Press release
Solar-Grade Polysilicon Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031
The rapid growth of the global solar-grade polysilicon market is attributed to the growing demand for solar photovoltaic installations. The market is growing at a significant CAGR of 15.8% during the forecast period 2024-2031 reaching $50.5 billion in 2031. Solar energy is one of the most affordable and environment-friendly solutions to reduce energy shortage across the globe and with the growing installation of solar PV, the growth of the solar-grade polysilicon market is also visible. According to the data from the International Energy Agency (IEA), in 2015, solar PV generation was 251.0 TWH, which increased up to 26.0% reaching 270.0?TWh in 2022. China is the leading player in the market and below are the five facts that you must know about the global solar-grade polysilicon market.To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/solar-grade-polysilicon-market
Five Facts about the Global Solar-Grade Polysilicon Market
• China is a key producer of polysilicon globally due to the easy availability of raw materials and labor class. Seven Chinese companies together manufacture more than 75.0% of the world's polysilicon. According to the China Photovoltaic Industry Association (CPIA), the global production capacity for polysilicon was 1.3 million tons in 2022, showing a 73.3% year-on-year rise. The global output of polysilicon reached 1.0 million tons in 2022, indicating a 55.0% rise.
• Key market players are expanding their existing production capacities and developing infrastructure to remain at the top of the market. For instance, in December 2023, the company announced its plans to invest $3.9 billion in expanding its silicon production capacity. It has planned a project in north China's Inner Mongolia with a total annual production capacity of 500,000 MT of industrial silicon and 400,000 tons of polysilicon.
A full report of Solar-Grade Polysilicon Market is available at: https://www.omrglobal.com/industry-reports/solar-grade-polysilicon-market
• Companies from China are expanding their business across borders to gain niche supplier advantage. For instance, in April 2023, GCL TECH announced that they would expand overseas to circumvent potential trade barriers from the US and gain access to cheap green electricity. The Jiangsu province-based producer of polysilicon controlled by entrepreneur Zhu Gongshan could unveil plans to set up plants either in the Middle East or Europe by the end of 2024.
• There are a limited number of suppliers available for solar-grade polysilicon which is why they are using niche market advantage to expand their production capacity. For Instance, Daqo, a Chinese polysilicon supplier produced 133,812 tons of polysilicon in fiscal 2022, compared to 86,587 tons in the preceding fiscal year. The company also sold 132,909 tons of polysilicon, from 75,356 tons in 2021. The yearly average selling price was $32.5/kg, from $21.8/kg a year earlier. The company produced 33,702 tons of polysilicon in the fourth quarter, compared to 33,401 tons in the third quarter. Fourth-quarter polysilicon sales fell quarterly to 23,400 tons, at an average production cost of $7.7/kg.
• The Chinese government and the companies are collaborating to support global solar-grade polysilicon market growth. For instance, in March 2022, Module manufacturer Jolywood Solar signed a strategic cooperation and investment agreement with the government of Taiyuan City, in China's Shanxi Province, to build a silicon metal and polysilicon factory. With a total investment of around RMB14 billion ($2.2 billion), the new manufacturing plant will have an annual production capacity of 200,000 MT for silicon metal and 100,000 MTs for polysilicon including polysilicon rods. The facility should be built in two phases and be fully operational by the end of 2024.
The key players operating in the global solar-grade polysilicon market are Wacker Chemie AG, OCI, Tongwei, Hanwha Chemical, Hemlock, Tokuyama, Hankook Silicon, GCL Technology, Daqo New Energy, and Xinte Energy are some of the key players operating in the global market. These players are actively engaged in the adoption of several growth strategies such as production capacity expansion, mergers & acquisitions, partnerships, and collaborations to remain competitive in the marketplace. For instance, in August 2021, JinkoSolar Holding Co., one of the largest and most innovative solar module manufacturers signed a long-term polysilicon supply agreement with Wacker Chemie AG through its subsidiary, Jinko Solar Co., Ltd. to supply over 70,000 tons of polysilicon to Jinko Solar Co., Ltd. from September 2021 to December 2026. The purchase price will be decided based on the market price.
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