PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120732
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120732
Silicon Metal Market size was valued at USD 6,077.9 Million in 2021, growing at a CAGR of 5.3% from 2022 to 2028.
Silicon metal is a semi-conductive metal that is grey and glossy that is used for the manufacture of Steel, solar cells, and microchips. The eighth-most frequent element in the cosmos and the second-most plentiful element in the earth's crust, respectively, is silicon. Silicon Metal finds application in silicon compounds and silicon wafers for use in electronic semiconductors, and photovoltaic solar cells in the chemical industry. The creation of aluminium alloys is another significant use of silicon metal. Due to the rising need for electronic products in many nations, the market for silicon metals surged in 2021. The market for silicon metal is anticipated to be driven by the rising use of phones, tablets, laptops, and other electronic devices during the projected period.
The market is anticipated to be driven by the rising global aluminium output. Aluminium is produced using a sizeable amount of silicon metal manufacturing. With a considerable increase in demand for aluminium anticipated following the COVID-19 crisis starting in 2021, the global aluminium output is anticipated to recover from the COVID-19 pandemic steadily. This will probably aid market expansion. With demand for 1,092 kilotons of silicon metal in 2019, China topped the world market. In the upcoming years, the market is anticipated to be driven by China's increasing solar and semiconductor industries as well as the presence of a sizable base for the production of aluminium alloys. Owing to the growing vehicle industry and increased global auto manufacturing, an increase in the demand for aluminium-silicon alloys is anticipated to cause an increase in silicon metal consumption. The market's expansion could be hampered by China's lower-than-average silicon production. Throughout the forecast period, efforts to lower production costs by advancing current technologies are anticipated to offer the market substantial growth prospects.
The Global Silicon Metal Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into two categories based on product type: Chemical and Metallurgy Grade. Of which, metallurgy category dominated the industry and accounted for more than 65% of total revenue share. The expansion of the silicon metal market is anticipated to be mostly unaffected by silicon metal price increases over the forecast period, despite silicon metal playing a significant part in the worldwide manufacturing chain.
The market is divided into three categories based on application: Aluminum, Silicones, Solar & Semiconductor. Aluminium dominated the market and accounted for more than 49.6% of total revenue. In the manufacture of aluminium, the product serves as an alloying and strengthening agent. Due to its lightweight qualities and capacity to minimise pollution, automotive aluminium is projected to see an increase in demand as a result of the strict emission rules imposed on manufacturers worldwide.
The global Silicon Metal industry is characterized by both international and local producers, making it a fairly competitive sector in the world. Over the past ten years, there have been an increasing number of Silicon Metal Market businesses, and investment has increased in recent years. On May 22, Wacker Chemie, a German chemical producer introduced a feasibility study for a new plan to expand silicon metal production capacity at its plant in Norway. In addition, in December 2021, Elkem received funding of NOK 16 million by the Norwegian Research Council in order to establish a silicon manufacturing model that eliminates direct CO2 emissions.
The scope of this report covers the market by its major segments, which include as follows: