Growth of Silicon Metal Market Rides on Large-scale Installation of Solar Panels,Forecast By 2024

The global silicon metal market is highly consolidated and is led by a handful of multinational companies. Transparency Market Research finds that this has compelled players to focus on product differentiation as well as supply chain integration in order to survive this challenging vendor landscape. “An increasing number of manufacturers today have silicon metal manufacturing assets, quart mining units, and even produce downstream products so as to establish a strong foothold in the silicon metal market,” a lead analyst at TMR states.

Dow Corning Corporation, for instance, has been successfully performing mergers and acquisitions in the silicon metal market to establish an integrated and low-cost-intensive supply chain. Over the years, the company has acquired the silicon manufacturing assets of different companies and this has enabled it to not only provide efficiency and stability to its business operations but also integrate these operations.

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Another excellent example would be Wynca Group, whose strong technical support network and research and development activities through the Organic Research Institute has helped the company develop newer applications of silicon in the downstream segment.

Players Hope to Overcome High Cost of Production with Support from Government

The global solar industry has been witnessing immense emphasis in recent years owing to the rising focus on the development of viable renewable energy sources. Supported by numerous government regulations and initiatives, this has resulted in the soaring demand for and implementation of solar panels across various industries. This, in turn, has driven the demand for silicon metal. Solar panels form one of the most important applications of silicon metal and a boost in the solar energy industry translates to a boost in the silicon metal market as well. The growing application of aluminum alloys in transportation is also projected to continue driving the demand for silicon metals.

On the other hand, the high cost of production is a key challenge for most players in the market. “The cost of production of silicon metal is dependent on important variables such as the cost of raw materials, labor, power, and transportation,” the TMR analyst explains. “A spike in any of these variables results in the increase in the silicon metal cost of production.” In addition to this, market volatility is anticipated to hamper the growth of the silicon metal market in the coming years.

Modest Growth in Store by Value and Volume

The volume demand for silicon metal, as per TMR, is poised to surge at a 4.3% CAGR from 2016 to 2024. On the basis of revenue, however, the market is anticipated to register a slightly faster pace during the forecast period, at a 5.2% CAGR. The value of the silicon metal market is projected to rise from US$2.2 bn in 2015 to US$3.4 bn by 2024. Asia Pacific is the largest market for silicon metal and is forecast to account for a share of over 45% by 2024.

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This release was published on openPR.