Newark, NJ, June 11, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global silicon metal market is expected to increase from USD 6.83 billion in 2020 and reach USD 10.25 billion by 2028, with a CAGR of 5.2% during the forecast period 2021-2028.
The versatility of silicon, an important application of silicon metal, is driving the market. Silicon metal is used as the base material for silicon which has a variety of applications such as lubricants, sealants, gaskets, food additives, and cosmetics. Polysilicon, a product of the mineral silicon, is the basic material of solar cells and semiconductor chips. At present, the high cost of producing silicon metal is a limiting factor in the growth of silicon metal market. A large part of the working capital is consumed by the energy needs of the SAF. In addition, the production cost is high due to the labor and transportation costs.
Silicon metal is an industrial supplement produced by coke and quartz melting in an electric heating furnace. It is 98% silicon, although silicon formation has increased by around 99.99% silicon in recent years. The impurities present in silicon minerals mainly include aluminum, iron and calcium. It is used as a raw material in the production of silicon, aluminum alloys and semiconductor materials.
In the automotive industry, the demand for alloys is expected to increase, which will lead to an increase in the demand for silicon metal. Silicon metal is very essential for the production of aluminum and chemicals because it gives them basic properties. However, silicon metal plays an important role in the global manufacturing chain, and increasing silicon metal price is expected to have minimal impact on silicon metal market growth during the forecast period.
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The major players operating in the global silicon metal market are Ferroglobe Plc, Dow DuPont, Elkem ASA, RIMA Group, Rusal, LIASA, Wacker Chemie AG. Ferroglobe is the world leader in silicon metal production capacity.
- In December 2019, Hoshine Silicium added 800,000 metric tons / year to increase its silicon mineral capacity.
The metallurgical segment dominated the market and held the largest market share of 35.9% in 2020
On the basis of type, the global silicon metal market is segmented into metallurgical grade and chemical grade. The metallurgical grade segment dominated the market and held the largest market share of 40.9% in 2020. This growth is attributed to its use in the automotive and construction industries. However, the auto industry is expected to face a sharp slowdown in 2020 due to slowing demand and supply chain disruptions caused by COVID-19. However, favorable policies for electric cars, which have a larger share of aluminum alloys by weight, are expected to boost industry growth in the near future.
Aluminum alloys segment dominated the market and held the largest market share of 40% in 2020
On the basis of product, the global silicon metal market is segmented into aluminum alloys, silicones, solar, and semiconductor. The aluminum alloys segment dominated the market and held the largest market share of 40% in 2020. The stringent pollution standards set for automakers around the world are likely to increase the demand for aluminum for vehicles. cars due to its lightweight properties and ability to reduce pollution. This pressure on automakers is expected to drive the segment over the next few years. In addition to the production of aluminum alloys, a large part of the total production of silicon metal is destined for the production of silicon. The solar and semiconductor applications industry is set to record the fastest revenue-based compound annual growth rate of 5.6% from 2021 to 2028.
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Regional segment of Silicon Metal market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, rest of MEA)
On the basis of geography, the global silicon metal market is classified into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The Asia-Pacific region held the largest market share and 38.3% of the total revenue share in 2020, thanks to China having a large aluminum and silicon production base. In addition, China is the world’s largest producer of silicon metal. The Chinese market is experiencing an increase in supply, and as a result, it exports a large part of its production. However, the share of exports has been declining in recent times due to strong demand from domestic industries.
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About the report:
The global silicon metal market is analyzed on the basis of value (billion USD). All segments were analyzed on a global, regional and national basis. The study includes analysis of over 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to get the key insights of the market. The study includes the model of the five forces of the wearer, the analysis of attractiveness, the analysis of raw materials and the analysis of the position grid of the competitors.
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