Silicon Metal Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Silicon Metal Market Analysis
The Silicon Metal Market size is estimated at 3.27 Million tons in 2024, and is expected to reach 4.25 Million tons by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).
The COVID-19 hampered the silicone metal market. Many industries that utilize silicone metal, such as automotive, construction, and electronics, experienced decreased demand during the pandemic due to economic downturns, reduced consumer spending, and disruptions in production and supply chains. However, as lockdowns and restrictions eased, industries that utilize silicone metal recovered, and there was increased demand for silicone from infrastructure projects, automotive production, semiconductor manufacturing, and renewable energy installations, which boosted the demand for silicone metals.
- Surging demand for silicone from the automotive industry, increasing use in the solar industry, and increasing demand for silicones from various other end users are expected to increase the market for silicone metal globally.
- However, volatility in energy costs is hindering the growth of the silicon metal market.
- Several measures to reduce production costs by improving current technologies and increasing demand from the renewable energy sector are expected to create growth opportunities for the market players in the upcoming period.
- The Asia-Pacific holds the highest market share and is likely to dominate the silicon metal market during the forecast period.
Silicon Metal Market Trends
Solar Panels Segment to Dominate the Market
- Silicon, which accounts for about 95% of the modules sold today, is the most extensively used semiconductor material in photovoltaics. In the process of purification, metallurgical silicon can be transformed into high-purity silicon that is used to make semiconductors and solar cells. Therefore, it is suitable for the manufacture of photovoltaic cells.
- Solar energy is one of the largest and fastest-growing sectors worldwide. The sector is responsible for nearly two-thirds of global net energy capacity, according to the International Energy Agency.
- According to the data published by the International Energy Agency (IEA), in 2022, solar PV production increased by a record 270 TWh, which increased by 26%, reaching almost 1300 TWh. It demonstrated the most considerable absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history.
- The United States included generous new funding for solar PV in the Inflation Reduction Act (IRA) introduced in 2022. Investment and production tax credits will likely significantly boost the growth of PV capacity and supply chains.
- According to the data published by the International Energy Agency (IEA), in 2022, Brazil added almost 11 gigawatts of solar PV capacity, doubling its growth rate for 2021. In view of the continued demand for renewable energy from industry and power retailers, deployment is projected to be maintained at this level over the medium term.
- According to the data published by the Ministry of New and Renewable Energy (MNRE), India held the fourth position in solar PV deployment worldwide as of the end of 2022. The Cumulative installed capacity of solar power reached around 7.2 GW as of November 2022. Today, India's solar tariffs are very competitive, and grid parity has been achieved.
- The developments mentioned above are expected to drive the market for silicone metal in the solar industry through the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific, particularly China, is the largest producer of silicone metal globally. The region benefits from abundant reserves of raw materials like quartz and coal, as well as access to low-cost labor, which supports the establishment of large-scale silicon metal production facilities.
- The most critical applications of silicon metal are silicone adhesives, sealants, lubricants, chemicals, and other substances, as well as aluminum alloys. The automotive, building and construction, industrial, and other end-user sectors are the primary uses of these products.
- The production and sales of new energy vehicles increased significantly in China, with the number of units sold reaching 7.22 million by 2022, representing 64 % of all EV sales worldwide.
- The market is projected to be driven by the government's promotion of EVs, hybrids, and fuel-cell vehicles in the forecast period. The rising demand for electric vehicles in this country increases the need for semiconductors, aluminum alloys, and silicon adhesives.
- According to the report released by the China Association of Automobile Manufacturers (CAAM), in 2022, China exported 3.11 million vehicles, including 2.53 million passenger cars and 580,000 commercial vehicles, an increase of 54.4 % compared to 2021.
- The top global solar PV manufacturing companies, such as JinkoSolar, Trina Solar, and JA Solar, are headquartered in China. Solar cell manufacturing in China has been increasing significantly in the past two years. According to the data published by the International Energy Agency (IEA), with 100 GW capacity of solar PV added in 2022, almost 60% more than in 2021, China continues to lead in terms of solar PV capacity additions.
- Investment in the manufacture of mobile phones, laptops, and other electrical appliances is a significant area for investment in China. In order to meet the upcoming increase in demand, large manufacturers from around the world have invested substantial capital into China's market.
- Due to these factors, Asia-Pacific region China is expected to dominate the silicon metal market.
Silicon Metal Industry Overview
The silicon metal market is partially consolidated. The major players (not in any particular order) include Hoshine Silicon Industry Co., Ltd, Ferroglobe, Elkem ASA, Dow, and Wacker Chemie AG, among others.
Silicon Metal Market Leaders
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Ferroglobe
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Dow
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Wacker Chemie AG
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Hoshine Silicon Industry Co., Ltd
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Elkem ASA
*Disclaimer: Major Players sorted in no particular order
Silicon Metal Market News
- October 2023: Ferroglobe acquired a high-purity quartz mine in South Carolina, the United States. This acquisition was intended to guarantee that Ferroglobe has access to this critical material, which was expected to allow it to meet the growing demand for high-purity silicon metal.
- October 2022: Ferroglobe announced the renewal of the production facility of 55,000 tons of silicon metal in Polokwane, South Africa. The decision to renew the Polokwane facility was intended to increase the company's production capacity of silicon metal.
- August 2022: An agreement between REC Silicon and Mississippi Silicon strengthened the United States' solar supply chain. This agreement helped Mississippi Silicon, in particular the solar industry, maintain a stronghold on silicon metal.
Silicon Metal Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Surging Demand from the Automotive Industry
- 4.1.2 Increasing Use in the Solar Industry
- 4.1.3 Increasing Demand for Silicones from Different End Users
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4.2 Restraints
- 4.2.1 Volatility in Energy Costs
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Product Type
- 5.1.1 Metallurgy Grade
- 5.1.2 Chemical Grade
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5.2 Application
- 5.2.1 Aluminum Alloys
- 5.2.2 Semiconductors
- 5.2.3 Solar Panels
- 5.2.4 Silicone Derivatives
- 5.2.5 Other Applications (Construction and Infrastructure)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Malaysia
- 5.3.1.6 Indonesia
- 5.3.1.7 Thailand
- 5.3.1.8 Vietnam
- 5.3.1.9 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 Spain
- 5.3.3.5 France
- 5.3.3.6 Turkey
- 5.3.3.7 Russia
- 5.3.3.8 NORDIC
- 5.3.3.9 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Nigeria
- 5.3.5.4 Qatar
- 5.3.5.5 Egypt
- 5.3.5.6 UAE
- 5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Anyang Huatuo Metallurgy Co., Ltd.
- 6.4.2 Dow
- 6.4.3 Elkem ASA
- 6.4.4 Ferroglobe
- 6.4.5 Hoshine Silicon Industry Co., Ltd.
- 6.4.6 Liasa
- 6.4.7 Minasligas
- 6.4.8 Mississipi Silicon
- 6.4.9 PCC SE
- 6.4.10 RIMA INDUSTRIAL
- 6.4.11 RusAL
- 6.4.12 Shin-Etsu Chemical Co., Ltd.
- 6.4.13 Wacker Chemie AG
- 6.4.14 Zhejiang kaihua yuantong silicon industry co. LTD.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Efforts to Reduce the Cost of Production by Innovating the Existing Technology
- 7.2 Increasing Demand from Renewable Energy Sector
Silicon Metal Industry Segmentation
Silicon is a metallic element derived from quartz and carbonaceous raw materials through a smelting process. It is a hard, brittle, shiny gray metalloid with high thermal and electrical conductivity. Silicon metal is primarily composed of silicon and small amounts of impurities such as iron, aluminum, calcium, and magnesium. It is commonly used as an alloying agent in the production of aluminum alloys, ferrosilicon alloys, and other specialty alloys.
The silicon metal market is segmented by product type, applications, and geography. On the basis of product type, the market is segmented into metallurgy grade and chemical grade. On the basis of applications, the market is segmented into aluminum alloys, semiconductors, solar panels, silicones, and other applications (construction and infrastructure). The report also covers the market size and forecast for silicon metal in 27 countries across major regions.
For each segment, the market sizing and forecast have been done based on volume (tons).
| Product Type | Metallurgy Grade | |
| Chemical Grade | ||
| Application | Aluminum Alloys | |
| Semiconductors | ||
| Solar Panels | ||
| Silicone Derivatives | ||
| Other Applications (Construction and Infrastructure) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Indonesia | ||
| Thailand | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| Spain | ||
| France | ||
| Turkey | ||
| Russia | ||
| NORDIC | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Nigeria | ||
| Qatar | ||
| Egypt | ||
| UAE | ||
| Rest of Middle-East and Africa |
Silicon Metal Market Research FAQs
How big is the Silicon Metal Market?
The Silicon Metal Market size is expected to reach 3.27 million tons in 2024 and grow at a CAGR of 5.41% to reach 4.25 million tons by 2029.
What is the current Silicon Metal Market size?
In 2024, the Silicon Metal Market size is expected to reach 3.27 million tons.
Who are the key players in Silicon Metal Market?
Ferroglobe, Dow, Wacker Chemie AG, Hoshine Silicon Industry Co., Ltd and Elkem ASA are the major companies operating in the Silicon Metal Market.
Which is the fastest growing region in Silicon Metal Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Silicon Metal Market?
In 2024, the Asia Pacific accounts for the largest market share in Silicon Metal Market.
What years does this Silicon Metal Market cover, and what was the market size in 2023?
In 2023, the Silicon Metal Market size was estimated at 3.09 million tons. The report covers the Silicon Metal Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Silicon Metal Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key market opportunities for Silicon Metal?
The key market opportunities for Silicon Metal are a) Rising efforts to lower the cost of production b) Developing components that are lighter in weight without compromising their strength c) Increasing demand for semiconductor-grade silicon metal due to the rollout of 5G networks and advancements in automotive technology
Silicon Metal Industry Report
The global silicon metal market is poised for significant expansion, driven by increasing demand in key sectors such as electronics, electric vehicles, and renewable energy. Segmented by product type, application, and region, the market sees Metallurgy Grade silicon dominating due to its critical use in the automotive and construction industries. Key applications include Aluminium Alloy, Semiconductors, Solar Panels, and Stainless Steel, with Aluminium Alloy being particularly prominent in the automotive sector. The Asia-Pacific region, led by China, Japan, and India, is the market leader, fueled by rapid expansion in the automotive and electronic sectors. Despite challenges like high production costs and environmental concerns, opportunities for growth are bolstered by technological advancements and R&D investments, promising more sustainable and cost-effective production methods. Key silicon producers in China, the United States, and Russia significantly influence global supply dynamics, impacting silicon production by country. For detailed market insights, including statistics on market share, size, and revenue growth, Mordor Intelligence™ offers comprehensive industry reports with historical overviews and forecast outlooks, available as free report PDF downloads.
