Silicon Metal Market Size is Expected to Reach US$ 10.7 Bn by 2031

The Global Silicon Metal Market was valued at US$ 6.9 Bn in 2022 and is projected to expand at a CAGR of 5.1% from 2023 to 2031.

An analysis of recent market trends highlights the rise in utilization of silicon in the semiconductor industry to meet the surge in demand for chips from power electronics and consumer electronics manufacturers. Rapid increase in demand for silicon in the manufacture of a wide range of aluminum alloys is anticipated to augment market growth in the next few years.

Continuous advancement in methods used in obtaining metallurgical grade silicon is likely to broaden market outlook, in part due to the fact that this grade of silicon finds extensive usage in the manufacture of cost-effective solar panels. Significant adoption of high purity silicon wafers in the photovoltaic industry is accelerating silicon metal industry growth. Extensive utilization of silicone materials in an array of biomedical applications over the past few decades is anticipated to create significant revenue opportunities for companies in the global silicon metal industry.

Chemical companies in the silicon metal market are witnessing significant avenues in rapidly increasing usage of silicone compounds (silicone is a synthetic polymer made from silicon metal) in the rubber industry

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Key Findings of Study

Rapid Increase in Utilization of Silicon-based Semiconductors in Electronics: Silicon is extensively utilized in the manufacture of microchips, especially for computers. High preference for silicon as a semiconductor material in a wide range of power electronic devices can be ascribed to numerous semiconducting properties of silicon, high strength, and stability. Widespread adoption of silicon metal in switches, circuits, and gates is anticipated to boost market size in the next few years.

Significant Usage of Silicon in Photovoltaic Cells for Solar Panels: Significant utilization of silicon in commercially available solar panels is driven by extensive adoption of silicon in the manufacture of inexpensive photovoltaic (PV) cells. Developed and developing countries are making sizable investments in crystalline silicon PV research and development. Surge in production of PV cells in the U.S. year after year is fueling R&D in crystalline silicon solar cell technology. An example is ongoing research (on advanced crystalline silicon solar cell technology) in design of an ultra-thin crystalline silicon heterostructure solar cell.

Key Growth Drivers

Steady increase in utilization of solar panels to support rapid growth of the renewable energy industry is a key factor driving the silicon metal market
Rise in usage of silicon-aluminum alloys in the manufacture of automotive is a key driver of the silicon metal market

Significant pace of urbanization and industrialization in several developing countries around the globe is a key factor anticipated to drive the demand for silicon in a range of industries such as electronics. Surge in demand for semiconductors is likely to cause global silicon wafer shipments to increase subsequently. The trend is expected to strengthen the silicon metal market development over the next few years.

Regional Growth Dynamics

Asia Pacific is a lucrative market for silicon metal. The market in the region is fueled by considerable expansion of automotive, consumer electronics, construction, and renewable energy sectors. China is a major manufacturing hub globally, which is anticipated to augment market value in Asia Pacific.
Considerable demand for consumer electronics in developing countries in Asia Pacific and rise in utilization of silicon in high-tech chips for next-generation applications, such as artificial intelligence and 5G, are anticipated to bolster the market in the region in the next few years. Presence of prominent solar panel manufacturers is also anticipated to propel the market in Asia Pacific. A booming solar investment in several Southeast Asian countries is anticipated to offer significant revenues to companies in Asia Pacific in the near future.

Competition Landscape

The business landscape in the silicon metal market is characterized by high degree of competition, which can be ascribed to the presence of a large number of medium- and small-sized manufacturers who are competing among each other and also against large-sized players. New product development, research & development activities, and product portfolio expansion are some of the major strategies adopted by players to increase their market share. Leading players are leveraging the strength of the merger & acquisition strategy to strengthen their positions in the market.

Key players operating in the silicon metal market are

Anyang Huatuo Metallurgy
Dow
Elkem
Ferroglobe
Liasa
Minasligas
Mississippi Silicon

Silicon Metal Market Segmentation

The silicon metal market is segmented based on

Grade

Metallurgy Grade
Chemical Grade

Application

Aluminum Alloys
Semiconductors
Solar Panels
Stainless Steel
Others

Region

North America
Europe
Latin America
Middle East & Africa
Asia Pacific

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