Strong Demand in Making Automotive Parts to Propel Silicon Metal Market to Expand at CAGR of 4.98% during Forecast Period, Projects a TMR Study

ALBANY, N.Y., Aug. 2, 2021 /PRNewswire/ -- Silicon compounds have been initially commercialized on the back of wide application in steelmaking. Over the past two centuries, the applications have expanded markedly. The size of the silicon metal market has expanded continuously, driven by wide-ranging applications of the metallurgical silicon and also refined silicon. The demand has come notably from the electronics manufacturing companies. Aside from that, silicon metal has been used increasingly in making sealants, adhesives, lubricants, coatings, and polishes and cosmetics. Rise in demand for making vehicle bodies over the past few decades has helped propel strides of the market. A sizable demand for silicon has come from the uptake silicon minerals in various commercial applications. Rise in production of multiple aluminum-silicon alloys to meet the global demand in vehicle production has steadily enriched the silicon metal market ecosystem.

The wide-ranging applications of silicon metal will propel the market to advance at CAGR of 4.98% from 2019 to 2027 (the forecast period).

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Key Findings of Silicon Metal Market Study

• Photovoltaic Grade polysilicon Meets Sizable Demand for Solar Energy Production: The last decade has made enormous strides in the solar energy. Riding on the trend of penetration of renewable power and low-carbon energy has spurred the production of solar cells. The demand for high-purity polycrystalline silicon has thus grown steadily to meet the needs of solar PV cells. A vast majority of solar cells are made using silicon metals. The abundance of the metal and the high efficiencies of crystalline silicon are key factors propelling its adoption in PV solar cells manufacturing.
• Automotive Sector to See Wide Use of Metallurgical Silicon as Alloy: Automobile manufacturers worldwide are increasingly adopting materials that are lightweight to reduce the fuel consumption. Silicon-based aluminum alloys have been viewed with great optimism, and they are replacing steel and heavy metals in vehicle bodies. Most important, they are able to meet environmental demands of the aerospace and automotive industry. All these are offering incremental opportunities to players in the silicon metal market.
• Manufacturers Strive to Cut Production of Cost to Improve Bottomline: manufacturers are keen on improving the production process, especially with relation to optimizing the cost of raw materials. This is a major concern for them. Hence, they are looking for regions with large deposits of charcoal and quartz, to reduce the impacts of volatility in prices.

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Silicon Metal Market: Drivers

• Advances in processing technologies have led to the production of many grades of silicon, thereby expanding the avenue of applications, finds a market survey on the silicon metal
• Shift toward solar power in various parts of the world, increasing to meet the need for low-carbon electricity, has underpinned the application of high-purity silicon in PV cells. Global efforts to adopt clean energy have imparted the trend a steady momentum in recent years.
• Strides being made by the automotive sector are expanding the silicon metal market avenues

Silicon Metal Market: Regional Growth Dynamics

• Asia Pacific held the majority of shares in global market in 2018. A few Asian economies emerging as hub of automotive manufacturing and the rapid pace of industrialization across the region have fueled the demand for silicon metal in these applications
• Analysis on silicon metal market finds that India and China are emerging as markets with promising avenues. Thailand is also showing promising growth avenues.

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Silicon Metal Market: Competitive Dynamics

A few big players exercise a prominent hold over the forces of supply and demand in the silicon metal market. Some of them are Wynca Group, MINASLIGAS, RW Silicium GmbH, Simcoa Operations Pty Ltd, RIMA Group, Wacker Chemie AG, The Dow Chemical Company, Ferroglobe, RUSAL, and Elkem ASA.

Chemical & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials Industry:

Silicon Alloys Market - The silicon alloys market has evolved rapidly on the back of the fact that silicon imparts substantial tribological properties to its alloys, particularly when mixed with iron and aluminum. Extensive utilization of ferrosilicon alloys in various forms such as steel alloys has helped market players reap substantial, consistent revenue gains. Continuous advances made in refining silicon alloys have led to plethora of materials with desired structural properties, thereby expanding the scope of competition in the silicon alloys market. Growing adoption of advanced metal forming technologies will likely keep the landscape increasingly competitive. Some of the well-entrenched players in the silicon alloys market are Georgian American Alloys, Jindal Stainless Ltd., SKP Group, Alkem ASA, Tata Steel Ltd., and OM Holdings Ltd.

Silicon Carbide Fibers Market - Rise in demand for silicon carbide fibers and their composites in the defense industry is propelling the silicon carbide fibers market. Of the various product types, continuous silicon carbide fibers have been witnessing widespread demand around the world, especially in the fast-growing nuclear power industry. Need for better materials to impart complex shapes in structures used in the defense industry is offering new prospects. Over the past few years, processing techniques used in the composite industry have advanced significantly, thus opening new opportunities for manufacturers in the silicon carbide fibers market.

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