The silicon metal market has seen vast demand in thesteelmaking and iron industry due to vast consumption of ferrosilicon.Substantial uptake of ferrosilicon in steel smelting is the one of them mostprominent revenue generators in the silicon metal market. Advent of new methodsof metallurgical grade silicon has helped in the production of higher qualityproducts for end users in the silicon metal market. Revenues come from a rangeof applications, notably in making silicon chips, solar cells, and aluminumalloys. Over the past few years, rising consumptions of silicon metal in paintsand coatings industries has helped propel growth of the market.
The automotive manufacturing industry has harnessed the attractivemechanical and physical properties of silicon metal such as structuraldurability and dimensional stability. Widespread application of silicon-basedaluminum alloys boosts the silicon metal market. In recent years, the markethas seen new growth avenues from the demand for heat and corrosion resistantferrous silicon alloys.
The silicon metal market stood at US$ 6.53 bn in 2018 and is projectedto clock a CAGR of more than 4.98% from 2019 to 2027.
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Vast Demands for Solar-grade Silicon Metals OpenNew Avenues
Rising automotive sales in numerous Asian countries over the past fewyears have led to the fuel consumption of silicon metals. Producers ofsilicon-based aluminum alloys have been able to meet the rising consumption oflightweight and high-strength materials for vehicles bodies, This has spurredthe demands for silicon metal. The automotive industry has thus emerged out oneof the key revenue contributors of the silicon metal market.
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Another sizable growth potential has come from the strides made in solarenergy generation. High-purity polycrystalline silicon or polysilicon,solar-grade silicon metal, has been increasingly being consumed in making solarcells. Chemical companies have been benefitting from various processes inmaking solar-grade silicon metal, thereby catalyzing the prospects of thesilicon metal market. Growing inclination of governments to transition torenewable energy products has led them to offer several stimulus to the solarenergy production, immensely benefitting manufacturers of silicon cells.
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Meanwhile, the consumptions of electronics grade silicon in thesemiconductor industry has helped catalyze large chunks of revenue generation.The application segment is expected to rise at a prominent CAGR during 2019 –2027”, notes observers.
Asia Pacific Key Regional Market
Among the various regions, Asia Pacific accounted for the majorshare—more than 42.0%--in the global silicon metal market. A large part of thegrowth impetus has come from countries such as India and China. Growing demandfor automobiles in various parts of the Asia Pacific has also reinforced theuptake of silicon alloys. Strides being made by semiconductor manufacturing tomeet the burgeoning demands for consumer devices have helped in the expansionof the silicon metal market. Advent of new methods of manufacturing andadvancing nanofabrication technologies have added momentum to that growth.
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Some of the key players in the silicon metal market are RW SiliciumGmbH, Wynca Group, MINASLIGAS, China National Bluestar (Group) Co, Ltd., SimcoaOperations Pty Ltd, RIMA Group, Wacker Chemie AG, Ferroglobe, RUSAL, Elkem ASA,and The Dow Chemical Company. Of these, Dow led the global silicon metal marketin 2018. The company has been actively expanding its production technology tomeet a wide cross-section demands in various end-use industries.
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