Trichlorosilane Market revenue worth USD 9.5 Billion by 2028, Says Global Market Insights Inc.

Global trichlorosilane industry is competitive with the presence of different market participants such as Evonik Industries, American Elements, SIAD Spa, Gelesa Inc. and Mitsubishi Polycrystalline Silicon America Corporation.

SELBYVILLE, Del. , May 16, 2022 /PRNewswire/ -- According to a new research report by Global Market Insights Inc. the trichlorosilane market value is expected to reach USD 9.5 billion by 2028, owing to increasing solar photovoltaic installations across the world. Growing investment by solar manufacturers in constructing solar power plants should favor market growth.

Growing consumer awareness regarding the need to harness alternate sources of energy such as solar energy and increasing usage of solar equipment by consumers globally is anticipated to raise the demand for trichlorosilane.

High production efficiency, relatively low cost of production and increasing technological innovations in the hydrochlorination (HC) production process to cut down on the overall production cost of trichlorosilane is likely to boost the trichlorosilane market expansion.

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Some major findings of the market report include:

1. Rising concerns regarding the undesirable impact of increasing carbon dioxide emissions due to increasing use of conventional sources of energy such as coal, oil & natural gas, among others should further raise the demand for trichlorosilane from solar applications.
2. hydrochlorination (HC) segment is poised to surpass USD 6.5 Billion by 2028, growing at a CAGR of 11.2% over the forecast period.
3. Silane coupling agents segment was valued at over USD 3 Billion in 2021 and is expected to grow at a CAGR of 10.7% between 2022 and 2028.
4. Furthermore, increasing government support in the form of tax credits, loan programs, and grants to encourage the use of solar energy will propel the business landscape.
5. North America market is predicted to cross USD 2.2 Billion by 2028, growing at a CAGR of 10.9% over the forecast period.

Browse key industry insights spread across 135 pages with 115 market data tables and 20 figures & charts from the report, "Trichlorosilane Market Analysis By Production Process (Hydrochlorination, Direct Chlorination), Application (Silane Coupling Agent, Polycrystalline Silicon), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents: https://www.gminsights.com/industry-analysis/trichlorosilane-market 

Direct chlorination (DC) process segment was valued at over USD 1.5 Billion in 2021 and is projected to witness 10% CAGR between 2022 and 2028 owing to increasing usage of Siemen's process for manufacturing solar grade silicon, which produces a high proportion of trichlorosilane.

High rate of adoption of Siemen's process by chlorosilane manufacturers globally, especially from China should foster trichlorosilane market growth. Moreover, factors such as procurement of key equipment including chlorination & chemical vapor deposition reactors from domestic suppliers rather than from international manufacturers, subsidized capital expenditures, and low raw material, labor & electricity cost should further drive the market progression.

Polycrystalline silicon segment surpassed USD 1.5 Billion in 2021 and is set to register 11.1% CAGR during the forecast period. Rising demand for trichlorosilane for manufacturing polycrystalline silicon is mainly ascribed by increasing usage of solar energy as an effective alternative to conventional sources of energy in different regions across the world. Increasing investment by major manufacturers in the solar sector should further promote growth of the market.

Asia Pacific trichlorosilane market is likely to reach USD 6 Billion by 2028, growing at a CAGR of 10.9% during the forecast timeframe owing to increasing industrialization and growing need for silane coupling agents in the region. Increasing usage of silane coupling agents from different applications including surface treatment, resin modification, adhesives, and paints & coatings, among others should escalate the demand for trichlorosilane for manufacturing silane coupling agents.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.