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Growth of Silicon Metal Market Lead on Large-scale Installation of Solar Panels :2024
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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.
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.
This review is based on the findings of a TMR report titled “Silicon Metal Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.”
Silicon Metal Market – Application Analysis
Aluminum Alloys
Silicones/Silanes
Semiconductors
Solar Panels
Others (Including Stainless Steel, Laboratory Reagents, etc.)
Silicon Metal Market – Regional Analysis
North America
U.S.
Rest of North America
Europe
France
U.K.
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
ASEAN
Rest of Asia Pacific
Latin America
Brazil
Rest of Latin America
Middle East & Africa (MEA)
GCC
South Africa
Rest of MEA
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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