The global Silicon Metal Market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Silicon metal is primarily used to produce silicones, silicon semiconductors, and aluminum alloys. It provides high strength, corrosion resistance, and stiffness compared to other metals. Growing demand from end-use industries such as electronics, automotive and building & construction is propelling the market growth.
Market key trends:
Aluminum alloy is one of the fastest growing applications of silicon metal. Use of silicon metal enables production of lightweight aluminum alloys with improved mechanical properties. Growing production of aluminum alloys for application across various industries such as automotive, aerospace and packaging is augmenting the consumption of silicon metal. Additionally, advancements in production technologies have reduced the cost of manufacturing silicon metal, further fueling its demand. Wide range of applications, cost effectiveness and lightweight property are some other factors expected to drive the growth of silicon metal market over the forecast period.
Segment Analysis
The global silicon metal market is dominated by the aluminum segment. Silicon metal containing 98-99% silicon is primarily used for aluminum alloying. Around 90% of the total silicon metal produced is consumed by the aluminum industry for manufacturing various aluminum alloys. Aluminum alloys containing silicon exhibit high corrosion resistance, fluidity, and mechanical strength. This has driven the growth of the aluminum segment in the global silicon metal market.
Key Takeaways
The global Silicon Metal Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand from the aluminum and chemical industries.
Regional analysis
Asia Pacific dominates the global silicon metal market and accounted for over 50% of the total demand in 2023. China is the largest producer and consumer of silicon metal globally. The growing aluminum production in China due to robust growth of the automotive and construction industries has been a major factor driving the Asia Pacific silicon metal market.
Key players analysis
Key players operating in the silicon metal market are Ferroglobe PLC, Elkem, Liasa, Mississipi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshine Silicon Industry Co. Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow. Ferroglobe PLC is one of the largest producers of silicon and specialty metals with production facilities located in Americas, Europe, Middle East, and Africa. The company supplies silicon metal to key players in the aluminum, chemical, solar, and electronics industries.
Read More: https://www.ukwebwire.com/silicon-metal-market-size-share-and-growth-forecast/
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