Global Silicon Metal Market

Silicon Metal Market Size, Share, Growth Analysis, By Product Type(Metallurgy Grade, Chemical Grade), By Application(Aluminium Alloy, Semiconductors, Solar Panels, Stainless Steel), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15J2056 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 64 | Figures: 75

Silicon Metal Market Insights

Silicon Metal Market size was valued at USD 12.4 billion in 2019 and is poised to grow from USD 13.12 billion in 2023 to USD 20.6 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The global silicon metal market is an important component of the broader metal and industrial products industry. 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 metal, a high-purity element obtained from raw materials such as quartz, plays an important role in various industries such as electronics, aluminum production and chemical applications. Suppliers are dependent on this important factor. Silicon metal is an important component in semiconductors, solar cells, aluminum alloys and various chemical compounds. Its unique properties, such as thermal conductivity and electrical resistance, make it important for a variety of applications. The market ensures the availability of silicon metals to facilitate downstream industry growth and innovation.

Several factors are driving the growth of the global silicon metal market. One key factor is the growing demand for silicon in electronics and solar panels. The proliferation of electronic devices and the global push for renewable energy for high-purity silicon metals are increasingly important. Furthermore, the transition driven by the automotive industry towards electric vehicles using silicon-based components further drives the market growth. Moreover, the expanding middle class in emerging economies has increased the demand for consumer electronics, further driving the silicon metal market.

Despite its strong growth potential, the global silicon metal market faces several restraining factors. Changes in the prices of raw materials such as quartz and carbon can affect production costs. In addition, trade disputes and tariffs can disrupt the supply chain, affecting global markets. Environmental concerns associated with silicon metal production, especially in terms of energy consumption and carbon emissions are also major challenges that the industry needs to address. These factors can drive the market growth confused and uncertain. One of the major challenges facing the global silicon metal market is the need to adopt sustainable and environmentally friendly manufacturing processes. Conventional silicon metals have high energy consumption and emissions, the industry needs to adopt more environmentally responsible approaches Another challenge is silicon metal price fluctuations due to external sources due to supply chain disruptions, geopolitical pressures and global economic fluctuations.

The global silicon metal market presents numerous opportunities for growth and innovation. Increased R&D investments for silicon-based technologies such as advanced semiconductors and solar cells pave the way for wider applications and silicon anode batteries with energy storage hold promise for the market Acceptance principle of products a recycling and circular economies of scale in the silicon metal industry Environ. It provides an opportunity to address concerns and reduce production costs This can lead to a more sustainable and cost-effective supply chain.

US Silicon Metal Market is poised to grow at a sustainable CAGR for the next forecast year.

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Silicon Metal Market size was valued at USD 12.4 billion in 2019 and is poised to grow from USD 13.12 billion in 2023 to USD 20.6 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The 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. 'Elkem AS', 'Ferroglobe PLC', 'Dow Inc.', 'Wacker Chemie AG', 'Rusal', 'The Quartz Corp.', 'Silicon Metal Industries (SMI)', 'Globe Specialty Metals, Inc.', 'Mississippi Silicon LLC', 'KCC Corporation', 'Yunnan Yongchang Silicon Industry Co., Ltd.', 'Zhejiang Kaihua Yuantong Silicon Material Co., Ltd.', 'Minasligas Comércio de Ferro Ligas Ltda.', 'FerroAtlántica Group', 'VestaSi', 'Simcoa Operations Pty Ltd', 'RW silicium GmbH', 'Westbrook Resources Ltd', 'Pengding Holdings Ltd', 'Shin-Etsu Chemical Co., Ltd.'

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.

The key trends that have been seen in recent years are regarding the automotive industry. Increasing domestic vehicle demand globally is increasing and this will go on for some time. And this swelling up in demand is creating a demand for aluminium metal demand which is derived from silicon metal. This cascading demand tends to increase the silicon metal market growth in the coming years.

In 2021, the Asia Pacific accounted for the major market share in the 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 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 silicon metal market during the analysis period.

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Global Silicon Metal Market

Product ID: SQMIG15J2056