Press release
Silicon Metal Market Share Projections: CAGR of 4.7% Envisions Market Size of USD 10.50 Bn by 2031
Silicon Metal Market
The global silicon metal market is estimated to be valued at USD 7.61 Bn in 2024 and is expected to reach USD 10.50 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Market Dynamics:
The silicon metal market is expected to witness significant growth over the forecast period owing to growing demand from the aluminum alloy and chemical industries. Silicon is increasingly being used in aluminum alloys for automobile components and construction due to superior physical and mechanical properties. The growing production of aluminum is expected to boost demand for silicon metal. Furthermore, the growing demand for silicone compounds from various end-use industries such as personal care products, construction sealants, and healthcare is also expected to support the market growth during the forecast period. Expanding solar panel manufacturing is another factor expected to fuel the demand for silicon metal over the coming years.
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1 Key Market Driver: Increasing Demand from Aluminum Industry
The aluminum industry has been one of the major end-use industries for silicon metal and it has seen significant growth over the past few years. Silicon is extensively used for deoxidizing and desulfurizing aluminum and its alloys. Around 40% of total silicon metal production is consumed by the aluminum industry. The rising aluminum production to cater to the growing demand from transportation, construction, packaging and other industries has led to a proportional increase in the consumption of silicon metal. According to numerous forecast reports, the aluminum demand is expected to rise at a CAGR of over 5% during 2020-2025, especially in Asia Pacific region which will be the major growth engine. This steady growth in the aluminum sector directly translates to increased silicon metal requirements, thereby acting as a key driver for the silicon metal market.
2 Key Market Opportunity: Expanding Usage in Electronics Sector
The prospering electronics industry presents lucrative opportunities for silicon metal producers in the coming years. Silicon is extensively used in the manufacturing of semiconductors, integrated circuits, transistors, diodes and other electronic components. The compound semiconductor segment within electronics has been displaying vigorous growth rates owing to continuous innovations and expanding adoption of technologies such as 5G networks, Internet-of-Things (IoT), artificial intelligence (AI) etc. The compound semiconductor market size is estimated to grow at a CAGR of over 11% during 2020-2027. This rapid proliferation of electronics applications will open up new avenues for silicon metal consumption in the electronics supply chain. Companies can seek to capitalize on this opportunity by strengthening their presence in the electronics materials market through strategic collaborations.
3 Key Market Trend: Increasing Investments in Solar Grade Silicon Metal
One of the major ongoing trends in the silicon metal market is the rising investments by manufacturers to augment solar grade silicon metal production capacities. Driven by strong demand from the photovoltaics sector, players are making focused investments to cater to the technical requirements for solar cell grade silicon like higher purity levels, minute impurities, consistency in quality etc. For example, in 2020, American Elements announced an expansion plan to triple its solar grade silicon metal manufacturing capacity to 3000 MT per year in response to market needs. Likewise, many Chinese companies are also investing heavily in setting up new production lines and improve technologies for solar grade silicon to leverage the immense potential of renewable energy industry. This trend reflects the growing strategic importance of solar photovoltaic applications in the overall silicon metal demand landscape.
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Top Companies Featured in This Report:
★ Elkem ASA
★ RIMA Group
★ Rusal
★ Ferroglobe
★ Sinova Global Inc
★ Mississippi Silicon
★ Minasligas
★ LIASA
★ Wacker Chemie AG
★ PCC SE
★ Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd
★ Hoshine Silicon Industry Co. Ltd
★ Anyang Huatuo Metallurgy
★ Shin-Etsu Chemical Co. Ltd
★ Zhongyi Metalware (Tianjin) Co.
★ Ltd
★ Otto Chemie Pvt Ltd
★ Phoolchand Bhagatsing
★ Anyang Dingsheng Silicon Industry Co.
★ Ltd
★ Wasia Group
★ Hensfate Metal Co., Ltd.,
Market Segmentation:
By Product Type:
★ By Grade: Chemical grade and Metallurgical
By Applications:
★ By Application: Aluminum Alloys, Semiconductors, Solar Panels, and Others (Stainless Steel, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Silicon Metal Market Competition Landscape by Players
Chapter 4: Assessment of Silicon Metal Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Silicon Metal sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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