USD 12.4 billion
Report ID: SQSG15J2001 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 64 | Figures: 75
Silicon Metal Market size was valued at USD 12.4 billion in 2021 and is poised to grow from USD 13.12 billion in 2022 to USD 20.6 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).
When the silica is purified by thermal reduction of quartz in SAF along with a plummeting agent then silicon metal is formed and it is also known as industrial silicon. Silicon is mainly doped with metals like iron, aluminium, and calcium. These are graded into various categories of silicon metal named 553, 441, 411, 3303, and many more. Silicon plays a major role in the consumer and industrial sector as it is a base material for many products and these factors will drive the growth of the silicon metal market during the analysis period.
US Silicon Metal Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.4 billion
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The Global Silicon Metal Market is segmented on the basis of Product Type, Application, and Region. Based on Product Type, the market is segmented into Metallurgy Grade, and Chemical Grade. Based on Application, the market is segmented into Aluminium Alloy, Semiconductors, Solar Panels, Stainless Steel, and Others Segment. Based on region, the global Silicon Metal market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Silicon Metal Market Analysis by Product Type
The silicon metal market could be segmented into metallurgical grade and chemical grade of which the metallurgical grade held the lion’s market share in the year 2021. This is because of metallurgical grade silicon metal’s major use in automobile manufacturing and construction industries. Growing investments in these sectors are the key factor for the soaring demand for the silicon metal market. Continuous development of the economies will lead to more production of automobiles and construction works which will further increase the demand for silicon metal. All these factors will fuel the silicon metal market growth in the coming period.
Silicon Metal Market Analysis by Application
In 2021, the aluminium alloy segment held the major portion of the market and accounted for 40% of the global silicon metal market. The silicon market is segmented into semiconductors, solar panels, stainless steel, and other segments based on their industrial application. Silicon is majorly used in strengthening and forging agents in aluminium production. The automobile industry is a major importer of aluminium alloy and growing automobile demand and increasing standards and norms regarding the quality of the vehicle are some of the major reasons for the swelling demand for silicon globally and will propel the global silicon metal market growth during the analysis period.
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In 2021, the Asia Pacific accounted for the major market share in the global silicon metal market. China with the largest aluminium alloy and metal producer also produces a large quantity of silicon and dominate the worldwide silicon metal market. Other countries like Japan and India with growing automobile sectors and progressing economic activity also dominate the global silicon metal market. At present, the increasing use of smartphones and other smart electronic gadgets propel the demand for silicon metal as it happens to be the major component in these products. All these factors will contribute to the growth of the global silicon metal market during the analysis period.
North America is anticipated to grow at a CAGR of more than 3% during the forecast period in the global silicon metal market. Due to increasing demand for electric vehicles and other automobiles, the use of lightweight high strength aluminium alloy is increasing in the reason and this will show positive growth for the silicon metal market in the region.
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Silicon Metal Market Driver
Increasing demand for high-strength aluminium alloy for vehicles is a major driving factor.
Silicon Metal Market Restraint
The increasing cost of production is a major restriction for the market.
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The global silicon metal market is relatively fragmented, with a high level of competition. Few large players, like ABB Ltd, Honeywell, and Kiva Systems, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Silicon Metal Market Top Player’s Company Profiles
Silicon Metal Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the key trends that have been seen in the global silicon metal market in recent years are regarding the automotive industry. The silicon metal market could be segmented into metallurgical grade and chemical grade of which the metallurgical grade held the lion’s market share in the year 2021. This is because of metallurgical grade silicon metal’s major use in automobile manufacturing and construction industries.
In 2021, the aluminium alloy segment held the major portion of the market and accounted for 40% of the global silicon metal market. The Asia Pacific accounted for the major market share in the silicon market globally in the year 2021. China with the largest aluminium alloy and metal producer also produces a large quantity of silicon and dominate the worldwide silicon metal market. While growing demand for fuel-efficient automobiles and reducing their carbon footprint is the major driver for the swelling use of silicon metal in aluminium forging and will tend to remain the same for a long time in the global silicon metal market.
|Market size value in 2021||USD 12.4 billion|
|Market size value in 2030||USD 13.12 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Silicon Metal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Silicon Metal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Silicon Metal Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Silicon Metal Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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