Silicon Metal Market - Growth, Trends, COVID-19 Impact, and Forecast (2023 - 2028)

The Silicon Metal Market is segmented by product type (metallurgy grade and chemical grade), application (aluminum alloys, semiconductors, solar panels, stainless steel, and other applications), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast in volume (kiloton) for all the above segments.

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Silicon Metal Market Size

Silicon Metal Market - Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 5 %

Major Players

Silicon Metal Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Silicon Metal Market Analysis

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.

The Covid-19 pandemic was a significant challenge for the silicon metal market, directly affecting the manufacturer's supply chain across the globe and shutting down production facilities to minimize the risk of virus spread.

  • 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 Industry Segmentation

Silicon is a complex, crystalline, and brittle solid with a blue-grey metallic luster. The silicon metal market is partially consolidated. The silicon metal market is segmented by product type, application, and geography. The market is segmented by product type into metallurgy grade and chemical grade. By application, the market is segmented into aluminum alloys, semiconductors, solar panels, silicones​, and other applications. The report also covers the market size and forecast for silicon metal in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on volume (kiloton).

Product Type
Metallurgy Grade
Chemical Grade
Application
Aluminum Alloys
Semiconductors
Solar Panels
Silicones
Other Applications
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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Silicon Metal Market Trends

This section covers the major market trends shaping the Silicon Metal Market according to our research experts:

Surging Demand from the Solar Panels

  • 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.
Silicon Metal Market - Net PV capacity additions, in gigawatts, Global, 2017-2022

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.
Silicon Metal Market - Growth Rate by Region, 2022-2027

Silicon Metal Industry Overview

The silicon metal market is partially consolidated. The major companies (not in any particular order) include Hoshine Silicon Industry Co. Ltd, Ferroglobe, Elkem, Dow, and Wacker Chemie AG.

Silicon Metal Market Leaders

  1. Hoshine Silicon Industry Co. Ltd

  2. Ferroglobe

  3. Elkem

  4. Dow

  5. Wacker Chemie AG

*Disclaimer: Major Players sorted in no particular order

Silicon Metal Market Concentration

Silicon Metal Market News

  • October 2022: Ferroglobe announced to restart of the 55,000-ton silicon metal facility in Polokwane, South Africa. The decision to renew the Polokwane facility was made as part of Ferroglobe’s strategic plan to increase its capacity of silicon metal to address strong market demand. The Polokwane plant will enable the company to add lower cost and strategically located accommodation, optimizing its asset footprint and providing flexibility in managing the volatile energy markets in Europe.
  • August 2022: REC Silicon and Mississippi Silicon agreement bolster the United States solar supply chain. This agreement will help Mississippi Silicon to gain a stronghold in silicon metal, especially in the solar industry.

Silicon Metal Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Surging Demand from the Automotive Industry

      2. 4.1.2 Increasing Use in the Solar Industry

      3. 4.1.3 Increasing Demand for Silicones from Different End Users

    2. 4.2 Restraints

      1. 4.2.1 Lower Silicon Production in China

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Metallurgy Grade

      2. 5.1.2 Chemical Grade

    2. 5.2 Application

      1. 5.2.1 Aluminum Alloys

      2. 5.2.2 Semiconductors

      3. 5.2.3 Solar Panels

      4. 5.2.4 Silicones

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anyang Huatuo Metallurgy

      2. 6.4.2 Dow

      3. 6.4.3 Elkem

      4. 6.4.4 Ferroglobe

      5. 6.4.5 Hoshine Silicon Industry Co. Ltd

      6. 6.4.6 Liasa

      7. 6.4.7 Minasligas

      8. 6.4.8 Mississipi Silicon

      9. 6.4.9 PCC SE

      10. 6.4.10 RIMA Industrial

      11. 6.4.11 Rusal

      12. 6.4.12 Shin-Etsu Chemical Co. Ltd

      13. 6.4.13 Wacker Chemie AG

      14. 6.4.14 Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Efforts to Reduce the Cost of Production by Innovating the Existing Technology

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Silicon Metal Market Research FAQs

The Silicon Metal Market market is studied from 2017 - 2027.

The Silicon Metal Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Hoshine Silicon Industry Co. Ltd, Ferroglobe, Elkem, Dow, Wacker Chemie AG are the major companies operating in Silicon Metal Market.

Silicon Metal Industry Report

Statistics for the 2023 Silicon Metal market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Silicon Metal analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Silicon Metal Report Snapshots

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