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The global silicon metal market was valued at USD 9.48 Billion in 2022, which is anticipated to grow at a CAGR of 7.35% from 2023 to 2032. Automakers' key aims include lowering greenhouse gas emissions and improving fuel economy in cars. The best option for meeting these requirements is the aluminium silicon alloy due to its low wear rates, little thermal expansion, and corrosion resistance. Consequently, as cars are manufactured, there will be a greater need for aluminium silicon alloys, which will drive up supply and demand in the global silicon metals market.
Silicon metal is the building block of many items, which is why the consumer and industrial sectors depend heavily on it. Aluminium alloys are the primary use for the great majority of silicon metal produced currently, making up the bulk of total output. Automakers and aviation manufacturers employ aluminium alloys in their production. The addition of silicon increases the alloy's brittleness, castability, and strength, making a wider range of high-performance components possible. The transportation industry has seen a sharp increase in silicon demand as a result of the increased usage of aluminum-based materials to replace heavy steel or iron components. Consequently, it is expected that market growth would accelerate throughout the course of the projection period. Furthermore, the growing rate of the silicon metal market will be accelerated by the presence of a substantial aluminium alloy production base. Additionally, the growing semiconductor and solar industries will support the expansion of market value. Under controlled conditions, silicon metal provides the necessary conductivity and is a great insulator. The market is growing as a result of the growing number of entrepreneurs in the defence and aerospace elastomers sectors as well as other industry experts who are advancing silicon metal-enabled technologies. The trend driving the silicon metal sector's market growth is the lightweight aircraft trend, which will have an ongoing effect on business growth during the projection period. The market is expected to develop as a result of the building and construction industry's rise. Silicon metal is made from quartzite, a naturally occurring substance that contains silicon dioxide. Quartzite is heated to about 2000°C in electric submerged arc furnaces throughout the production process. Similarly, quartzite is taken out of a nearby quarry. Experts call this silicon metal silica slag, or MicroSilica. Silicon metal is an important commodity in the industrial industry due to its versatile applications. Silicon metal is an excellent insulator under controlled circumstances, offering the necessary conductivity efficiency. It is used in printed circuit boards, transistors, solar panels, semiconductors, and other electrical equipment. Light silicate silicon (Si) has both metallic and non-metallic characteristics. When silicon interacts with oxygen and other components, silicate is created. Over twenty-five percent of the Earth's crust is made up of silicates. Silicon ferroalloys for the iron, steel, aluminium, and chemical industries are made from silicon metal, also known as quartz or quartzite. The metallurgical, chemical, aluminium, and electronics sectors all employ silicon metal as a feedstock. The global metal silicon market is expected to be driven over the forecast period by a number of factors, including the expanding solar PV market, the expanding semiconductor and electronics industry, the significant investments made in integrated silicone plants in China and India recently, and the growing efforts to integrate upstream production facilities into silicon metal production. Changes in supply, demand, and consumption requirements by the steel, aluminium, semiconductor, chemical, and ferrous foundry industries have an impact on silicon metal prices.
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High silicon metal usage- The silicon metal is essential to many products, which is why the consumer and industrial sectors rely so heavily on it. Currently, the majority of silicon metal produced is used to make aluminium alloys, which makes up the majority of the production volume. Aluminium alloys are used to make goods for the automotive and aviation industries. The alloy can be utilised for a greater range of high-performance components because of the presence of silicon, which boosts the alloy's strength, cast ability, and brittleness. The transportation industry has experienced a significant rise in silicon demand due to the growing use of aluminum-based materials in place of heavy steel or iron components in vehicle applications. As a result, during the course of the forecast period, an increased rise is anticipated for the global silicon metal market. The silicon metal market will increase at a faster rate due to the existence of a sizable aluminium alloy production base. Furthermore, the growing semiconductor and solar industries will propel an increase in market value. Under controlled circumstances, silicon metal has excellent insulating properties and provides the required conductive efficiency. Due to an increasing concentration of industry specialists and owners of defence and aerospace elastomers focused on improving the technologies enabled by silicon metal incorporation, the market is developing. The growing silicon metal market is being driven by the trend towards lighter aircraft, which will further impact business emergence during the projected period. The market's growth is also anticipated to be supported by the building and construction sector's expansion.
Expensive costs and working capital- The energy requirements of the SAF account for a significant portion of working capital. The cost of labour and transportation also contribute to the overall cost of production. Silicon metal is an extremely energy-intensive product due to the energy-intensive purification process required to generate it. To produce silicon metal, a feedstock such as coal, quartz, natural gas or oil, and electrodes are required. Consequently, the high production costs of silicon metal limit the market's potential growth.
Advancements and growing approaches by producers- Over the forecasted period, market participants will have more profitable prospects due to developments made by them and large investments made in R&D projects that improve product applications. Furthermore, the growing focus of manufacturers on sustainability and cost-effectiveness would incentivize innovators to come up with more innovative and economical methods of silicon production, hence propelling the global silicon metal market's future growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global silicon metal market, with a 43.86% market revenue share in 2022. Additionally, the growth in industrial development in countries like China, Japan, and India can be attributed to the regional market expansion. Furthermore, the growing need for silicon metals in the Asia-Pacific region for the development of infrastructure, packaging, network hardware, and medical devices in nations like Taiwan will increase the market's potential for growth. The presence of important players in the area will play a major role in the expansion of the regional market in the upcoming years.
Asia Pacific Region Silicon Metal Market Share in 2022 - 43.86%
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The product type segment is divided into chemical and metallurgical. The metallurgical segment dominated the market, with a market share of around 64.72% in 2022. The extensive usage of metallurgical silicon metal in the manufacturing of automobiles may have an impact on the segment's growth during the projected period. The segmental surge will be caused by a rise in the use of metallurgical silicon metal in the production of solar panels.
The application segment is divided into semiconductors, aluminum alloys, and silicone. The aluminum alloys segment dominated the market, with a market share of around 38.56% in 2022. Their extensive use of goods in automobile alloys can be responsible for it. Additionally, the automotive, maritime, transportation, and construction industries also use automotive alloys extensively, which is expected to increase demand for these materials in the years to come. The demand for superior performance, low weight, resistance to corrosion, and thermal conductivity will enhance the segmentation growth in the upcoming years.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 9.48 Billion |
| Market size value in 2032 | USD 19.26 Billion |
| CAGR (2023 to 2032) | 7.35% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product Type, Application |
As per The Brainy Insights, the size of the silicon metal market was valued at USD 9.48 Billion in 2022 & USD 19.26 Billion by 2032.
Global silicon metal market is growing at a CAGR of 7.35% during the forecast period 2023-2032.
Asia Pacific region emerged as the largest market for the silicon metal.
High silicon metal usage is a significant driving factor for the growth of the silicon metal market.
Expensive costs and working capital are a significant restraining factors for the growth of the silicon metal market.
Advancements and growing approaches by producers are a significant opportunity for the growth of the silicon metal market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global silicon metal market based on below mentioned segments:
Global Silicon Metal by Product Type:
Global Silicon Metal by Application:
Global Silicon Metal by Region:
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