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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