|
Silicon Metal Global Market Report 2023: Surging Demand from the Solar Panel Industry Bolsters Growth
Sunday, April 16, 2023
DUBLIN, March 22, 2023 /PRNewswire/ -- The "Silicon Metal Market - Growth, Trends, COVID-19 Impact, and Forecast (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
The global silicon metal market is estimated to reach over 2,900 kilotons by the end of this year and is projected to register a CAGR of over 5% during the forecasted period.
Key Highlights
-- Increased demand for aluminum-silicon alloys is expected to fuel the
silicon metals consumption due to the increasing demand for electric
vehicles and increased automobile production globally. Also, the growing
usage of smart cellular phones, laptops, tablets, and other electronic
gadgets is expected to drive the silicon metal market.
-- However, lower silicon production in China may hinder the market's
growth.
-- Measures to reduce production costs by improving current technologies
are projected to create potential growth opportunities for the market
throughout the forecast period.
-- The Asia-Pacific accounts for the highest market share and is expected
to dominate the market during the forecast period.
Silicon Metal Market Trends
Surging Demand from the Solar Panel Industry
-- Silicon is the most common semiconductor material in solar cells,
representing approximately 95% of the modules sold today. Metallurgical
silicon, on purification, can be converted into high-purity silicon,
which is the basis for semiconductors or solar cells. Hence, it can be
used in the production of solar cells.
-- The solar power industry is one of the fastest-growing industries in the
world. According to the International Energy Agency (IEA), the sector
accounts for almost two-thirds of the net power capacity worldwide.
-- According to the IEA forecast, renewable power capacity is expected to
expand by 50% between 2019 and 2023, majorly led by solar PV. Solar PV
is expected to account for almost 60% of the expected growth. The PV
share in global net renewable capacity in 2017 was 55.4% which in 2022
rose to 188.6 GW (59.1%). After a record slowdown in 2020 brought on by
the impact of COVID-19 on projects, the forecast states that if solar
power growth continues in India, Brazil, and South Africa, it may reach
197.3 GW, accounting for around 62.3% of the world's renewable energy
supply.
-- As long-delayed large-scale utility projects come online, PV capacity
additions in India are expected to triple in 2022 compared to 2020.
-- In the United States, capacity additions will continue to grow in 2022
as the 26% ITC is extended for another year, making projects more
economically appealing. With continued cost reductions and tax credits,
distributed PV will account for nearly 30% of US PV growth in 2022.
-- In the third quarter of 2021, the US solar market installed 5.4 GW,
which was a 33% rise in solar capacity than the third quarter of 2020.
Texas and Virginia accounted for more than half of the utility-scale for
solar installation in Q3 of 2021.
-- In Q1-Q3 of 2021, solar energy generated 54% of electricity in the US,
which was 44% in 2020. Supply chain constraints and rising raw material
prices are expected to impact the market in 2022 negatively.
-- According to the Ministry of New and Renewable Energy (MNRE), India
stands 4th in solar PV deployment across the globe as of the end of
2021. Solar power installed capacity reached around 61.97 GW as of 30th
November 2022. India's solar tariff is very competitive today and
achieved grid parity.
-- The developments above are expected to drive the market for silicone
metal in the solar industry through the forecast period.
China to Dominate the Asia-Pacific
-- China dominates the silicon metal market in Asia-Pacific due to the
growing demand for silicon from different industries.
-- Silicones (adhesives and sealants, lubricants, chemicals, and others)
and aluminium alloys are the most significant applications of silicon
metal. The leading applications of these products include automotive,
building and construction, industrial, and other end-user industries.
-- Leading electric car manufacturers in China include Tesla, BYD Co., and
Nio Inc. The Chinese government plans to have a minimum of 5,000
fuel-cell electric vehicles by 2025 and 1 million by 2030.
-- The government's promotion of electric, hybrid, and fuel-cell electric
vehicles is expected to drive the market during the forecast period. The
growing demand for electric cars in the country is driving the need for
aluminum alloys, silicon adhesives, and semiconductors.
-- The country is one of the world's largest producers of stainless steel.
The land produced 1,336.67 million tons of steel in 2021, which
increased by 0.6% compared to 2020. China's stainless steel crude steel
output in 2021 was estimated to be 30.63 million tons, with an increase
of 493,000 tons or 1.64% compared to 2020.
-- The top global solar PV manufacturing companies, JinkoSolar, JA Solar,
and Trina Solar, have headquarters in China. Solar cell manufacturing in
the country is increasing exponentially in the past two years. The
industrial production of solar cells increased from
157,286-thousand-kilowatt hours to 234,054 thousand kilowatts in 2021,
which increased by 42.1%.
-- China is a prime location for investments in producing mobiles, laptops,
and other electrical appliances. Major global manufacturers invested
significant capital in the Chinese market to cope with the upcoming
demand surge.
-- Due to these factors, China is expected to dominate the Asia-Pacific
region.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Surging Demand from the Automotive Industry
4.1.2 Increasing Use in the Solar Industry
4.1.3 Increasing Demand for Silicones from Different End Users
4.2 Restraints
4.2.1 Lower Silicon Production in China
4.2.2 Other Restraints
5 MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Metallurgy Grade
5.1.2 Chemical Grade
5.2 Application
5.2.1 Aluminum Alloys
5.2.2 Semiconductors
5.2.3 Solar Panels
5.2.4 Silicones
5.2.5 Other Applications
5.3 Geography
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Efforts to Reduce the Cost of Production by Innovating the Existing Technology
A selection of companies mentioned in this report includes
-- Anyang Huatuo Metallurgy
-- Dow
-- Elkem
-- Ferroglobe
-- Hoshine Silicon Industry Co. Ltd
-- Liasa
-- Minasligas
-- Mississipi Silicon
-- PCC SE
-- RIMA Industrial
-- Rusal
-- Shin-Etsu Chemical Co. Ltd
-- Wacker Chemie AG
-- Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/j3foh6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/silicon-metal-global-market-report-2023-surging-demand-from-the-solar-panel-industry-bolsters-growth-301778441.html
SOURCE Research and Markets
|
|
|
|
|
|
 |
Energy Toolbase Launches Energy Storage Partnership with Sungrow to Support PowerStack 255CS and PowerTitan 2.0 | Jan 22, 2026
|
|
Einride and IonQ Partnership Uses Quantum Computing to Optimize the Logistics of Electric and Autonomous Freight | Jan 22, 2026
|
|
RS now offers Phoenix Contact's pioneering new NearFi technology | Jan 22, 2026
|
|
SCAILIUM Debuts "AI Production Layer" to Overcome GPU Starvation and Slash AI Energy Waste | Jan 22, 2026
|
|
MetaOptics to Showcase Five Breakthrough Metalens-Powered Products at CES 2026 | Jan 22, 2026
|
|
No Assembly Required: Barrett Distribution Centers Powers Maxwood Furniture's West Coast DTC Expansion | Jan 22, 2026
|
|
Quantum Art Raises $100 Million in Series A Round to Drive Scalable, Multi-Core Quantum Computing | Jan 22, 2026
|
|
Hesai Recognized as the Only Lidar Company on Morgan Stanley's "Humanoid Tech 25" of Global Robotics Leaders | Jan 22, 2026
|
|
TESSAN to Redefine Global Mobility at CES 2026 with '100 Travelers' Initiative and Flagship Voyager 205 | Jan 22, 2026
|
|
1inch Named Exclusive Swap Provider at Launch for Ledger Multisig | Jan 22, 2026
|
|
|
|
