The polycrystalline silicon market is anticipated to witness high growth owing to rising demand for photovoltaic cells. Polycrystalline silicon, also known as poly-Si, is a material produced from metallurgical grade silicon using the Czochralski process. It is used in the production of photovoltaic cells for solar panels and various other applications requiring high purity silicon. Demand for polycrystalline silicon is mainly driven by the renewable energy sector as it is a key component in manufacturing solar PV cells. Solar energy continues to gain traction as a viable renewable energy source to reduce reliance on fossil fuels.
The Global Polycrystalline Silicon Market is estimated to be valued at US$ 12.4 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the polycrystalline silicon market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. These players are focusing on capacity expansion plans to cater to the rising demand.
The growth of the solar energy sector presents lucrative opportunities for polycrystalline silicon manufacturers. Solar energy installations are expected to witness strong Polycrystalline Silicon Market Growth over the coming years owing to supportive government policies and initiatives for promoting renewable sources of energy. This will subsequently drive the demand for polycrystalline silicon.
The leading polycrystalline silicon producers are eyeing emerging markets in Asia Pacific and Latin America for global expansion. These regions are anticipated to offer favorable growth prospects for the solar industry owing to ongoing renewable energy projects and investments in solar capacity additions. This will increase the consumption of polycrystalline silicon in these regions.
Market Drivers
Rising solar energy installations across both utility-scale and rooftop PV segments is a major market driver. Global annual solar PV additions have exceeded 100 GW in recent years and are expected to grow further with declining module prices and supportive policies. This will propel the consumption of polycrystalline silicon.
Market Restrain
Volatility in the prices of metallurgical-grade silicon, the key raw material for producing polycrystalline silicon, poses a challenge. Its supply and prices are dependent on a few major producers primarily based in China. Fluctuations in raw material costs can negatively impact polycrystalline silicon margins.
Segment Analysis
Sub segment solar grade polycrystalline and electronic grade polycrystalline silicon dominates this market as polycrystalline silicon finds wide usage in both solar panel manufacturing and semiconductor industry. Solar grade polycrystalline silicon accounts for more than 60% of market share since the demand for solar panels have been growing rapidly over the past decade globally as countries are shifting towards renewable energy sources for power generation. The electronic grade polycrystalline dominates the rest of market share due to widespread usage of polycrystalline silicon in making integrated circuits and computer chips.
Global Analysis
Asia Pacific region dominates the global Polycrystalline Silicon Market Regional Analysis with more than 45% share due to high solar panel production in China, Japan and other south Asian countries. China alone produces over 60% of world's solar panels annually thus driving the demand for solar grade polycrystalline silicon substantially. Europe is the second largest regional market attributed to stringent regulations regarding use of renewable energy sources across various European nations. North America region is projected to witness fastest growth during the forecast period on account increasing solarization projects in United States.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
