Polysilicon Market Size & Trends

The global polysilicon market size was estimated at USD 37.31 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2030. The significant growth of the solar power industry has become a driving force behind the expansion of the market. The increasing adoption of solar energy as a clean and sustainable power source has led to a surge in solar panel production. Moreover, the expansion of electronics and semiconductor industries, driven by the emergence of 5G, IoT, and AI technologies, has driven demand for polysilicon. In addition, government policies and incentives, such as renewable energy targets, subsidies, and tax credits are playing a crucial role in increasing the demand for polysilicon in the solar industry.

The demand for polysilicon in the U.S. is mainly due to its use for manufacturing solar photovoltaic (PV) and semiconductors. The country’s commitment to clean energy sources has stimulated the demand for solar cells and modules, which had a positive impact on the U.S. market. Consistent reliance of the semiconductor industry on high-quality polysilicon for producing semiconductor wafers essential for manufacturing advanced electronic devices, such as smartphones and computers, has created lucrative growth opportunities for the polysilicon sector.

Gather more insights about the market drivers, restrains and growth of the Global Polysilicon Market

Application Insights

The solar PV segment dominated the market and accounted for the largest revenue share of more than 76% in 2023. The solar photovoltaic (PV) industry has witnessed remarkable growth in recent years, with polysilicon serving as a fundamental cornerstone of this growing market. Polysilicon, a high-purity form of silicon, is a key material used in manufacturing solar cells, and its availability and cost play a pivotal role in determining the overall economics of solar PV systems.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of over 63% in 2023. The region has experienced significant growth and transformation in recent years. Asia Pacific, particularly China, has emerged as a global powerhouse in the production and consumption of polysilicon, a crucial raw material in the manufacture of solar panels and semiconductors. China's rapid industrialization and urbanization, coupled with its commitment to renewable energy and expansion of its electronics industry, have driven demand for polysilicon to unprecedented levels.

Key Companies & Market Share Insights

The market is highly characterized by expansion and joint venture strategies opted by companies globally. Established players such as BASF SE are investing in product development to gain a competitive edge in the market. In June 2023, Wacker Chemie AG announced the expansion of its capacity for semiconductor-grade polysilicon purification. By early 2025, Wacker Chemie AG plans to build a new production line to its Burghausen location, increasing capacity by more than 50%. This strategic investment project is anticipated to require capital expenditures exceeding USD 320.5 million.

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Key Polysilicon Companies:

• High-Purity Silicon America Corporation
• OCI COMPANY Ltd.
• Qatar Solar Technologies
• REC Silicon ASA
• Tongwei Group Co., Ltd
• Tokuyama Corporation
• Wacker Chemie AG
• Xinte Energy Co., Ltd
• DAQO NEW ENERGY CO., LTD.
• GCL-TECH
• Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.        

Polysilicon Market Segmentation

Grand View Research has segmented the global polysilicon market based on application and region:

Polysilicon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Solar PV
• Electronics (Semiconductor)

Polysilicon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Italy
• France
• Spain
• Denmark
• Norway
• Sweden
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Central & South America
• Brazil
• Argentina

Order a free sample PDF of the Polysilicon Market Intelligence Study, published by Grand View Research.

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