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Silicon Metal Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

·3-min read
ReportLinker
ReportLinker

The global silicon metal market stood at 2,827. 36 kilo tons in 2021. The market is expected to grow at a CAGR of 5. 30% during the forecast period (2022-2027). Silicon metal is used in many businesses.

New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silicon Metal Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249239/?utm_source=GNW
It’s utilised in the chemical industry to make silicon compounds and silicon wafers, which are used in photovoltaic solar cells and electronic semiconductors and other applications. Other major application of silicon metal is in the production of aluminium alloys. The demand for Silicon Metals has increased in the year 2021 with the increase in demand for electronic goods in various countries. The increasing usage of smart cellular phones, laptops, tablets and other electronic gadgets is expected to drive the demand of the market studied in the forecasted 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.
?Lower silicon production in China, on the other side, may hinder market growth.
Measures to reduce the cost of production by improving current technologies are projected to create potential growth opportunities for the market studied throughout the forecast period.

Key Market Trends

Surging Demand for Automotive Industry

Automobile manufacturers have been focusing on making automobiles more fuel-efficient and lowering greenhouse gas emissions. Because of its corrosion resistance, low wear rates, and low thermal expansion, aluminum-silicon alloy has shown to be remarkable regarding this concern of makers.
According to OICA, automobile production reached 80145988 units in 2021, increasing 3% from 2020.
Electric vehicle designs must get significantly lighter, in order to reduce the amount of electricity necessary to drive the engine.
According to the IEA, in 2030, the global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers).
Therefore, with the increasing demand for electric vehicles and enhanced production of automobiles globally, the enhanced demand for aluminum-silicon alloys is likely to drive the demand for silicon metals.

China to Dominate the Asia Pacific Region

China dominates the silicon metal market in Asia-pacific region owing to the growing demand for silicon from differetent 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 end-user industries.
Leading electric car manufacturers in China include Tesla, BYD Co., and Nio Inc. The Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030.
The government’s promotion of using electric, hybrid, and fuel cell electric vehicles is expected to drive the market studied 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. China is a prime location for investments in the production of mobiles, laptops, and other electrical appliances. Global major manufacturers invested a large capital in the Chinese market to cope with the upcoming demand surge in the future.
Due to all the above mentioned factors, China is expected to dominate the Asia Pacific Rgeion for the market studied.

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 among others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249239/?utm_source=GNW

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