The global polycrystalline silicon market is projected to have a rapid-paced CAGR of 11.20% during the forecast period. The current valuation of the market is US$ 9.35 Billion in 2022. The market value of the polycrystalline silicon is anticipated to reach a high of US$ 15.22 Billion by the year 2032. A historical market valuation of US$ 8.9 Billion has been recorded in the analysis conducted by Future Market Insights.
| Report Attribute | Details |
|---|---|
| Market Value (2022) | US$ 9.35 Billion |
| Market Anticipated Value (2032) | US$ 15.22 Billion |
| Market Projected Growth Rate (2022 to 2032) | 11.20% |
Polycrystalline silicon is a high purity form of silicon also referred to as Poly-Si or polysilicon. Polycrystalline silicon is used as raw material for solar photovoltaic and electronics industry. For solar photovoltaic and semiconductor manufacturing, polysilicon of purity 9N (99.9999999%) and 11N (99.999999999%) respectively are required.
The polycrystalline silicon is manufactured by any of the three process namely Czochralski process/ Siemens process, Float Zone Method and Bridgman–Stockbarger technique. The process starts with quartz and carbon heated in an arc furnace producing metallurgical grade silicon which is then processed further producing semiconductor grade and solar PV grade polycrystalline silicon.
It has been observed that the market is oversupplied by the top players of the polycrystalline silicon manufacturers such as Mitsubishi Polycrystalline Silicon America Corporation, Mitsubishi Polycrystalline Silicon America Corp., GCL-Poly Energy Holdings Limited etc. which has led to the sharp spot price drop of polycrystalline silicon. The global polycrystalline silicon market is expected to grow significantly at a high CAGR during the forecast period.
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It is identified that the market for polycrystalline silicon has been witnessing an unprecedented surge in recent years. There has been an approximate rise of US$ 0.45 Billion from the base year to the current. This staggering growth can be attributed to the emergence of global digitalization trends taking place.
The surge in application across the semiconductor and solar PV industries is estimated to reshape the landscape of the market in the long run. It is observed that there is a rising demand for solar photovoltaics in 2022 and solar farms are playing a crucial role in the strategies adopted by developing nations or dealing with extreme weather conditions.
Polycrystalline silicon is having heavy usage in the manufacture of solar panels and cells. There is rising demand for solar panels as they are serving as a cheap source of green electricity. This factor is making a significant contribution to the propulsion of the market through the estimated study period.
Despite having healthy growth in 2022, it is anticipated that the polycrystalline silicon market is estimated to witness some challenges posed by prevailing elements in the market. It is projected that emerging competitors like upgraded metallurgical-grade silicon (UMG-Si) solar cells are likely to hinder the pace of propulsion for the market.
Additionally, there is a high capital expenditure involved in the manufacturing process of polycrystalline silicon, which is another key restraint identified in the market. However, it is analyzed that technological advancement in the process of production is likely to create lucrative growth prospects through 2032.
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Due to the existence of numerous international and regional companies, the market for polycrystalline silicon is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Polycrystalline silicon is an important raw material for both solar PV and semiconductor industries. Also, no other substitutes can accomplish the properties benefits and high purity needs as polycrystalline silicon. Thus, demand for polycrystalline silicon will be there with fluctuations in the price rate depending on the supply and demand cycle.
The microelectronic and solar PV are the two main end-use sectors driving the global polycrystalline silicon market. The increasing demand for solar panels since they are the cheap source of green electricity propels the global polycrystalline silicon market. Also, government policies for reduction on carbon footprints and adoption of solar panels aid in the increasing consumption of polycrystalline silicon.
However, technological challenges in the manufacture of polycrystalline silicon might restrain the global polycrystalline silicon market.
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The global polycrystalline silicon market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). In terms of production and consumption, Asia Pacific holds a majority of the share in the global polycrystalline silicon market.
China is prominent in manufacturing solar modules which consume around more than 50% of polycrystalline silicon. Also, higher import duties on North American manufacturers of polycrystalline silicon has led to benefit Asia Pacific manufacturers especially South Korea and China.
The polycrystalline silicon market in Western Europe is expected to expand relatively at a slower pace due to the economic conditions. Latin America followed by MEA are expected to share gain relative high market share during the forecast period.
Some of the key players identified in the global polycrystalline silicon market includes:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Polycrystalline Silicon Market
