Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "Silicon Metal Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global silicon metal market reached a value of nearly $6.7 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.14% since 2018. The market is expected to grow from $6.7 billion in 2023 to $8.44 billion in 2028 at a rate of 4.72%. The market is then expected to grow at a CAGR of 5.01% from 2028 and reach $10.78 billion in 2033.
Growth in the historic period resulted from the increasing demand for electric vehicles, growth in the chemical industry, rapid urbanization and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period include limited availability of skilled labor.
Going forward, the increasing demand from the automotive industry, growing adoption of renewable energy sources, rising investments in infrastructure development projects, rapid expansion of the construction industry and increasing industrialization will drive the market. Factors that could hinder the growth of the silicon metal market in the future include restrictions on free trade.
The silicon metal market is segmented by production into metallurgy grade and chemical grade. The metallurgy grade market was the largest segment of the silicon metal market segmented by production, accounting for 56.5% or $3.78 billion of the total in 2023. Going forward, the chemical grade segment is expected to be the fastest growing segment in the silicon metal market segmented by production, at a CAGR of 5.18% during 2023-2028.
The silicon metal market is segmented by application into aluminum alloys, semi-conductors, solar cells, silicones and silanes and other applications. The aluminum alloys market was the largest segment of the silicon metal market segmented by application, accounting for 47.1% or $3.15 billion of the total in 2023. Going forward, the semiconductors segment is expected to be the fastest growing segment in the silicon metal market segmented by application, at a CAGR of 5.67% during 2023-2028.
Asia-Pacific was the largest region in the silicon metal market, accounting for 54.1% or $3.63 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the silicon metal market will be Asia-Pacific and Africa, where growth will be at CAGRs of 5.71% and 5.39% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 5.13% and 4.49% respectively.
The global silicon metal market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 79.6% of the total market in 2023. Elkem ASA was the largest competitor with a 43.2% share of the market, followed by Wacker Chemie AG with 8.9%, Ferroglobe plc with 8.1%, Shin-Etsu Chemical Co. Ltd. with 4.6%, United Company RUSAL with 3.6%, Dow Inc. with 3.1%, KCC Corporation with 2.9%, Hoshine Silicon Industry Co. Ltd. with 2.8%, PCC Group SE with 2.1% and Mississippi Silicon LLC with 0.3%.
The top opportunities in the silicon metal market segmented by production will arise in the metallurgy grade segment, which will gain $900.61 million of global annual sales by 2028. The top opportunities in the silicon metal market segmented by application will arise in the aluminum alloys segment, which will gain $765.02 million of global annual sales by 2028. The silicon metal market size will gain the most in China at $654.63 million.
Market-trend-based strategies for the silicon metal market include technological advancements in liquid silicone rubber formulations, strategic partnerships and collaborations among market players and focus on expansion and new plant developments.
Player-adopted strategies in the silicon metal market include focuses on strengthening business operations through strategic acquisitions and strengthening business operations through expansion and new plant developments.
To take advantage of the opportunities, the analyst recommends the silicon metal companies to focus on technological advancements in liquid silicone rubber formulations, focus on expanding production capacity and technological investment, focus on chemical grade segment for growth, expand in emerging markets, continue to focus on developed markets, focus on expanding strategic partnerships, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on strengthening relationships with semiconductor manufacturers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 228 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $6.7 Billion |
| Forecasted Market Value (USD) by 2033 | $10.8 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Major Market Trends
- Technological Advancements in Liquid Silicone Rubber Formulations
- Strategic Partnerships and Collaborations Among Market Players
- Focus on Expansion and New Plant Developments
Key Mergers and Acquisitions
- AMG Critical Materials N.V Acquired Transformation Technologies Inc
- Fetch Metals Acquired Queensland Mining Corporation
- Himadri Acquired Sicona Battery Technologies
- Elkem ASA Acquired KeyVest S.a
- Desktop Metal Inc Acquired ExOne
- FUCHS Group Acquired PolySi Technologies Incorporated
- Mitsubishi Chemical Corporation Acquired Gelest
Companies Featured
- Elkem ASA
- Wacker Chemie AG
- Ferroglobe plc
- Shin-Etsu Chemical Co. Ltd
- United Company RUSAL
- Dow Inc.
- KCC Corporation
- Hoshine Silicon Industry Co. Ltd.
- PCC Group SE
- Mississippi Silicon LLC
- Sicona Battery Technologies
- Continental Device India Private Limited's (CDIL)
- Hoshine Silicon Industry Co., Ltd.
- East Hope Group
- Gujarat Mineral Development Corporation
- Hindalco Industries Ltd.
- Tata Steel Mining Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Tokuyama Corporation
- Simcoa Operations Pty Ltd.
- Silicon Metal Company of Australia
- LONGI
- H.C. Carbon GmbH
- Siltronic AG
- Silex Limited
- Silicon Catalyst
- Tenova
- KeyVest S. A
- Quartz Mine
- Desktop Metal Inc
- REC Silicon
- AMG Critical Materials N.V.
- Sinova Global
- FUCHS Group
- LIASA
- Iran Ferrosilice Co.
- Emirates Global Aluminum (EGA)
- Israel Chemicals Ltd.
- Saudi Basic Industries Corporation
- Xstrata Alloys
- Ore and Metal Company Limited
- Manganese Metal Company
For more information about this report visit https://www.researchandmarkets.com/r/9nfdyf
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