SAN FRANCISCO, Nov. 11, 2020 /PRNewswire/ -- The global silicon metal market size is expected to reach USD 8.67 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% from 2020 to 2027. The industry is expected to be driven by rising installations of photovoltaic cells, strong demand from aluminum producers, and increasing demand from semiconductor manufacturers.
About 44% of the total silicon metal output is used for the production of aluminum alloys. The addition of the product to the aluminum production process minimizes shrinkage and cracking and improves castability. The recent trend indicates aluminum being used as an alternative to steel and other metals to manufacture lighter weight automotive parts to attain fuel efficiency. This is a positive sign for the market.
Key suggestions from the report:
- Asia Pacific dominated the market with a revenue share of 38.3% in 2019 owing to the presence of a large aluminum production base in the region
- The solar and semiconductor application segment is expected to expand at the fastest revenue-based CAGR of 5.2% from 2020 to 2027 owing to rapidly rising installations of photovoltaics and healthy demand from semiconductor manufacturers
- The aluminum application segment dominated the market with a revenue share of more than 40.0% in 2019 as silicon metal is an important alloying element used for the production of aluminum
- In December 2015, Ferroglobe Plc was formed as a result of a merger between Globe Specialty Metals, Inc. and Grupo FerroAtlántica
- Ferroglobe Plc is a global leader in the market with a share of roughly 14% in 2019.
Read 104 page research report with ToC on "Silicon Metal Market Size, Share & Trends Analysis Report By Application (Aluminum, Silicones, Solar & Semiconductor), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2020 – 2027" at: https://www.grandviewresearch.com/industry-analysis/silicon-metal-market
Asia Pacific dominated the market in 2019 owing to strong domestic demand from China. China is a leader in terms of aluminum production and also has growth potential for silicone manufacturing. Therefore, the country also leads in terms of silicon metal production to cater to its large domestic demand and capitalize on undersupplied foreign markets.
In the chemical industry, the product is used for silicone manufacturing. Silicones, in turn, are used in a wide array of end-use industries, including construction, transportation, healthcare electronics, and textiles. The global silicone production is highly consolidated as it is dominated by five players – the top 5 producers account for approximately 85% of the output. As a result, the bargaining power of buyers in the silicones industry is high.
The production, as well as consumption of silicones, are mostly concentrated in North America and Europe, although there is a substantial growth potential from developing economies such as China. The increasing disposable income, growing construction output, and improving industrial products are likely to improve the demand and production of silicones, which, in turn, is expected to benefit the market growth.
The solar industry is another key application of the product, which is expanding at a rapid rate. The product is a critical raw material in the manufacturing of photovoltaics. This can be illustrated from the fact that the global photovoltaic installations doubled between 2015 and 2017. However, there was a drop in installations in 2018, following Chinese policy reforms. However, the future outlook looks lucrative as the rate of PV installations is rapidly increasing in developing economies.
Grand View Research has segmented the global silicon metal market on the basis of application and region:
- Silicon Metal Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Solar & Semiconductor
- Silicon Metal Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Silicon Metal Market
- Ferroglobe Plc
- Dow DuPont
- Elkem ASA
- RIMA Group
- Wacker Chemie AG.
Find more research reports on Advanced Interior Materials Industry, by Grand View Research:
- Photovoltaic Materials Market – The global photovoltaic materials market size was valued at USD 14.07 billion in 2016 and is expected to witness rapid growth owing to increasing solar photovoltaic installations globally.
- Silicon Carbide Market – The global silicon carbide market size was valued at USD 2.52 billion in 2019 and is expected to register a CAGR of nearly 16.1% from 2020 to 2027.Increasing steel production is likely to propel the demand for refractories.
- Silicon Photonics Market – The global silicon photonics market size was valued at USD 123.0 million in 2015. The projected growth of photonics products is attributed to their ability to be incorporated in consumer electronics, IT and telecommunication, and commercial.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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