Published: Jan, 2019
The silicon metal market is prognosticated to witness a steady growth in the forthcoming years, according to analysts at Transparency Market Research (TMR). The competitive landscape of the market currently features consolidation, with a few established vendors holding substantial market share. There exists a healthy amount of competition in the market. In order to gain traction in the market, players are seen adopting several organic and inorganic business strategies. A key strategy adopted by vendors is heavy investment into product development. Players are expected to maintain innovative and unique product portfolios in order garner consumer interest.
Several vendors in the global silicon metal market are also seen focusing on supply chain integration, by forward and backward integration techniques. A number of vendors are thus involved in self-production, and have ownership of quart mining units. Prominent names in the global silicon market are The Quartz Corporation, Ferroglobe PLC, Wacker Chemie, Zhong Yu Jin Ming Silicon, and H.C. Starck.
According to TMR’s projections, the global silicon metal market is expected to register a 5.2% CAGR over the forecast period 2016 to 2024. The market is estimated to be worth US$3.4 bn by the end of 2024.
Based on the application, the segment of aluminum alloys is expected to witness high demand in the coming years. The segment held more than 40% of the share in terms of volume in 2015, and this trend is expected to continue over the forecast period.
Geographically, Asia Pacific was responsible for over 40% of the global silicon market’s volume in 2015. The demand in the region is expected to escalate due to the economic growth in the region, boosting sales in the regional market further.
Soaring Industrial Demand to Drive Aluminum Silicon Alloy Demand
Silicon-aluminum alloys are progressively being used as castings for making sheets and wires in brazing and welding applications. Besides, piston alloys are additionally used for manufacturing stock. Despite the fact that these castings have high mechanical enhanced physical properties, they have low-castability. However, the use of silicon as the fundamental alloying provides extra fluidity and low shrinkage to the end-product, bringing about great throwing capacity and weldability properties.
Besides, silicon metal alloys are likewise used to make silicon wafers, which are used to make photovoltaic cells and semiconductors. Subsequently, with the developing accentuation on lightweight and more grounded parts across different businesses, the capacity of aluminum-silicon alloys to give these attributes at reasonable costs is anticipated to drive the demand for the silicon metal market over the duration of forecast.
Urgent Need for Use of Alternative Resources to Boost Opportunity
The rising awareness regarding the use of alternative or renewable resources as substitutes to conventions fuels coupled with untoward results of excessive fossil fuel use is leading to higher demand for eco-friendly solutions. Silicon-based photovoltaic modules and solar panels are manufactured using high purity polysilicon, leading to lower carbon footprint. This has captured the attention of consumers opting for ecologically safe, alternative resources. This factors is expected to present lucrative growth opportunity for vendors in the indurty, further fuelling the global silicon metal market in the coming years.
This review is based on TMR’s report titled, “Silicon Metal Market (Application - Aluminum Alloys, Silicones/Silanes, Semiconductors, Solar Panels) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”Top of Form
Global Silicon Metal Market, by Application
- Aluminum Alloys
- Solar Panels
- Others (Including Stainless Steel, Laboratory Reagents, etc.)
Global Silicon Metal Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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