Polysilicon Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report covers Global Polysilicon Market Revenue and is Segmented by End-user Industry (Solar PV (Monocrystalline Solar Panel and Multicrystalline Solar Panel), Electronics (Semiconductor)) and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The report offers the market size and forecasts in revenue (USD million) for all the above segments.

Polysilicon Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Polysilicon Market Size

Polysilicon Market - Market Summary
Study Period 2019 - 2030
Market Size (2025) USD 16.40 Billion
Market Size (2030) USD 30.51 Billion
CAGR (2025 - 2030) 13.21 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Polysilicon Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Polysilicon Market Analysis

The Polysilicon Market size is estimated at USD 16.40 billion in 2025, and is expected to reach USD 30.51 billion by 2030, at a CAGR of 13.21% during the forecast period (2025-2030).

COVID-19 negatively affected the market studied in 2020. Considering the government-imposed lockdowns, solar projects across the world were temporarily halted during the pandemic. However, the demand for the market studied recovered significantly in 2021 and is expected to grow at a significant rate in the coming years.

  • Over the short term, the major factor driving the market studied are the increasing number of solar photovoltaic (PV) installations and growth in the semiconductor industry.
  • However, emerging competitors, such as upgraded metallurgical-grade silicon (UMG-Si) solar cells and high capital expenditure, are likely to hinder the market.
  • Technological advancement in the production process is likely to be a major opportunity in the global polysilicon market over the forecast period.
  • Asia-Pacific is expected to dominate the global polysilicon market and is also expected to be the fastest-growing market during the forecast period owing to the increasing consumption of countries such as China and India.

Polysilicon Industry Overview

The global polysilicon market is consolidated, with the top five players accounting for a significant share of global production. Some of the major players (not in any particular order) include Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd.

Polysilicon Market Leaders

  1. Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd)

  2. GCL-TECH

  3. DaqoNew Energy Co. Ltd

  4. Wacker ChemieAG

  5. XinteEnergy Co. Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Polysilicon Market Concentration.png
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Polysilicon Market News

  • August 2022: REC Silicon ASA and Mississippi Silicon collaborated to develop a solar supply chain in the United States. They plan to develop this solar supply chain from raw silicon to polysilicon and finally to fully assembled modules.
  • April 2022: OCI Company Ltd signed a binding memorandum of understanding (MoU) with the South Korean-based solar manufacturer Hanwha Solutions, which is a unit of Hanwha, for the supply of polysilicon. The order was valued at about USD 1.2 billion. This has helped the company in increasing its profit margins.

Polysilicon Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Increasing Number of Solar PV Installation
    • 4.1.2 Growth in the Semiconductor Industry
  • 4.2 Restraints
    • 4.2.1 Emerging Competitors, such as Upgraded Metallurgical-grade Silicon (UMG-Si) Solar Cell
    • 4.2.2 High Capital Expenditure
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition
  • 4.5 Technological Snapshot

5. MARKET SEGMENTATION (Market Size in Value)

  • 5.1 End-user Industry
    • 5.1.1 Solar PV
    • 5.1.1.1 Monocrystalline Solar Panel
    • 5.1.1.2 Multicrystalline Solar Panel
    • 5.1.2 Electronics (Semiconductor)
  • 5.2 Geography
    • 5.2.1 Asia-Pacific
    • 5.2.1.1 China
    • 5.2.1.2 India
    • 5.2.1.3 Japan
    • 5.2.1.4 South Korea
    • 5.2.1.5 Rest of Asia-Pacific
    • 5.2.2 North America
    • 5.2.2.1 United States
    • 5.2.2.2 Canada
    • 5.2.2.3 Mexico
    • 5.2.3 Europe
    • 5.2.3.1 Germany
    • 5.2.3.2 United Kingdom
    • 5.2.3.3 Italy
    • 5.2.3.4 France
    • 5.2.3.5 Rest of Europe
    • 5.2.4 South America
    • 5.2.4.1 Brazil
    • 5.2.4.2 Argentina
    • 5.2.4.3 Rest of South America
    • 5.2.5 Middle East and Africa
    • 5.2.5.1 Saudi Arabia
    • 5.2.5.2 South Africa
    • 5.2.5.3 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 Asia Silicon (Qinghai) Co. Ltd
    • 6.4.2 Daqo New Energy Co. Ltd
    • 6.4.3 GCL-TECH
    • 6.4.4 Hemlock Semiconductor Operations LLC And Hemlock Semiconductor LLC
    • 6.4.5 Mitsubishi Polycrystalline Silicon America Corporation
    • 6.4.6 OCI Company Ltd
    • 6.4.7 Qatar Solar Technologies
    • 6.4.8 REC Silicon ASA
    • 6.4.9 Sichuan Yongxiang Co. Ltd (Tongwei)
    • 6.4.10 Tokuyama Corporation
    • 6.4.11 Wacker Chemie AG
    • 6.4.12 Xinte Energy Co. Ltd
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Technological Advancement in Production Process
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Polysilicon Industry Segmentation

Polycrystalline silicon is the key feedstock in the crystalline silicon-based photovoltaic industry and is used for the production of conventional solar cells. The polysilicon market is segmented by the end-user industry and geography. By end-user industry, the market is segmented into solar PV (monocrystalline solar panel, multi-crystalline solar panel) and electronics (semiconductor). The report also covers the market size and forecasts for the market in 15 countries across major regions. The report offers the market size and forecasts in revenue in USD million for all the above segments.

End-user Industry Solar PV Monocrystalline Solar Panel
Multicrystalline Solar Panel
Electronics (Semiconductor)
Geography Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle East and Africa Saudi Arabia
South Africa
Rest of Middle East and Africa
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Polysilicon Market Research FAQs

How big is the Polysilicon Market?

The Polysilicon Market size is expected to reach USD 16.40 billion in 2025 and grow at a CAGR of 13.21% to reach USD 30.51 billion by 2030.

What is the current Polysilicon Market size?

In 2025, the Polysilicon Market size is expected to reach USD 16.40 billion.

Who are the key players in Polysilicon Market?

Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker ChemieAG and XinteEnergy Co. Ltd are the major companies operating in the Polysilicon Market.

Which is the fastest growing region in Polysilicon Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Polysilicon Market?

In 2025, the Asia Pacific accounts for the largest market share in Polysilicon Market.

What years does this Polysilicon Market cover, and what was the market size in 2024?

In 2024, the Polysilicon Market size was estimated at USD 14.23 billion. The report covers the Polysilicon Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Polysilicon Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Polysilicon Industry Report

The global polysilicon market is witnessing remarkable growth, propelled by the burgeoning solar power industry and the escalating adoption of solar energy as a sustainable power source. This growth is further fueled by the expansion of electronics and semiconductor industries, driven by technologies such as 5G, IoT, and AI, significantly elevating the demand for polysilicon. The U.S. market, with its robust commitment to clean energy, alongside government policies and incentives worldwide, are amplifying the demand for solar cells and modules, thus enriching the polysilicon sector. Dominated by the solar PV segment, polysilicon is crucial in manufacturing solar cells, underscoring its vital role in the industry's economics. The market's growth is also spurred by the digitalization in emerging economies and the increasing demand from the solar photovoltaics sector, despite the capital-intensive nature of manufacturing. Polysilicon production by country showcases a global manufacturing landscape, with China at the forefront. Polysilicon solar panels, vital for solar energy conversion, highlight the importance of high-quality polysilicon in the renewable energy domain. For detailed insights into the polysilicon market share, size, and revenue growth rate, Mordor Intelligence™ Industry Reports offer a comprehensive market forecast outlook and historical overview, available for download as a free report PDF.