Silicon Metal Market: Overview
The global silicon metal market size was worth USD 6.95 billion in 2022 and is estimated to grow to USD 10.12 billion by 2030, with a CAGR of around 4.8 % over the forecast from 2022 to 2030.
In a Submerged Arc Furnace (SAF), quartz is thermally reduced to produce silicon metal, a refined form of silica, together with a reducing agent. It is also known as industrial silicon or metal silicon. Iron, aluminum, and calcium make up most of its chemical makeup. Since silicon metal serves as the foundation for many items, the industrial and consumer sectors depend heavily on it. The increasing demand from end-use industries, such as aluminum and photovoltaic solar cells, is one reason why it is predicted that the global market for silicon metal will expand significantly during the projection period. The increased use of silicon in the electronics sector for products like transistors, semiconductors, and rectifiers is driving the expansion of this market. Due to its high melting point and superior thermal & electrical conductivity, silicon alloy compounds are increasingly being used in various application sectors, propelling the expansion of this market.
Silicon Metal Market Drivers:
The fundamental reason for the rising usage of silicon metal in aluminum forging is the growing desire for vehicles that use less fuel and have a smaller carbon impact. This trend is likely to continue for some time. Silicon semiconductors, the most sought-after material globally, are a vital component in an increasing number of smartphones and other smart electronic gadgets. Growing disposable wealth in emerging economies is driving demand for more sophisticated electronic products, which is driving silicon semiconductor demand. These all will contribute to the market for silicon metal growth throughout the study period.
Silicon Metal Market: Restraints
The cost of producing silicon metal is a significant commercial restraint. Because the SAF method uses a lot of energy, silicon production is more expensive. It takes a lot of labor to produce silicon, and the procedure also uses energy to purify it. Control of a few nations’ silicon supply chains globally is another factor that inhibits the growth of the silicon metal market. If this chain is disrupted, the commodity price will rise, and the market’s expansion will be slowed.
Silicon Metal Market: Segmentation
The global silicon metal market is segregated based on product type and application.
Based on product type, the market is divided into metallurgical and chemical. Among these, the metallurgical category led the market in 2021 and is expected to maintain its dominance throughout the forecast period. The majority of metallurgical silicon metal is produced as aluminum alloys. In the transportation sector, aluminum alloys enable lightweight vehicle components. The rise in solar cell installations has increased sales of metallurgical-grade silicon used to make solar cells. The increased usage of metallurgical grade silicon is also anticipated to be advantageous to the metal sector during the projection period. The electronics sector has grown due to technical improvements, which have aided the market growth for metallurgical-grade silicon.
Based on application, the market is divided into aluminum alloys, silicone, semiconductors, and others. The aluminum alloys category dominated the market in 2021 due to alloys’ extensive application in a variety of industries, including construction, automotive, marine, and transportation. Aluminum alloys are essential in the construction and automotive sectors of the economy due to their excellent performance. To increase fuel efficiency, the car industry places a lot of emphasis on lightweight components. Lightweight aluminum alloys may replace heavy cast iron and steel components since they can be sculpted into complicated designs.
Silicon Metal Market: Regional Landscape
In 2022, the Asia Pacific dominated the market for silicon metal. China, the world’s largest producer of aluminum alloy and metal, also produces a significant amount of silicon and controls the global silicon metal market. These nations and others dominate the silicon metal market with advancing economies and expanding car industries, such as Japan and India. Since silicon metal is a key component in these products, the demand for it is currently driven by the rising use of smartphones and other smart electronic devices. Throughout the analysis period, these factors will support the expansion of the worldwide silicon metal market.
Silicon Metal Market: Competitive Landscape
Some of the major competitors dominating the global silicon metal market include- Anyang Wanhua Metal Material Co. Ltd., Dow Inc., Elkem ASA, Ferroglobe PLC, Hoshine Silicon Industry Co. Ltd., Henan ALOY New Material Co. Ltd., Liasa, Mississippi Silicon LLC, Shin-Etsu Chemical Co. Ltd, and United Company RUSAL.
- May 2022: Silastic Ms-5002 silicon, which is also moldable, was introduced by Dow Inc., a US business. It’s a special liquid silicon rubber with various low molds for quick recycling and high-grade eyesight in ADB light guides. This also produces a nonyellow max-led light output.
- April 2020: Elkem ASA has finally completed the previously announced acquisition of Polysil, a well-known Chinese manufacturer of silicone elastomers and resins. Polysil is a market leader in silicones for food-grade applications as well as goods for electronics and medical use. The complementary product and market positions of Polysil and Elkem provide a solid foundation for further specialization and expansion in China and abroad.
COVID-19 Impact on Silicon Metal Market:
The coronavirus outbreak had a negligible effect on the silicon metal market worldwide. Unexpected operations halt in major economies hurt economic growth and alter consumer purchasing patterns. An additional pandemic effect was a workforce shortage in the mining industry, which led to a lack of quartz, the primary raw material used to make silicon metal. As a cost-cutting measure, the global manufacturing sector, which included the automotive and infrastructure sectors, had to be shut down for longer, which reduced demand for metals and alloys. Similar to the industrial sector, the implementation of global building activities was delayed by a lack of labor and resources. There have been numerous construction projects suspended or postponed for six months.
Global Silicon Metal Market is segmented as follows:
Silicon Metal Market by Product Type Outlook (Revenue, USD Million, 2017 – 2030)
Silicon Metal Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- Aluminum Alloys
Silicon Metal Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Silicon Metal Market Report Scope
|Market Size Value in 2022
||USD 6.95 billion
|Revenue Forecast in 2030
||USD 10.12 billion
||CAGR of 4.8 % from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Product Type, Application, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
||Anyang Wanhua Metal Material Co Ltd; Dow Inc; Elkem ASA; Ferroglobe PLC; Hoshine Silicon Industry Co Ltd; Henan ALOY New Material Co Ltd; Liasa; Mississippi Silicon LLC; Shin-Etsu Chemical Co. Ltd; United Company RUSAL