Albany, New York, Oct. 25, 2018 (GLOBE NEWSWIRE) -- The global silicon metal market is consolidated in nature because of a handful of multinational giants holding most of the share in it. Despite this, the market is characterized by stiff competition. This is because of constant thrust on product development and differentiation by agile companies keen to stay ahead of the curve. They are also banking upon backward integration in order to gain an edge over their rivals in the global silicon metal market. Hence, many of them have bought quart mining units and downstream production units, alongside silicon manufacturing assets.
A report on the global silicon metal market prepared by Transparency Market Research states that it would expand at a steady 5.2% CAGR in the forecast duration extending from 2016 to 2024. The report also projects the market to attain a value of US$3.4 bn by the end of 2024 rising at this pace. With respect to demand volume, the TMR report predicts the global silicon metal market to rise at 4.3% CAGR.
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At present, the global silicon metal market is being mainly fuelled by the demand from the aluminum alloys segment. This is because silicon metal is finding maximum usage in aluminum alloys because of its ability to improve the latter’s properties of machinability, thermal conductivity, corrosion resistance, and castability. From a geographical standpoint, the global silicon metal market at present is being led by Asia Pacific which accounts for a substantial share in the market. The region is mainly being powered by China and India, where the flourishing building and construction industry is mainly driving demand for silicon metal. Easy availability of raw material in the region is also having a positive impact on the market.
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High Uptake of Solar Panels for Generating Solar Energy Driving Demand for Silicon Metal
The foremost growth driver in the global silicon metal market is the rapidly shifting focus towards solar energy. The rising pollution levels worldwide and the pressing need for energy has necessitated the shift. And this has spelt opportunity for the market since silicon metals are used in making solar panels that arrest the sun’s energy to transform it into electricity. Advanced European nations and those in Asia Pacific such as China and India are majorly fuelling the global silicon metal market due to their push towards renewables.
Yet another prominent growth driver in the global silicon metal market is the booming transportation industry. As new car models flood the market and manufacturers crank up production in response to soaring demand from consumers, sales of silicon metal has risen too. Silicon metals are crucial for formulating aluminum alloys which are an integral part of cars.
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Building and Construction Industry Stokes Sales in Silicon Metal Market
The TMR report observes that the building and construction industry alongside the plastics, personal care, and textile industry all over the world is also having a positive influence on the global silicon metal market. Silicon metal is used in producing various chemicals and materials that find application in the industries.
It is predicted that the usage of silicon metal in making semiconductors for electronic goods will surge impressively in the next couple of years. Adds our in-house analyst, “Silicon is temperature resistant and lessens leakage of current. Besides, it is quite affordable to extract and process. This makes it an ideal choice for making semi-conductors.”
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The review is based on the findings of a TMR report, titled, “Silicon Metal Market (Application - Aluminum Alloys, Silicones/Silanes, Semiconductors, Solar Panels) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
The report segments the Global Silicon Metal Market into the following:
Global Silicon Metal Market, by Application
- Aluminum Alloys
- Silicones/Silanes
- Semiconductors
- Solar Panels
- Others (Including Stainless Steel, Laboratory Reagents, etc.)
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