Rise in solar energy to augment Silicon Metal Market Growth

 

Silicon Metal Market

Silicon Metal Market by Product Type (Metallurgical and Chemical) and Application (Aluminum Alloys, Silicone, Semiconductors, and Others and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Silicon Metal Market is estimated to be valued at US$ 6.9 Billion in 2022 and is expected to exhibit a CAGR of 5.1 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Metallurgical-based silicon is called as silicon as it is very shiny in appearance. Silicon is mostly utilized in the production of silanes and silicones, as a “hardener” or alloying substance to generate aluminium alloys, and in the production of micro-processors and solar cells. Silicon is a 'semiconductor', which states that its conductive features can be enhanced by combining it with other substances such as phosphorus or boron.

Competitive Landscape:

Key players involved in the growth of global Silicon Metal Market are Ferroglobe PLC, Henan ALOY New Material Co. Ltd., Anyang Wanhua Metal Material Co. Ltd., Shin-Etsu Chemical Co. Ltd., United Company RUSAL, Mississippi Silicon LLC, Hoshine Silicon Industry Co. Ltd., Liasa, Elkem ASA, Dow Inc.

Market Key Drivers:

Rising demands from solar panels is expected to boost the growth of global Silicon Metal Market. For instance, as per IEA the solar industry accounts for around two-thirds of the net power capacity across the globe.

The rise in establishments and innovations is projected to propel the growth of global Silicon Metal Market. For instance, in October 2022, Ferroglobe declared to restart the 55,000-ton silicon metal service in Polokwane, South Africa.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Silicon Metal Market due to the imposition of strict lockdown and restriction facilities. The delay in supply chain, the closure of production and manufacturing units to impede the market growth.

Key Takeaways:

The global Silicon Metal Market is anticipated to exhibit a CAGR of 4.6 % during the forecast period rising mergers and acquisitions. For instance, in August 2022, REC Silicon and Mississippi Silicon agreement strengthened the US solar supply chain.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Silicon Metal Market due to mergers and acquisitions, product expansions and rising demand of solar industry, renewable energy sources, increasing production of steel. For instance, as per reports China's stainless steel crude steel output in 2021 was around 30.63 million tons.