1. Science / Technology

Global Silicon Metal Market Is Estimated To Witness High Growth Owing To Increasing Demand For Solar Panels

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The global silicon metal market is estimated to be valued at US$ 6.1 billion in 2020 and is expected to reach a market value of US$ 9.7 billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028, according to a report by Coherent Market Insights.

A) Market Overview:
Silicon metal is a crucial element in various industries such as electronics, construction, and energy. It is used in the production of aluminum alloys, silicones, and solar panels. The increasing demand for solar panels is driving the growth of the silicon metal market. Silicon metal offers several advantages, including high heat resistance, low chemical reactivity, and excellent electrical properties, making it a preferred choice in these industries.

B) Market Key Trends:
One key trend driving the Silicon Metal Market is the increasing adoption of solar power generation worldwide. The growing focus on renewable energy sources and the need to reduce carbon emissions have led to a significant increase in the installation of solar panels. Silicon metal is a vital component in photovoltaic cells used in solar panels. The increasing demand for solar panels will continue to drive the growth of the silicon metal market.

For example, China is the largest market for solar panels globally. The Chinese government has set ambitious goals for solar energy installations, aiming to reach 35 GW by 2025. This significant demand for solar panels in China is expected to boost the demand for silicon metal in the region.

C) PEST Analysis:
Political: Governments worldwide are promoting clean energy and renewable sources, leading to favorable policies and incentives for the solar industry. This political support is driving the demand for silicon metal in the production of solar panels.
Economic: The decreasing prices of solar panels and the increasing cost competitiveness of solar energy are driving the demand for silicon metal. The economic viability of solar power generation is attracting investments in the industry.
Social: The growing awareness about climate change and the need for sustainable energy sources are driving the adoption of solar power generation, increasing the demand for silicon metal.
Technological: Technological advancements in the production of solar panels are driving the efficiency and cost-effectiveness of silicon metal. Continuous research and development efforts are improving the performance of silicon-based photovoltaic cells.

D) Key Takeaways:
1: The global silicon metal market is expected to witness high growth, exhibiting a CAGR of 4.4% over the forecast period. This growth is primarily driven by the increasing demand for solar panels. The shift towards renewable energy sources and the need to reduce carbon emissions are boosting the installation of solar panels, thus driving the silicon metal market.

2: Asia Pacific is expected to be the fastest-growing and dominating region in the Silicon Metal Market. This is attributed to the high demand for solar panels in countries like China, Japan, and India. The favorable government policies and incentives for solar power generation in these countries are driving the demand for silicon metal.

3: Key players operating in the global silicon metal market include Ferroglobe PLC, Elkem, Liasa, Mississippi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshine Silicon Industry Co. Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow. These players are focusing on research and development activities to enhance their product offerings and meet the growing demand for silicon metal in various industries.

In conclusion, the global silicon metal market is poised for significant growth driven by the increasing demand for solar panels. The shift towards renewable energy sources, favorable government policies, and technological advancements in the industry will continue to fuel the growth of the silicon metal market. Key players are expected to invest in research and development to stay competitive in the market and cater to the growing demand.

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