Silicon Metal Market by Type (Metallurgy Grade and Chemical Grade), Application (Aluminium Alloys, Silicones, Solar & Semiconductor), Region, Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2021 to 2028
Newark, NJ, June 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Silicon Metal market is expected to grow from USD 6.83 billion in 2020 and to reach USD 10.25 billion by 2028, growing at a CAGR of 5.2% during the forecast period 2021-2028.
The versatility of silicon, a significant 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, seals, food additives, and cosmetics. Polysilicon, a product of the mineral silicon, is the base material for solar cells and semiconductor chips. At present, the high cost of producing silicon metal acts as a limiting factor in the growth of the silicon metal market. A large portion of the working capital is consumed by the SAF's energy requirements. In addition, the production cost is high due to the labor and transportation costs.
Silicon metal is an industrial supplement produced by coke and smelting quartz in an electric heating furnace. It is made up of 98% silicon, although silicon formation has increased approximately to 99.99% silicon in recent years. Impurities found in silicon minerals mainly include aluminum, iron, and calcium. It is used as a feedstock 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 chemical products because it provides them with basic properties. However, metallic silicon plays an important role in the global manufacturing chain, and the increase in silicon metal prices is expected to have a minimal impact on the silicon metal market growth during the forecast period.
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Key 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 silicon added 800,000 metric tons/year to expand its silicon mineral capacity.
Metallurgical segment dominated the market and held the largest market share of 35.9% in the year 2020
On the basis of type, the global silicon metal market is segmented into metallurgy grade and chemical grade. The metallurgy grade segment dominated the market and held the largest market share of 40.9% in the year 2020. This growth is attributed to its use in the automotive and construction industries. Although, the auto industry is likely to face a sharp downturn in 2020 as a result of slowing demand and supply chain disruption caused by COVID-19. However, favourable policies for electric cars, which have a larger share of aluminum alloys by weight, are likely to boost the industry's growth in the near future.
Aluminum alloys segment dominated the market and held the largest market share of 40% in the year 2020
On the basis of product, the global silicon metal market is segmented into aluminum alloys, silicones, solar & semiconductor. The aluminum alloys segment dominated the market and held the largest market share of 40% in the year 2020. The stringent pollution standards established for automakers around the world are likely to increase the demand for aluminum for cars due to its lightweight properties and ability to reduce pollution. This pressure on the automakers is likely to lead the segment over the coming years. Besides the production of aluminum alloys, a large part of the total production of silicon metal goes to the production of silicon. The solar and semiconductor applications sector is poised 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 (U.S., Canada, Mexico)
Europe (Germany, France, U.K., 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 & Africa, and South America. Asia Pacific region held the largest market share and 38.3% of the total revenue share in the year 2020, owing to China for owning a large aluminum and silicon production base. Moreover, China is the largest producer of silicon metal in the world. The market in China sees an increase in supply, and as a result, it exports a large proportion of its production. However, the share of exports has decreased in recent times due to strong demand from domestic industries.
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About the report:
The global silicon metal market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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