USD 14.5 billion
Report ID:
SQMIG15E2396 |
Region:
Global |
Published Date: January, 2025
Pages:
165
|Tables:
63
|Figures:
73
Polysilicon Market size was valued at USD 14.5 billion in 2023 and is poised to grow from USD 15.31 billion in 2024 to USD 23.68 billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).
Polysilicon, also known as polycrystalline silicon, is a very pure type of silicon and a crucial component of the electronics and photovoltaic (PV) industries. It is frequently employed in the production of solar power generation systems, high-efficiency modules, ingots, wafers, and cells.
Currently, 52 percent of the world's silicon market is attributed to the sales of polysilicon. More solar photovoltaic (PV) installations worldwide are anticipated to significantly increase demand for polycrystalline silicon materials. The demand for solar grade polysilicon products is anticipated to significantly increase as solar energy generation is increasing in popularity, over the forecast period. Sales of materials with an electronics grade will also likely increase due to the increasing demand for semiconductors and electronics.
US Polysilicon Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 14.5 billion
Largest Segment
Solar Photovoltaics (PV) (Monocrystalline Solar Panel and Multicrystalline Solar Panel)
Fastest Growth
Solar Photovoltaics (PV) (Monocrystalline Solar Panel and Multicrystalline Solar Panel)
Growth Rate
5.6% CAGR
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Global Polysilicon Market is segmented by Application, Manufacturing Technology and region. Based on Application, the market is segmented into Solar Photovoltaics (PV) and Electronics (Semiconductors). Based on Manufacturing Technology, the market is segmented into Siemens Process, Fluidized Bed Reactor (FBR) Process and Upgraded Metallurgical-Grade Silicon (UMG) Process. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
On the basis of application, the solar photovoltaics (PV) segment currently dominates the global polysilicon market, in terms of both market value and market share. This market's expansion is primarily driven to the rising global demand for solar PV installations, which in turn promotes polysilicon consumption. Solar PV panels and semiconductors are both made largely of polysilicon. Due to forthcoming sustainable energy initiatives in various nations, the photovoltaic sector is expected to undergo exponential expansion. Additionally, it is predicted that the solar photovoltaics (PV) segment will have the greatest CAGR, during the forecast period.
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Based on the region, the Asia Pacific region currently dominates the global polysilicon market with respect to market share and it is predicted to have the highest share over the forecast period. This is a result of China and India's rising demand for consumer electronics and semiconductors. Nearly 35% of the worldwide solar market in 2021 was accounted for by the Chinese market. Installed capacity increased significantly in nations like Vietnam, India, and Japan. China's solar photovoltaic (PV) power generation has advanced exceptionally quickly over the past five years, and the nation now leads the globe in both installed capacity and solar power generation. The Asia Pacific polysilicon market is also expected to expand due to rising communication device demand.
Government investments in solar energy generation are likely to increase demand for polysilicon in North America and Europe, as it is used in the fabrication of semiconductors for solar PVC. The measures the government has taken to decrease its carbon footprint are linked to the expansion of the solar photovoltaics market in Latin America, which in turn has fueled the rise of the polysilicon business. Due to the ongoing development of technology and the growing consumer demand for electronics, the Middle East and Africa is also predicted to experience market expansion.
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Increasing demand for communication devices and the production of solar photovoltaic (PV)
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Companies in the sector have had to deal with obstacles such as factory closures, anti-dumping laws, and oversupply. However, the polysilicon market is anticipated to have a more balanced supply and demand environment, price stability, and profitability over the projection period. Additionally, businesses have embraced forward integration tactics and entered the semiconductor and photovoltaic industries. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like partnerships and collaborations.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global polysilicon market is currently led by countries in the Asia Pacific region, rising demand for consumer electronics and semiconductors in countries such as China and India. Along with this, the solar photovoltaic (PV) segment is currently dominating the global polysilicon market, and it is projected to maintain its dominance over the forecast period, due to the rising global demand for solar PV installations, which is predicted to support the growth of the global polysilicon market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 14.5 billion |
Market size value in 2032 | USD 23.68 billion |
Growth Rate | 5.6% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Polysilicon 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 Polysilicon 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.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polysilicon Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polysilicon Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Polysilicon Market size was valued at USD 37.31 Billion in 2023 and is poised to grow from USD 43.28 Billion in 2024 to USD 141.89 Billion by 2032, growing at a CAGR of 16.0% during the forecast period (2025-2032).
Companies in the sector have had to deal with obstacles such as factory closures, anti-dumping laws, and oversupply. However, the polysilicon market is anticipated to have a more balanced supply and demand environment, price stability, and profitability over the projection period. Additionally, businesses have embraced forward integration tactics and entered the semiconductor and photovoltaic industries. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like partnerships and collaborations. 'Wacker Chemie AG (Germany)', 'Hemlock Semiconductor Operations and Hemlock Semiconductor (US)', 'Mitsubishi Polycrystalline Silicon America Corporation (US)', 'GCL-Poly Energy Holdings Limited (China)', 'OCI Solar Power LLC (US)', 'REC Silicon ASA (Norway)', 'Daqo New Energy Corp. (China)', 'SunEdison Inc. (US)', 'Osaka Titanium Technologies Co. Ltd (Japan)', 'Qatar Solar Technologies (Qatar)', 'Tokuyama Corporation (Japan)', 'Suntech Power Holdings Co., Ltd (China)', 'Canadian Solar Inc. (Canada)', 'Trina Solar Limited (China)', 'SunPower Corporation (US)', 'Kaneka Corporation (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'Panasonic Corporation (Japan)'
Increasing demand for communication devices and the production of solar photovoltaic (PV): The rising demand for solar photovoltaics is one of the reasons anticipated to propel the polysilicon industry. The need for solar photovoltaics is anticipated to rise as a result of the declining supply of fossil fuels, which will ultimately drive the market. Additionally, the market will expand due to the rapid increase in demand for communication devices.
The growing usage of electronic grade polysilicon in the production of electronic circuits and power conversion equipment is one of the major trends in the polysilicon market. If the use of polysilicon in all of these appliances continues to rise, it is projected to support the growth of the polysilicon market. Other potential trends include the rising need for power brought on by the expanding population, higher living standards, and urbanization, which also presents new opportunities for those involved in the polysilicon business.
Based on the region, the Asia Pacific region currently dominates the global polysilicon market with respect to market share and it is predicted to have the highest share over the forecast period. This is a result of China and India's rising demand for consumer electronics and semiconductors. Nearly 35% of the worldwide solar market in 2021 was accounted for by the Chinese market. Installed capacity increased significantly in nations like Vietnam, India, and Japan. China's solar photovoltaic (PV) power generation has advanced exceptionally quickly over the past five years, and the nation now leads the globe in both installed capacity and solar power generation. The Asia Pacific polysilicon market is also expected to expand due to rising communication device demand.
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