Market Size of Silicon Metal Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 5.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | Medium |
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.