the demand for polysilicon materials. The developed countries of North America, such as the U.S., are poised to witness significant market growth. Various government initiatives in the U.S. to reduce carbon emissions and the increasing demand for consumer electronics have stirred the demand in this region.
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Global Polysilicon Market: Competitive Landscape
Market players, over the past few years, have faced various challenges, particularly the shutdown of polysilicon production plants, which has significantly shaped their strategies. Furthermore, the lack of adequate anti-dumping regulations combined with the global oversupply of polysilicon has led manufacturers to tread cautiously. However, with the market projected to have a positive outlook over the forecast period, companies are entering the semiconductor and electronics industry and adopting integration strategies to boost their bottom line. Market players are also making new technological advancements to consolidate their market share. Partnerships, agreements, and joint ventures are other prominent strategies adopted by the major players to expand their presence across the globe.
Major companies operating in the polysilicon market include OCI Company Ltd., GCL-Poly, REC Silicon ASA, Tokuyama Corporation, Sunedison, Inc., Wacker Chemie AG, Hemlock Semiconductor Corporation, Active Solar Energietechnik GmbH, Daqo New Energy Corp., and Woongjin Polysilicon Co. Ltd.
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