The global Silicon Metal Market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Silicon metal is a greyish-white metallic form of silicon normally used as a reducing agent in the production of ferroalloys and non-ferrous alloys. It possesses excellent thermal and electrical conductive properties and finds applications in electronics, photovoltaic, aluminium alloys and others. It acts as lightweight material and offers properties like long lifespan, insulation and corrosion resistance.
Market key trends:
Silicon metal is one of the important raw materials for production of photovoltaic cells used in solar panels. Increasing government initiatives and investments to boost renewable energy sources like solar is expected to drive the demand for silicon metal in the coming years. For instance, according to International Energy Agency, global solar PV capacity additions grew by over 30% year-over-year in 2020 and there is potential to increase global solar PV installation five-folds by 2030 compared to 2020 levels. This rapid growth of solar PV industry is likely to augment the consumption of silicon metal during the forecast period.
SWOT Analysis
Strength: Robust demand from various end-use industries like electronics, chemicals, construction etc. is driving stable growth.
Weakness: stringent environmental regulations regarding silicon metal production may increase production costs.
Opportunity: Expanding applications of silicone products in automotive, consumer goods can boost silicon metal demand.
Threats: Fluctuating prices of raw materials required for silicon metal production is a key challenge.
Key Takeaways
The global Silicon Metal Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period 2023 to 2030, due to increasing use of silicone sealants, coatings and lubricants in construction, automotive and consumer goods industries.
The market size for 2023 is estimated to be US$ 6.65 Bn. Asia Pacific region represents the largest as well as the fastest growing market for silicon metal globally. Presence of robust electronics and automotive manufacturing base in China, Japan and South Korea is driving the demand growth in the region.
Key players operating in the Silicon Metal market are Ferroglobe PLC, Elkem, Liasa, Mississipi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshine Silicon Industry Co. Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
