Global Silicon Metal Market Report 2022: Sector to Reach $8 Billion by 2028 at a CAGR of 5%

DUBLIN, April 13, 2023 /PRNewswire/ -- The "Global Silicon Metal Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Application, and Major Regions" report has been added to  ResearchAndMarkets.com's offering.

According to this analysis, the Global Silicon Metal Market is expected to record a positive CAGR of ~5% during the forecast period (2022-2028) and is expected to reach nearly US$ 8 billion by 2028, owing to increasing demand for silicon metal in various industries such as automobiles, solar, battery materials, refractory materials, and others.

Growing demand for silicon in the automotive industry along with increasing penetration of electric vehicles globally are anticipated to propel the growth of the global silicon metal market during the forecast period.

The increased use of silicon or aluminum-silicon alloys in the production of automobiles due to their properties such as corrosion resistance, low thermal expansion, low wear rates, and others is likely to propel the growth of the global silicon metal market.

The global silicon metal market faces challenges due to the shortage of metals like silicon.

The supply shortage of silicon metals due to their high usage in the production of semiconductor materials along with the high prices of semiconductors is also expected to restrict the growth of the market.

The COVID-19 pandemic negatively impacted the silicon metal market due to disruption in the supply chain, shortage of workers for the mining industry, shortage of raw materials, and others. In addition, the abrupt shutdown of operations has impacted economic growth, and thus, changed the pattern of consumer spending patterns.

Scope of the Report

The silicon metal market is segmented by product type and application. In addition, the report also covers market size and forecasts for the four region's silicon metal market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product Type

• Metallurgy Grade
• Chemical Grade

By Application

• Aluminium Alloys
• Silicone
• Semiconductors
• Others

By Geography

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Sweden, Italy)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
• LAMEA (Latin America, Middle East, Africa)

Key Players

• Ferroglobe
• Dow
• Elkem ASA
• RIMA INDUSTRIAL
• RusAL
• LIASA
• Hoshine Silicon Industry Co, Ltd
• Zhejiang kaihua yuantong silicon industry co LTD
• Anyang Wanhua Metal Material Co Ltd
• Shin-Etsu Chemical Co, Ltd

Key Trends by Market Segment

By Product Type: The metallurgy grade segment held the largest share of the global silicon metal market by product type in 2021, owing to the growing demand for high-purity metals for the production of steel and cast iron.

The expansion of the solar and semiconductor industry along with the increase in innovative technologies to lower cost production and surging demand for renewable sources of energy globally is expected to fuel the demand for the segment in the global silicon metal market.

By Application: The aluminum alloys segment accounted for the largest share of the global silicon metal market in 2021, attributed to the growing demand for silicon metals for the production of automotive aluminum alloy.

The increase in government initiatives and favorable policies for the electric vehicle and rising demand for aluminum alloy to produce lightweight vehicles, is anticipated to aid to the growth of the segment in the global silicon metal market.

By Geography: Asia-Pacific region accounted for the largest share of the global silicon metal market in 2021, due to the presence of a large production base of silicon and aluminum.

Growing consumption of silicon metal in the automotive industry coupled with the increasing number of initiatives taken by the governmental body to accelerate the solar industry, is expected to augment the growth of the region in the silicon metal market.

Competitive Landscape

The silicon metal market is highly competitive with ~300 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in silicon metal.

Regional players comprise ~55% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. Some of the major players in the market include Ferroglobe, Dow, Elkem ASA, RIMA INDUSTRIAL, RusAL, LIASA, Hoshine Silicon Industry Co., Ltd., Zhejiang kaihua yuantong silicon industry co. LTD, Anyang Wanhua Metal Material Co. Ltd., and Shin-Etsu Chemical Co., Ltd., among others.

The leading global silicon metal companies such as Ferroglobe, Dow, and Elkem ASA are highly focused on expanding their business and production capacity of silicon metal to meet the demand of end-users.

Frequently Asked Questions

What is the Study Period of this Market Report?

• The Global Silicon Metal Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Global Silicon Metal Market?

• The Global Silicon Metal Market is expected to witness a CAGR of ~5% for the next six years

What are the Key Factors Driving the Global Silicon Metal Market?

• The increasing demand for silicon metal in the automotive and semiconductor industry along with increased demand for electronics goods in different countries and supportive initiatives by the government to boost the demand for electric vehicles is anticipated to augment the growth of the global silicon metal market

Which is the Largest Product Type Segment within the Global Silicon Metal Market?

• Metallurgy grade held the largest share of the global silicon metal market in 2021

For more information about this report visit https://www.researchandmarkets.com/r/j85ogk

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