SAN FRANCISCO, Nov. 11, 2020
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:
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:
List of Key Players of Silicon Metal Market
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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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