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| polycrystalline silicon market |
The polycrystalline silicon market is estimated to be valued at US$ 9.64 billion in 2022 and is expected to exhibit a CAGR of 13.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polycrystalline silicon or polysilicon is a high purity form of silicon used to
manufacture photovoltaic (PV) cells and integrated circuits. It is produced
from metallurgical-grade silicon through a chemical manufacturing process known
as the Siemens process. The key applications of polysilicon include
photovoltaic products like solar panels and cells as well as electronic
products like chips and integrated circuits.
Market Dynamics:
The growing demand for solar energy across residential and commercial sectors
is expected to be a major driver for the polycrystalline silicon market over
the forecast period. With increasing awareness about renewable energy sources,
installations of solar panels have witnessed significant growth globally in
recent years. Moreover, polysilicon also finds extensive usage in production of
integrated circuits and computer chips. The rising adoption of consumer
electronics and proliferation of digital era is fueling the demand for
semiconductors, thus benefiting the market. Geographically, the Asia Pacific
region dominated the market in 2022 and is estimated to maintain its position
throughout the forecast period. This is attributed to presence of prominent
polysilicon producers as well as large solar panel manufacturing capacities in
China and other Asian countries.
SWOT Analysis
Strength: Polycrystalline Silicon has high purity levels and efficiency. It has
stable performance over time and is highly durable. It is cost effective to
produce compared to mono-crystalline silicon.
Weakness: Polycrystalline Silicon has lower efficiency levels than
mono-crystalline silicon. It has less uniform crystal structures that can
reduce efficiency. Production requires more energy than mono-crystalline
silicon manufacturing.
Opportunity: Increasing solar PV installations worldwide due to supportive
government policies and tender programs. Rising demand for cost-effective
renewable energy sources is driving the market.
Threats: Fluctuations in raw material prices impact production costs. Trade
barriers and import tariffs imposed by various countries pose challenges.
Slowdown in the solar energy sector growth can negatively impact demand.
Key Takeaways
The global Polycrystalline
Silicon market Share is expected to witness high growth, exhibiting a CAGR of 13.4% over the forecast period,
due to increasing investments in solar photovoltaic capacities worldwide. Solar
PV deployment is growing rapidly due to declining costs and supportive
renewable energy policies by various governments.
Regional analysis: Asia Pacific dominates the global market, accounting for
over 60% share of the total polycrystalline silicon market in 2023. China holds
the major market share in the region due to the presence of numerous
polysilicon manufacturers and being the largest solar PV installations base
globally. Other fast-growing regional markets include North America, Europe,
and Latin America.
Key players: Key players operating in the polycrystalline silicon market are
Wacker Chemie AG, OCI Company Ltd., GCL-Poly Energy Holdings Limited, Hemlock
Semiconductor Corporation, Tokuyama Corporation, REC Silicon ASA, Daqo New
Energy Corp., SunEdison, Inc. (acquired by MEMC Electronic Materials), LDK
Solar Co., Ltd. (faced financial difficulties in the past), TBEA Co., Ltd.
These major players are focusing on enhancing production capacities and
efficiencies to meet the rising global demand.
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