The global Polysilicon market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Polysilicon is a hyper pure polycrystalline form of silicon used as a raw material by the solar and electronics industry. Polysilicon is primarily used in manufacturing photo voltaic (PV) cells or solar cells. Apart from PV cells, polysilicon is also used in the semiconductor industry for the manufacture of electronic-grade semiconductor products. The abundance, stability, and low toxicity of silicon, combined with the low cost of polysilicon relative to single crystals makes this variety of material attractive for photovoltaic production. Polysilicons are mainly produced from metallurgical grade silicon by Siemens process (chemical purification process). An emerging, alternative process of refinement uses a fluidized bed reactor.
Rising demand for PVs and semiconductor products from Energy and Electronics industries respectively is likely to drive the polysilicon market. As PVs and semiconductors are major components for these industries, demand for these components is expected to fuel the growth of this market. Demand for PVs is actually increasing due to rise in use of solar panels to fulfill growing energy needs; which is in turn supported by the growing population and extra income in both developed and developing countries. Also demand for semiconductors for electronics manufacturing is growing rapidly, which in turn is adding to the demand for polysilicon.
Drivers and Restraints Global Polysilicon Market
Growing investments in high purity silicon manufacturing in regions like Asia, Europe and the Americas are likely to offer tremendous possibilities for polysilicon market in the future. As a result of accessibility to technology, multinational businesses are investing in polysilicon to be able to limit the overall production cost.
Polysilicon has a probability of volatility in supply and price due to limited production volume as the industry is still in its nascent stage in terms of demand.
Global Polysilicon Market by Region
Asia was the largest consumer of polysilicon and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of rise in government funding in China and India to promote solar energy initiatives. China and Japan were the largest consumers of polysilicon in this region. Growing demand for PVs and semiconductor components will drive polysilicon market in Asia. Consumption of polysilicon in Americas, mainly the US is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to growing demand for sustainable solar energy.
Top players in this market include JFE Holdings, Inc., Elkem Holding, Inc., Nitol Solar, Limited, Renewable Energy Corporation and SunEdison Inc., GCL-Poly Energy Holdings Limited, REC Silicon ASA, Tokuyama Corporation, Wacker Chemie AG, OCI Company Limited, Daqo New Energy Corp., SunEdison Inc. and Hemlock Semiconductor Corporation (U.S.) among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth