The Silicon Metal Market is estimated to be USD 7,981.4 million in 2024. Furthermore, the market is expected to grow to USD 10,949.1 million by 2031, with a Compound Annual Growth Rate (CAGR) of 4.62%.
Silicon Metal Market Overview
Silicon (Si) is a chemical element and a semiconductor with atomic number 14. Silicon is the second most common element in Earth’s crust, although it is hard to find as a pure element in nature. Silicon metal is an industrial additive produced by smelting quartz & coke in an electric heating furnace. It consists of 98% silicon, although silicon composition has increased to 99.99% silicon in recent years. Impurities in silicon metals mainly include iron, aluminum, and calcium. Silicon metal is used as a feedstock in the production of silicones, aluminum alloys, and semiconductor materials.
Silicon is important globally due to its industrial uses in steel production, chemical processes, aluminum casting, etc. Silicon wafers are thin slices of semiconductors used to fabricate IC (Integrated Circuits) and manufacture solar cells. The global silicon chip/semiconductor shortage has thrust silicon into the international spotlight since it began during the early days of the COVID-19 pandemic.
Latest Trends in Silicon Metal Market
Increasing Application of Aluminum–Silicon Alloys in the Automotive Industry:
Aluminum-silicon alloys are increasingly employed in the automotive industry due to the growing need to reduce weight to decrease fuel consumption. Silicon is the key alloying element as it offers desirable characteristics such as high thermal conductivity, good castability, high corrosion resistance, and machinability. Also, aluminum-silicon alloys are used for making sheets and wires for welding and brazing. Automobile manufacturers focus on producing more fuel-efficient and lowering greenhouse gas emissions. Aluminum-silicon alloy is ideal due to its corrosion resistance, low wear rates, and low thermal expansion.
According to OICA, in 2021, automobile production reached 80,145,988 units, increasing by 3% from 2020. Electric vehicle designs must get significantly lighter to reduce the amount of electricity necessary to drive the engine. According to the IEA, in 2030, global electric vehicle sales are expected to reach 125 million, 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.
Driving Factors
Rising Demand for Silicon Metal in Semiconductor Applications:
Silicon metal is commonly used as a semiconductor in electronics: devices such as transistors, IC (Integrated Circuits), and printed circuit boards use silicon’s highly conductive properties to maximize their performance. For silicon to function as a semiconductor in various electronics applications, the material is typically doped (a small impurity is added) to enable electrons to be released without drastically altering the temperature.
Although several silicon materials are suitable for semiconductor applications, two of the most commonly used materials in electronics applications include N-type material and P-type material. Many electronic devices use both P- and N-type silicon materials as reliable semiconductors for voltage, but preparing and processing them for use in such applications requires high precision and accuracy.
Market Challenges
High Cost of Production of Silicon Metal:
Presently, the high cost of silicon metal production is a major restraint hampering the market growth. The production of silicon metal is extremely energy-intensive due to the necessary purification process. Production of silicon metal requires feedstock such as coal, quartz, natural gas/oil, and electrodes.
Companies Mentioned
- Rusal
- Ferroglobe
- Elkem
- Wacker Chemie AG
- Shin-Etsu Chemical Co. Ltd.
- Dow, Inc.
- Hoshine Silicon Industry Co. Ltd.
- RIMA Industrial
- Mississippi Silicon
- Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd
- The Quartz Corp
- Globe Specialty Metals
- Wynca Group
- Simcoa Operations
- Anyang Huatuo Metallurgy
*The companies above are listed in no particular order.
|
Report Scope |
Details |
|
Market Value-$ Million,2024 |
7,981 |
|
Market Growth (Value), (2024-2031)- % |
4.623.8 |
|
Leading Region |
Xx |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2031 |
|
Segments Covered |
By Product Type, By Grade, By End User |
|
Geography Covered |
North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa |
Market Segmentation
Silicon Metal Market, By Product Type
- Metallurgical Grade
- Chemical Grade
Silicon Metal Market, By Grade
- 553 GRADE
- 441 GRADE
- 3303 GRADE
- 2202 GRADE
- Others
Silicon Metal Market, By End-user
- Aluminum Alloys
- Semiconductors
- Solar Panels
- Silicones
- Others
Silicon Metal Market, By Region
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Vietnam, Rest of APAC)
- The Middle East and Africa (Saudi Arabia, South Africa, UAE, Iran, Egypt, Rest of MEA)
- South and Central America (Brazil, Argentina, Chile, Rest of SCA)
TABLE OF CONTENTS
1. TABLE OF CONTENTS
1.1. LIST of TABLES
1.2. LIST of FIGURES
2. GLOBAL SILICON METAL MARKET REVIEW, 2023
2.1. Silicon Metal Market Industry Overview
2.2. Research Methodology
2.2.1. Market Scope and Definition
2.2.2. Study Assumptions
3. SILICON METAL MARKET INSIGHTS
3.1. Key Product Types of Silicon Metal Market to 2031
3.2. Leading Grades of Silicon Metal Market to 2031
3.3. Dominant End Use of Silicon Metal Market to 2031
3.4. High Prospect Geography for Silicon Metal Market to 2031
4. SILICON METAL MARKET TRENDS, DRIVERS, AND RESTRAINTS
4.1. Latest Trends and Recent Developments in Silicon Metal Market
4.1.1. Increasing Application of Aluminum–Silicon Alloys in the Automotive Industry
4.1.2. High Demand for Solar Panels in Asia Pacific Region
4.1.3. COVID-19 Impact on Silicon Metal Market
4.1.4. Rising Demand for Electronic Devices
4.2. Key Factors Driving the Silicon Metal Market Growth
4.2.1. Rising Demand for Silicon Metal in Semiconductor Applications
4.2.2. Improvement of New Technologies in Silicon Production
4.2.3. Increasing Disposable Income in Fast Developing Asian Markets
4.3. Major Challenges to the Silicon Metal Market Industry, 2023-2031
4.3.1. High Cost of Production of Silicon Metal
4.3.2. Criticality Regarding the Selection Of Carbon Electrodes & Strict Regulatory Policies
4.4. Five Forces Analysis for Global Silicon Metal Market
5. GLOBAL SILICON METAL MARKET DATA - INDUSTRY SIZE, SHARE, AND OUTLOOK
5.1. Silicon Metal Market Annual Sales Outlook, 2023-2031 ($Million)
5.2. Global Silicon Metal Market Annual Sales Outlook by Product Type, 2023-2031 ($Million)
5.2.1. Metallurgical Grade Market Outlook, 2023-2031
5.2.2. Chemical Grade Market Outlook, 2023-2031
5.3. Global Silicon Metal Market Annual Sales Outlook by Grade, 2023-2031 ($Million)
5.3.1. 553 GRADE Silicon Metal Market Outlook, 2023-2031
5.3.2. 441 GRADE Silicon Metal Market Outlook, 2023-2031
5.3.3. 3303 GRADE Silicon Metal Market Outlook, 2023-2031
5.3.4. 2202 GRADE Silicon Metal Market Outlook, 2023-2031
5.3.5. Other GRADE Silicon Metal Market Outlook, 2023-2031
5.4. Global Silicon Metal Market Annual Sales Outlook By End-user Industry, 2023-2031 ($Million)
5.4.1. Aluminum Alloys, Market Outlook, 2023-2031
5.4.2. Semiconductors, Market Outlook, 2023-2031
5.4.3. Solar Panels, Market Outlook, 2023-2031
5.4.4. Silicones, Market Outlook, 2023-2031
5.4.5. Other End-user Industries, Market Outlook, 2023-2031
5.5. Global Silicon Metal Market Annual Sales Outlook by Geography, 2023-2031 ($Million)
6. ASIA PACIFIC SILICON METAL MARKET INDUSTRY STATISTICS - MARKET SIZE, SHARE, COMPETITION AND OUTLOOK
6.1. Asia Pacific Market Insights, 2023
6.2. Asia Pacific Silicon Metal Market Revenue Forecast By Product Type, 2023-2031 (USD Million)
6.3. Asia Pacific Silicon Metal Market Revenue Forecast By Grade, 2023-2031 (USD Million)
6.4. Asia Pacific Silicon Metal Market Revenue Forecast by End-Use, 2023-2031 (USD Million)
6.5. Asia Pacific Silicon Metal Market Revenue Forecast by Country, 2023-2031 (USD Million)
6.5.1. China
6.5.2. Japan
6.5.3. India
6.5.4. South Korea
6.5.5. Rest of Asia Pacific
7. EUROPE OUTLOOK AND GROWTH OPPORTUNITIES
7.1. Europe Market Insights, 2023
7.2. Europe Silicon Metal Market Revenue Forecast By Product Type, 2023-2031 (USD Million)
7.3. Europe Silicon Metal Market Revenue Forecast By Grade, 2023-2031 (USD Million)
7.4. Europe Silicon Metal Market Revenue Forecast By End-user Industry, 2023-2031 (USD Million)
7.5. Europe Silicon Metal Market Revenue Forecast by Country, 2023-2031 (USD Million)
7.5.1. Germany
7.5.2. United Kingdom
7.5.3. France
7.5.4. Italy
7.5.5. Spain
7.5.6. Rest of Europe
8. NORTH AMERICA OUTLOOK AND GROWTH OPPORTUNITIES
8.1. North America Market Insights, 2023
8.2. North America Silicon Metal Market Revenue Forecast By Product Type, 2023-2031 (USD Million)
8.3. North America Silicon Metal Market Revenue Forecast By Grade, 2023-2031 (USD Million)
8.4. North America Silicon Metal Market Revenue Forecast By End-user Industry, 2023-2031 (USD Million)
8.5. North America Silicon Metal Market Revenue Forecast by Country, 2023-2031 (USD Million)
8.5.1. United States
8.5.2. Canada
8.5.3. Mexico
9. SOUTH AND CENTRAL AMERICA OUTLOOK AND GROWTH OPPORTUNITIES
9.1. South and Central America Market Insights, 2023
9.2. South and Central America Silicon Metal Market Revenue Forecast By Product Type, 2023-2031 (USD Million)
9.3. South and Central America Silicon Metal Market Revenue Forecast By Grade, 2023-2031 (USD Million)
9.4. South and Central America Silicon Metal Market Revenue Forecast by End-Use, 2023-2031 (USD Million)
9.5. South and Central America Silicon Metal Market Revenue Forecast by Country, 2023-2031 (USD Million)
9.5.1. Brazil
9.5.2. Argentina
9.5.3. Rest of South and Central America
10. MIDDLE EAST AFRICA OUTLOOK AND GROWTH OPPORTUNITIES
10.1. Middle East Africa Market Insights, 2023
10.2. Middle East Africa Silicon Metal Market Revenue Forecast By Product Type, 2023-2031 (USD Million)
10.3. Middle East Africa Silicon Metal Market Revenue Forecast By Grade, 2023-2031 (USD Million)
10.4. Middle East Africa Silicon Metal Market Revenue Forecast By End-user Industry, 2023-2031 (USD Million)
10.5. Middle East Africa Silicon Metal Market Revenue Forecast by Country, 2023-2031 (USD Million)
10.5.1. Middle East
10.5.2. Africa
11. SILICON METAL MARKET STRUCTURE AND COMPETITIVE LANDSCAPE
11.2. ELKEM ASA
11.3. DOW, INC.
11.4. FERROGLOBE PLC
11.5. WACKER CHEMIE AG
11.6. HOSHINE SILICON INDUSTRY CO., LTD.
12. APPENDIX
12.1. About Us
12.2. Sources
12.3. Research Methodology
12.4. Contact Information
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FAQ's
The Global Silicon Metal Market is estimated to generate USD 7981.4 million in revenue in 2024.
The Global Silicon Metal Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.62% during the forecast period from 2025 to 2032.
The Silicon Metal Market is estimated to reach USD 11455 million by 2032.
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