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Global Silicon Metal Market: Growing Demand for Solar Panels to Bolster Market Growth

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Published on : Dec 13, 2016

The global silicon metal market is predicted to fuel owing to the rising economic development of numerous developing economies. The global silicon metal market is predicted to touch US$3.4 bn by end of 2024, rising at a CAGR of 5.20% between 2016 and 2024. The increasing demand for solar panels is predicted to provide impetus to the development of this market. In addition, the rising application of aluminum alloys within the segment of transportation will also bode well for the development of the market. The increasing innovation within production process of solar grade silicon will raise the proliferation of solar modules and reduce costs. This has emerged as a key opportunity in the development of the global silicon metal market.

Enhancement in Corrosion Resistance Properties of Aluminum Alloys Ensures High Demand for Silicon Metals

On the basis of application, the market is segmented into solar panels, semiconductors, silanes/silicones, aluminum alloys, and others including laboratory reagents and stainless steel, etc. Amongst these, silicon metals are being extensively utilized in aluminum alloys and hence this application segment constituted a share of more than 40% in 2015, on the basis of volume. The utilization of silicon within aluminum alloys enhances the properties of the latter in regards to corrosion resistance, castability, machinability, and thermal conductivity.

In addition, silicon metals are also being employed in silicones/silanes. This is owing to the increasing application of silicones for the manufacturing of numerous materials and chemicals utilized in textiles, plastics, electronics, building, and personal care products. On the other hand, the utilization of silicon metal within semiconductors is poised to rise at the most swiftest growth rate over the forecast period. Factors such as the low current leakage, reduced temperature, susceptibility, and low extraction and processing costs of silicon are raising their employment in semiconductors.

Easy Availability of Raw Materials to Drive Asia Pacific Silicon Metals Market

Geographically, the market is segmented into Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Of these, Asia Pacific led the market in terms of volume in 2015 and held a share of more than 40%. This market is also predicted to be the most swiftly developing market for silicon market over the forecast period. This is because of the easy availability of raw materials, high economic development, cheap power and labor costs. On the other hand, North America will witness moderate development in the market in forthcoming years.