The silicon metal market recorded a volume of 2,827.36 kiloton in 2023. The market is expected to register a CAGR of 5.30% during the forecast period (2024-2029).

Silicon metal is used in many businesses. It is utilized in the chemical industry to make silicon compounds and silicon wafers used in photovoltaic solar cells, electronic semiconductors, and other applications. Another major application of silicon metal is in the production of aluminum alloys. The demand for silicon metals increased in 2023, with the increased demand for electronic goods in different countries. The increasing usage of smart cellular phones, laptops, tablets, and other electronic gadgets is expected to drive the silicon metal market during the forecast period.

Key Highlights

• Increased demand for aluminum-silicon alloys is expected to fuel the consumption of silicon metals due to the increasing demand for electric vehicles and increased automobile production globally.
• However, lower silicon production in China may hinder the market’s growth.
• Measures to reduce the cost of production by improving current technologies are projected to create potential growth opportunities for the market throughout the forecast period.

Key Market Trends

Surging Demand from the Automotive Industry

• Automobile manufacturers are focusing on manufacturing automobiles more fuel-efficient and lowering greenhouse gas emissions. Due to its corrosion resistance, low wear rates, and low thermal expansion, aluminum-silicon alloy is ideal for meeting these needs.
• According to OICA, automobile production reached 80,145,988 units in 2023, increasing by 3% from 2022.
• Electric vehicle designs must get significantly lighter to reduce the amount of electricity necessary to drive the engine.
• According to the IEA, in 2032, the global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers).
• Therefore, the increasing demand for electric vehicles and the growing production of automobiles will drive the demand for aluminum-silicon alloys, further driving the demand for silicon metals.

China to Dominate the Asia-Pacific Region

• 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 aluminum alloys are the largest 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 2027 and 1 million by 2032.
• 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 vehicles in the country is driving the market for aluminum alloys, silicon adhesives, and semiconductors.
• China is the largest market in terms of production and consumption of semiconductors in the Asia-Pacific region. It is a prime location for investments in the production of mobiles, laptops, and other electrical appliances. Major global manufacturers invested large 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.

Competitive Landscape

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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

• 1 INTRODUCTION

  • 1.1 Study Assumptions

  • 1.2 Scope of the Study

• 2 RESEARCH METHODOLOGY

• 3 EXECUTIVE SUMMARY

• 4 MARKET DYNAMICS

  • 4.1 Drivers

    • 4.1.1 Surging Demand from the Automotive Industry

    • 4.1.2 Increasing Use in the Solar Industry

    • 4.1.3 Increasing Demand for Silicones from Different End Users

  • 4.2 Restraints

    • 4.2.1 Lower Silicon Production in China

    • 4.2.2 Other Restraints

  • 4.3 Industry Value Chain Analysis

  • 4.4 Porter's Five Forces Analysis

    • 4.4.1 Bargaining Power of Suppliers

    • 4.4.2 Bargaining Power of Buyers

    • 4.4.3 Threat of New Entrants

    • 4.4.4 Threat of Substitute Products and Services

    • 4.4.5 Degree of Competition

• 5 MARKET SEGMENTATION (Market Size in Volume)

  • 5.1 Product Type

    • 5.1.1 Metallurgy Grade

    • 5.1.2 Chemical Grade

  • 5.2 Application

    • 5.2.1 Aluminum Alloys

    • 5.2.2 Semiconductors

    • 5.2.3 Solar Panels

    • 5.2.4 Silicones

    • 5.2.5 Other Applications

  • 5.3 Geography

    • 5.3.1 Asia-Pacific

      • 5.3.1.1 China
      • 5.3.1.2 India
      • 5.3.1.3 Japan
      • 5.3.1.4 South Korea
      • 5.3.1.5 Rest of Asia-Pacific

    • 5.3.2 North America

      • 5.3.2.1 United States
      • 5.3.2.2 Canada
      • 5.3.2.3 Mexico

    • 5.3.3 Europe

      • 5.3.3.1 Germany
      • 5.3.3.2 United Kingdom
      • 5.3.3.3 Italy
      • 5.3.3.4 France
      • 5.3.3.5 Rest of Europe

    • 5.3.4 South America

      • 5.3.4.1 Brazil
      • 5.3.4.2 Argentina
      • 5.3.4.3 Rest of South America

    • 5.3.5 Middle-East and Africa

      • 5.3.5.1 Saudi Arabia
      • 5.3.5.2 South Africa
      • 5.3.5.3 Rest of Middle-East and Africa

• 6 COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

  • 6.2 Market Share (%)**/ Ranking Analysis

  • 6.3 Strategies Adopted by Leading Players

  • 6.4 Company Profiles (Overview, Financials, Products and Services, and Recent Developments)

    • 6.4.1 Ferroglobe PLC

    • 6.4.2 Elkem

    • 6.4.3 Liasa

    • 6.4.4 Mississipi Silicon

    • 6.4.5 RIMA Industrial

    • 6.4.6 Rusal

    • 6.4.7 Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd

    • 6.4.8 PCC SE

    • 6.4.9 Hoshine Silicon Industry Co. Ltd

    • 6.4.10 Anyang Huatuo Metallurgy

    • 6.4.11 Minasligas

    • 6.4.12 Wacker Chemie AG

    • 6.4.13 Shin-Etsu Chemical Co. Ltd

    • 6.4.14 Dow

• 7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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