Silicon Metal Market to Undertake Strapping Growth During 2027
The
global silicon metal market was valued at US$ 6.53 Bn in 2018 and is
anticipated to expand at a CAGR of over 4.98% from 2019 to 2027,
according to a new report by Transparency Market Research (TMR)
titled ‘Silicon Metal Market – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2018–2027.’ Silicon metals
are grey and lustrous semi-conductive metals that are used to
manufacture aluminum alloys, steel, solar cells, and microchips. The
metal acts as a raw material in a large number of industrial and
consumer products such as sealants, adhesives, lubricants, coatings,
and polishes. The aluminum-silicon alloys are light in weight and
hence, are employed in the automotive industry to replace heavy cast
iron and steel components, thus creating fuel-efficient engines and
improving fuel economy. Silicon metals are extensively used as
semiconductor in various portable electronic applications and in the
production of solar panels.
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Growing
Automotive and Solar Industries to Drive Silicon Metal Market
Growth
in the automotive sector and rise in demand for automobiles,
especially in developing economies such as China, India, Brazil, and
countries in ASEAN are expected to drive the silicon metal market
during the forecast period. Rising automotive sales is projected to
increase the demand for silicon-based aluminum alloys. This, in turn,
is expected to directly affect the demand for silicon metal. Silicon
metal, when alloyed with aluminum, reduces the overall weight and
increases the strength of the alloy. Reduction in weight helps to
increase the overall operational and economic efficiency of the
automobile. Silicon-based aluminum alloys can be varied according to
the application by varying the silicon content. Therefore, rising
demand for automobiles is likely to drive the demand for silicon
metals in the near future. Natural resources are depleting;
therefore, it is pivotal to find an alternative energy source. Demand
for solar energy is increasing, as solar energy is available in
abundantly and freely in the nature. This is directly increasing the
demand for solar panels to generate energy. Solar panels are
manufactured using high-purity polycrystalline silicon/polysilicon, a
derivative of silicon metal. Polysilicon acts as a primary building
block for the manufacture of silicon-based photovoltaic
panels/modules.
Governments
across the globe have started raising awareness about the benefits of
solar energy and are providing subsidies on the implementation of
solar panels. This, in turn, is anticipated to create lucrative
opportunities in the silicon metal market.
Aluminum
Alloy Segment to Lead the Global Silicon Metal Market
In
terms of application, the silicon metal market has been classified
into aluminum alloys, semiconductors, silicones & silanes, solar
panels, and others. In terms of value, the aluminum alloys segment
dominated the market with a share of around 43% in 2018. The
semiconductors segment is anticipated to expand at a rapid pace
during the forecast period.
Rise
in Demand for Silicon Metals from Automotive and Solar Sectors Drive
Market in Asia Pacific
In
terms of region, the global silicon metal market has been segregated
into North America, Latin America, Europe, Asia Pacific, and Middle
East & Africa. Asia Pacific accounted for market share of more
than 42% in 2018 due to growth of the automotive industry in
countries such as China and India. Furthermore, the market in the
region is estimated to expand at a significant pace during the
forecast period due to the increase in demand for automobiles in the
region and rise in implementation of solar panels as an alternative
energy source in the region, especially in China and India.
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The
Dow Chemical Company and Ferroglobe Account for Large Share of
Silicon Metal Market
Key
players operating in the global silicon metal market include The Dow
Chemical Company, Elkem ASA, RUSAL, Ferroglobe, Wacker Chemie AG,
RIMA Group, Simcoa Operations Pty Ltd, China National Bluestar
(Group) Co, Ltd., RW Silicium GmbH, MINASLIGAS, and Wynca Group.
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