Newark, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9.48 Billion in 2022 silicon metal market will reach USD 19.26 Billion by 2032. Reducing greenhouse gas emissions and increasing vehicle fuel efficiency are among automakers' top priorities. Because of its low wear rates, minimal thermal expansion, and resistance to corrosion, the aluminium silicon alloy is the ideal choice for fulfilling these requirements. As a result, the requirement for aluminium silicon alloys will increase as more cars are produced, increasing both supply and demand in the global silicon metals market.
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Key Insight of the Silicon Metal Market
Europe is anticipated to expand at the highest CAGR of 9.47% over the projection period.
Europe is expected to grow at the highest CAGR of 9.47% over the forecast period. The reason for this is the increased number of car manufacturers in nations like Germany, France, Italy, and the UK. The growing need for automotive alloys will be the main driver of silicon metal demand in Europe. Furthermore, Europe is one of the top producers of silicon, which has greatly increased business across the continent.
The metallurgical segment is expected to register the highest CAGR of 10.63% over the projected period in the silicon metal market.
The metallurgical segment is anticipated to grow at the highest CAGR of 10.63% in the silicon metal market. The segment's growth throughout the anticipated term may be impacted by the widespread use of metallurgical silicon metal in the automotive industry. An increase in the use of metallurgical silicon metal in the manufacturing of solar panels will be the reason for the segmental leap.
Over the projected period, the aluminum alloys segment is expected to register the highest CAGR of 10.39% in the silicon metal market.
Over the forecasted period, the aluminum alloys segment is anticipated to grow at the highest CAGR of 10.39% in the silicon metal market. It can be due to their substantial use of products in automotive alloys. Automobile alloys are also widely used in the transportation, construction, marine, and automotive industries, which is predicted to raise demand for these materials in the coming years. In the next years, the need for increased performance, reduced weight, corrosion resistance, and thermal conductivity will fuel the segmental expansion.
Market Dynamics
Driver: High silicon metal usage
The consumer and industrial sectors rely so heavily on silicon metal because it is a necessary component of many items. Currently, the bulk of silicon metal generated is utilised in the production of aluminium alloys, which accounts for the majority of the volume produced. Products for the automotive and aviation industries are made from aluminium alloys. Because silicon increases the alloy's strength, castability, and brittleness, it can be used for a wider variety of high-performance components. The increased adoption of aluminum-based materials in favour of heavy steel or iron components in vehicle applications has resulted in a notable increase in silicon demand within the transportation sector. Consequently, a higher rise is expected for the global silicon metal market during the course of the forecast year. A substantial base of aluminium alloy production means that the silicon metal market will grow more quickly. Moreover, the expanding solar and semiconductor industries will lead to a rise in market value. Under controlled conditions, silicon metal offers the necessary conductivity efficiency and has good insulating qualities. The market is expanding as a result of a growing concentration of industry experts and owners of defence and aerospace elastomers who are committed to enhancing the technologies made possible by silicon metal inclusion. The demand towards lighter aircraft is driving the increasing silicon metal sector, and during the projected period, this will further effect business emergence.
Restraint: Expensive costs and working capital
A large amount of working capital is required for the SAF's energy needs. The total cost of production also includes the cost of manpower and transportation. Because it requires a very energy-intensive purifying procedure to produce, silicon metal is an exceptionally energy-intensive product. An electrode and a feedstock, such as coal, quartz, natural gas, or oil, are needed to make silicon metal. Thus, the market's potential expansion is constrained by silicon metal's high production costs.
Opportunity: Advancements and growing approaches by producers
Due to their own innovations and significant investments in R&D projects that enhance product applications, market participants will have more profitable prospects over the projected period. Moreover, manufacturers' increasing emphasis on cost-effectiveness and sustainability would encourage creative thinkers to devise more inventive and efficient ways to produce silicon, hence driving the future expansion of the global silicon metal market.
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Some of the major players operating in the silicon metal market are:
• Elkem
• H.C. Starck
• Neoplant
• Zhongcheng Silicon
• Micron Metals
• Dadi Zelin Silicon
• CNPC Powder
• Mingrui Siliocon
• VestaSi
• Anyang Yuda Silicon
• Jiuzhou Silicon
• Zhejiang Kaihua Yuantong Silicon
• Simcoa
• RW silicium
• ABSCO
• Yinfeng Silicon Products
• Sanhui Naihuo
• Pengcheng Guangfu
• Minhang Silicon
• Yafei Alloy
• S+A Blackwell
• BAIDAO
• Zhong Yu Jin Ming Silicon
Key Segments cover in the market:
By Product Type:
• Chemical
• Metallurgical
By Application:
• Semiconductors
• Aluminum Alloys
• Silicone
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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