Silicon metal finds widespread applications in the electronics industry for manufacturing of semiconductors, integrated circuits, and solar cells. It is a raw material required for the production of polysilicon, which is further used in the manufacturing of photovoltaic cells for solar panels. The demand for consumer electronics such as smartphones, laptops, and other smart devices has seen an exponential rise over the past few years. Silicon metal plays a vital role in enabling miniaturization and high performance of electronic devices. Its excellent conductivity and stability makes it ideal for applications in the electronics and solar industries.
The global silicon metal market is estimated to be valued at US$ 7.67 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global silicon metal market is the shifting preference toward renewable energy sources from fossil fuels. Solar photovoltaic is one of the most promising renewable energy technologies. Pure silicon is the raw material required for manufacturing solar-grade polysilicon, which is further used in the fabrication of solar PV cells. Expanding solar PV installation worldwide on account of supportive government policies and investment in clean energy is expected to augment the demand for silicon metal over the coming years. Furthermore, stringent environmental norms regarding carbon emissions from fossil fuel-based power generation are further boosting the adoption of solar energy. This rising demand from the solar industry will continue to drive the silicon metal market during the forecast period.
Porter’s Analysis
Threat of new entrants: The silicon metal market has low-to-moderate threat of new entrants due to high capital costs required for the machinery and production facilities.
Bargaining power of buyers: The bargaining power of buyers in the silicon metal market is moderate. Buyers have some influence over prices due to the availability of different suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple suppliers of raw materials available and supplier switching costs are low.
Threat of new substitutes: The threat of substitutes is low as silicon metal has no close substitutes for its applications in the aluminum, chemical, and electronics industries.
Competitive rivalry: The competitive rivalry in the silicon metal market is high due to the presence of numerous global players.
Key Takeaways
The Global Silicon Metal Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global silicon metal market is estimated to be valued at US$ 7.67 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024-2031.
Asia Pacific currently dominates the global market and is expected to grow at the highest CAGR during the forecast period. China is the largest manufacturer and consumer of silicon metal in the world due to well-established electronics and polysilicon industries.
Key players operating in the silicon metal market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. – C.F., Capo, and Pedla. Regional analysis indicates the Asia Pacific region dominates the global silicon metal market currently. The region is expected to grow at the highest CAGR during the forecast period due to the presence of emerging economies like India and China with expanding electronics industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it