Global Silicon Metal Market is expected to reach nearly 4.0 thousand KT by 2028: Ken Research
What Is the Size of Global Silicon Metal Industry?
Global Silicon Metal market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Silicon Metal Market is largely driven by increasing demand for silicon metal in various industries such as automobiles, solar, battery materials, refractory materials, and others.
Growing demand for silicon in the automotive industry along with increasing penetration of electric vehicles globally are anticipated to propel the growth of the global silicon metal market during the forecast period, due to their properties such as corrosion resistance, low thermal expansion, low wear rates, and others is likely to propel the growth of the global silicon metal market.
The global silicon metal market faces challenges due to the shortage of metals like silicon. The supply shortage of silicon metals due to their high usage in the production of semiconductor materials along with the high prices of semiconductors is also expected to restrict the growth of the market.
The COVID-19 pandemic negatively impacted the silicon metal market due to disruption in the supply chain, shortage of workers for the mining industry, shortage of raw materials, and others. In addition, the abrupt shutdown of operations has impacted economic growth, and thus, changed the pattern of consumer spending patterns.
Global Silicon Metal Market By Product Type
The Global Silicon Metal market is segmented by Product type into Metallurgy Grade and Chemical Grade. The metallurgy grade segment held the largest share of the global silicon metal market by product type in 2022, owing to the growing demand for high-purity metals for the production of steel and cast iron.
The expansion of the solar and semiconductor industry along with the increase in innovative technologies to lower cost production and surging demand for renewable sources of energy globally is expected to fuel the demand for the segment in the global silicon metal market.
Global Silicon Metal Market By Application
The Global Silicon Metal Market is segmented by Application into Aluminum Alloys, Silicone, Semiconductors and Others. The aluminum alloys segment accounted for the largest share of the global silicon metal market in 2022, attributed to the growing demand for silicon metals for the production of automotive aluminum alloy.
The increase in government initiatives and favorable policies for the electric vehicle and rising demand for aluminum alloy to produce lightweight vehicles, is anticipated to aid to the growth of the segment in the global silicon metal market.
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Global Silicon Metal Market By Geography
The Global Silicon Metal market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia-Pacific region accounted for the largest share of the global silicon metal market in 2022, due to the presence of a large production base of silicon and aluminum.
Growing consumption of silicon metal in the automotive industry coupled with the increasing number of initiatives taken by the governmental body to accelerate the solar industry, is expected to augment the growth of the region in the silicon metal market.
Competition Scenario In Global Silicon Metal Market
The silicon metal market is highly competitive with ~300 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in silicon metal.
Regional players comprise ~55% of the total number of competitors, while the country-niche players comprise the second highest of the total number of competitors. Some of the major players in the market include Ferroglobe, Dow, Elkem ASA, RIMA INDUSTRIAL, RusAL, LIASA, Hoshine Silicon Industry Co., Ltd., Zhejiang kaihua yuantong silicon industry co. LTD, Anyang Wanhua Metal Material Co. Ltd., and Shin-Etsu Chemical Co., Ltd., among others. The leading global silicon metal companies such as Ferroglobe, Dow, and Elkem ASA are highly focused on expanding their business and production capacity of silicon metal to meet the demand of end-users.
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What is the Expected Future Outlook for the Overall Global Silicon Metal Market Across the globe?
The Global Silicon Metal market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Silicon Metal market is driven by increasing demand for silicon metal in various industries such as automobiles, solar, battery materials, refractory materials, and others. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaborations and emergence of new products, the Global Silicon Metal market is changing rapidly. For instance, In October 2022, Ferroglobe announced to restart of its 55,000-ton silicon metal facility in South Africa. The company aimed to increase its production capacity to fulfill the demand for silicon metal among end-users and to address the issue of the volatile energy market in Europe.
In November 2021, Dow introduced a new commercially available service named DOWSIL Silicones for carbon-neutral silicon to build facades. The carbon-neutral silicon is used for insulating glass, weather sealing, and structural glazing. The product is PAS 2060-verified to help decrease the environmental impact of buildings. The company aimed to develop sustainable and innovative solutions for the infrastructure and buildings market.
The global silicon metal market is forecasted to continue positive growth, primarily driven by the growing demand for silicon metal in various industries such as automotive, semiconductor, and others. The increasing demand for silicon metal in the automotive industry, especially to manufacture electronic vehicles along with supportive initiatives by governmental bodies for electric vehicles is anticipated to propel the growth of the market. Though the market is highly competitive with ~300 participants, regional players control the dominant market share.
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