The global silicon monoxide market is anticipated to surge from a value of USD 135.8 million in 2024 to USD 362 million by 2034. A CAGR of 10.3% from 2024 to 2034 showcases the widespread presence of the silicon monoxide industry across various sectors worldwide. Also, it plays a substantial role in the semiconductor industry.
Technology has drifted the scope of this chemical to many chemical manufacturing, packaging, and other anode-using landscapes. It is foreseen to double from USD 123.2 million in 2023 to cover significant developments by 2034, considering the growing demand for silicon oxide products.
Silicon monoxide is typically insoluble in aqueous solutions and extremely stable. This makes it useful in ceramic structures ranging from basic electronics to lightweight structural components in aerospace and electrochemical applications. It can also be used in making simple ceramic structures like clay bowls. Silicon monoxide fine powder can be utilized as a raw material for manufacturing fine ceramide powder due to its high activity. This fine powder is used in the production of semiconductor materials and optical glass.
The adoption of electric vehicles has been a significant development globally. With immense support for sustainability trends, the sector is experiencing tremendous growth. High-energy batteries are required for these vehicles, which increases the demand for effective anode materials. Anode materials are key components of LIBs. By investing in research and innovation to enhance the effectiveness of this chemical and merging it with new technology, the industry can create substantial opportunities for global leadership positions.
The growing electronic and glass industries have propelled the silicon monoxide market to new heights. The coating application of this chemical, due to its capacity to form anti-reflective and high-reflective layers, has contributed significantly to the success of this industry. SiO is widely used in the manufacturing of optical coatings critical for camera lenses, microscopes, telescopes, and eyewear. With digitalization, these products hold a significant share in the sector. Anti-reflective coatings enhance the clarity and precision of the visual output of these optical equipment.
| Attributes | Description |
|---|---|
| Expected Global Silicon Monoxide Market Size (2024E) | USD 135.8 million |
| Projected Global Silicon Monoxide Market Value (2034F) | USD 362 million |
| Value-based CAGR (2024 to 2034) | 10.3% CAGR |
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Electronic Devices Taking Manufacturer's Attention
The increasing demand for electronic devices and components across various industries such as consumer electronics, automotive, and telecommunications has notably contributed to the expansion of this industry. The shift in consumer preference towards miniaturization of electronic devices, making them smaller, lighter, and more powerful, has created a need for semiconductors. This requirement for advanced semiconductor manufacturing processes is where silicon monoxide plays a crucial role. The trend of miniaturization is likely to drive global growth in this landscape.
Automotive Industry Ruling Global Development
The focus of the automotive sector is on enhancing the durability and performance of vehicle components. This has influenced the need for SiO coatings. The automotive sector's shift toward EVs has increased the demand for advanced coatings that offer superior corrosion resistance and reliability. This is another primary factor contributing to the success of the SiO sector.
Sustainability Trend shaping Big Change in propulsion of Silicon Monoxide Market
Sustainability, being at the forefront of people's minds, has gained significant consideration in various sectors. Environmental protection has led to the adoption of SiO coatings in various industrial applications. These coatings offer excellent barrier properties and thermal stability, making them ideal for packaging and other applications where energy efficiency is paramount. Companies worldwide are striving to comply with regulations and reduce carbon footprints, leading to a surge in SiO-based materials that fuel growth parameters in the global market.
The silicon monoxide market was reported to be USD 83.6 million in 2019, with a registered CAGR of 8.1% from 2019 to 2023. The COVID-19 epidemic reduced the demand for silicon monoxide and had a significant influence on sales projections. Industries were shut down, and progress in the development of many solar plants, anode cells, and the semiconductor sector was limited. Thus, the industry saw minimal profits with ongoing business.
Rapid industrialization, manufacturing activities, and growing demand for electronic products worldwide spur the development of this industry. The SiO industry is likely to register a CAGR of 10.3% through 2034, indicating the speedup of development and sales of this sector.
Past few years have seen changes in the approach of various sectors, with government initiatives pushing industrial growth and technological developments globally. Unique properties and versatility in applications have fueled the development of this sector. Industries with a surging demand for silicon monoxide include electronics, ceramics, solar cells, and refractories.
Fast-paced development of many Asian countries in solar technology has made a significant difference in sales projections. Manufacturing electronic components, abrasives, and solar panels using SiO has impacted overall industrial growth. Thus, looking at the bigger picture, industries are striving to make more efficient devices, and the parallel demand for these chemicals is expected to experience an outstanding uptick.
Principal Consultant
Polycrystalline silicon and silicon tetrachloride are two related industries to silicon monoxide. Both are used in solar technology and various industries. North America has a significant value share in terms of consumption of all three industries. Asian countries are also playing a commanding role in global expansion in solar technology.
Polycrystalline Silicon Industry Assessment:
Rising demand for solar photovoltaics and solar farms is playing a vital role in strategies adopted by developing nations. Demand for solar panels is growing as they are a cheaper source of green electricity. Emergence of global digitalization trends also has a significant influence on its growth. Nonetheless, the availability of substitutes poses a threat, and it also requires high capital expenditure.
| Attributes | Description |
|---|---|
| Related Market | Polycrystalline Silicon Market |
| CAGR (2024 to 2034) | 11.2 % |
| Growth Factor | Rising awareness about environmental sustainability driving demand for clean energy solutions |
| Key Challenges | Intense competition from other solar cell materials like monocrystalline silicon and metallurgical-grade silicon |
Silicon Tetrachloride Industry Assessment:
Silicon tetrachloride has wide applications, leading to an increase in both its uses and consumption. Demand for it is also anticipated to rise with the increase in applications in the production of polysilicon via trichlorosilane. It is also used in the production of optical fiber preforms. Sales of this chemical have risen over the forecast period due to increased use in a variety of products, including silicone rubber and chemical intermediates.
| Attributes | Description |
|---|---|
| Related Market | Silicon Tetrachloride Market |
| CAGR (2024 to 2034) | 4.5 % |
| Growth Factor | Growth in the semiconductor industry is driving demand for silicon tetrachloride as a precursor |
| Key Challenges | Supply chain disruptions in key silicon tetrachloride users and producers |
Below are segmentation details of the silicon monoxide industry. Powder, granules, and solids are different forms of this chemical used for the production of specific products. Among them, granules stand out due to their high quality and dimensional size. Also, SiO is used in different applications such as coatings and anodes. Since every sector requires coatings to enhance lifespan, this segment is at the top.
Silicon monoxide granules meet the requirements of many sectors and have earned a strong and loyal customer base. These granular forms can be molded according to quality and innovation.
| Segment | Granules (Form) |
|---|---|
| Value Share (2024) | 45.3% |
Larger granule sizes are used to improve manufacturing processes, resulting in enhanced product quality and reliability. Thus, the granule form of silicon monoxide has gained the highest value share of 45.3% for 2024. Ability of granular form to mold to any consumer demand and adapt to customized solutions has solidified its position in the silicon monoxide segment.
The unique properties of silicon monoxide make it an ideal material for coating applications. In the automotive industry, silicon monoxide coatings are used to enhance the durability and corrosion resistance of automotive components, extending their lifespan and improving performance.
| Segment | Coating (Application) |
|---|---|
| Value Share (2024) | 37.4% |
In the electronics industry, these coatings are utilized to protect sensitive electronic devices from external factors. Coating applications in the silicon monoxide market have covered a share of 37.4% for 2024.
The semiconductor sector is another prime contributor to its growth. These coatings provide excellent barrier properties and thermal stability essential for advanced semiconductor manufacturing processes.
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Below are countries expanding in the silicon monoxide market. The varied applications and scope of different applications in different regions boost the scale of development in those regions. With Asian countries driving the demand for these chemicals, solar technology plays a leading role. China is among the prominent players dominating the industry, with a projected share of 12.3% through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| China | 12.3% |
| India | 11.2% |
| South Korea | 11.2% |
| Japan | 10.8% |
| United States | 7.2% |
Asian countries are experiencing greater growth parameters due to their end-user industries. Particularly, China is intensifying its ambitions in the industry to hold the strongest position globally. China’s silicon monoxide market is estimated to report a CAGR of 12.3% from 2024 to 2034.
China has a significant influence on pricing, distribution, and technological improvements. It has enormous strength in innovating and developing new methods for products in various sectors. China has extensively engaged itself in research, placing itself at the forefront of the industry’s future. For example, battery developer Britishvolt has chosen China’s BTR to supply synthetic graphite and silicon oxide to its planned United Kingdom gigafactory.
Ongoing research and development activities exploring new applications and methods utilizing silicon monoxide enhance its reach in the Indian industry. Advancements in material science and manufacturing techniques also drive the utilization and demand for this chemical. The Indian market is highly focused on adopting solar panels on every roof.
The government is keenly exploring all possibilities for advancements in solar technology. India is projected to achieve an 11.2% CAGR through 2034, which is an impressive number indicating significant technological changes and initiatives provided by higher authorities. The National Renewable Energy Laboratory’s latest report states that TopCon solar cells have achieved up to 28% conversion efficiencies. This breakthrough marks a significant milestone for India’s silicon monoxide market.
North America is currently the principal producer of SiO. The growth trajectory of this region is the result of the large-scale application of this chemical in the glass industry. Additionally, the growing use of anode material requires silicon monoxide as a coating material. The high demand and consumption of portable consumer electronics strengthen the presence of producers. Some of the world’s biggest electronic brands help North America, especially the United States, maintain its position in the silicon monoxide market.
The United States, with a projected CAGR of 7.2% from 2024 to 2034, is expected to progress steadily with increasing investment in solar panels and rising sales of EVs. In June 2023, the government of the United States launched a grant competition worth USD 7 billion to promote the use of clean solar energy to assist low-income families.
Market players with a large market share offer insights into industry dominance and influence the profitability scale. Key players have a significant influence on pricing, distribution, and technological improvements. Expanding the product portfolio and widening its application in different sectors create many new opportunities. Companies that invest in research and development find themselves at the forefront of sectoral success. Some companies grow widely regionally, establishing dominance in specific regions, while others expand their boundaries, exerting worldwide influence.
Industry Update
Powder, granules, and solids are three forms of silicon monoxide.
Silicon monoxide find application in coatings, anode, and other.
The sector is segmented into electronics and semiconductors, automotive, chemical manufacturing, packaging, and other end users.
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
Industry is set to reach USD 135.8 million in 2024.
The valuation is expected to reach USD 362 million by 2034.
The industry is set to register a CAGR of 10.3% through 2034.
Silicon monoxide granules, with a market share of 45.3% in 2024, top the chart.
China is expected to progress at a CAGR of 12.3% through 2034.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Type 6.2. Application 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Powder 7.2. Granular 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Coating 8.2. Anode Material 8.3. Other 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Type and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Evonik Industries Ag 19.2. Ppg Industries Inc. 19.3. Cabot Corporation 19.4. Solvay 19.5. Wacker Chemie Ag 19.6. Tokuyama Corporation 19.7. Tosoh Corporation 19.8. Gelest Inc 19.9. Aluflor Ab
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