Silicon Metal Market Size, Share, Growth, Forecast 2030

Silicon Metal Industry Prospective:

The global silicon metal market size was evaluated at $7.84 billion in 2022 and is slated to hit $11.25 billion by the end of 2030 with a CAGR of nearly 4.56% between 2023 and 2030.

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Silicon Metal Market: Overview

The silicon metal is produced making use of quartzite, a naturally occurring mineral comprising silicon dioxide. For the record, silicon metal finds a slew of applications in the manufacturing of automotive aluminum alloys. Reportedly, silicon metal is an excellent insulator and finds a large number of applications in PCBs, semiconductors, transistors, and solar panels. Moreover, silicon metal is available in various grades. Furthermore, the product is used as raw material in aluminum alloys and silicones. Apart from this, silicon metal is soluble in alkalis as well as hydrofluoric acid.

Key Insights

• As per the analysis shared by our research analyst, the global silicon metal market is projected to expand annually at the annual growth rate of around 4.56% over the forecast timespan (2023-2030)
• In terms of revenue, the global silicon metal market size was evaluated at nearly $7.84 billion in 2022 and is expected to reach $11.25 billion by 2030.
• The global silicon metal market is anticipated to record massive growth over the forecast period owing to escalating product demand in semiconductor applications.
• In terms of product type, the metallurgical segment is slated to register the highest CAGR over the analysis period.
• Based on the application, the aluminum alloys segment is anticipated to dominate the segment over the projected period.
• Region-wise, the European silicon metal market is projected to register the fastest CAGR during the assessment timeline.

Silicon Metal Market: Growth Factors

Huge product penetration in the end-use sectors to boost global market trends

Escalating product demand in semiconductor applications will steer the expansion of the global silicon metal market. Apart from this, the massive use of silicon metals in building & construction activities will pave the way for the expansion of the market across the globe. Moreover, supportive government laws for the purchase of electric vehicles are likely to promote global market trends in the near future. Escalating demand for products producing solar panels will embellish the growth of the market across the globe. Surge in the favorable features of the product such as rust resistance, lower thermal expansion, and reduced wear rates has enhanced its use in various end-use sectors. The massive need for reducing vehicle weight as well as minimizing fuel emissions has contributed to the massive product penetration in the vehicle manufacturing sector. New product launches will also account for a major revenue share of global market revenue in the coming years. For instance, in July 2022, Ferroglobe PLC, a key manufacturer of silicon metal & silicon and manganese-based ferroalloys, launched a new phase of silicon metal powder venture for new technologies and batteries. The move will boost the expansion of the market across the globe.

Silicon Metal Market: Restraints

A rise in product costs can hinder the global industry expansion over the forecast timespan

The huge costs of manufacturing silicon metal can put brakes on the global silicon metal industry. Furthermore, low access to silicon metals can further curtail the global industry expansion. An increase in the demand for aluminum-silicon alloys will further restrict the expansion of the industry across the globe.

Silicon Metal Market: Opportunities

Launching of 5G network facility will open new growth opportunities for the global market by 2030

A prominent surge in the use of the Internet of Things due to the rolling out of the 5G network in the telecommunications sector has increased the demand for silicon metals in integrated circuits. This, in turn, will open new growth avenues for the global silicon metal market in the upcoming years. Growing use of the product in metallurgical, solar-power, and electrical & electronics applications will further expedite the global market expansion.

Silicon Metal Market: Challenges

Swift oscillations in government guidelines can prove to be a major hindrance to the growth of the global industry

Rapid alternations in the government policies associated with the use of silicon metals along with disruption in supply chain activities are likely to be a huge challenge in the growth of the global silicon metal industry. Apart from this, an increase in the import and export duties will further lead to a decline in the expansion of the global industry.

Silicon Metal Market: Segmentation

The global silicon metal market is sectored into product type, application, and region.  

In application terms, the global silicon metal market is segregated into aluminum alloys, semiconductors, and silicone segments. Furthermore, the aluminum alloys segment, which garnered nearly two-thirds of the global market share in 2022, is predicted to retain its segmental dominance in the ensuing years. The growth of the segment in the upcoming years can be due to their extensive use of products in automotive alloys. Moreover, automotive alloys find large-scale applications in automotive, marine, transportation, and construction sectors and this will enlarge the demand for automotive alloys in the coming years. The need for lightweight, excellent performance, rust resistance, and thermal conductivity will further embellish the segmental expansion in the years ahead.

Based on product type, the global silicon metal industry is bifurcated into metallurgical and chemical segments. Moreover, the metallurgical segment, which accounted lucratively towards the global industry revenue in 2022, is set to register the highest CAGR over the forecast timeline. The segmental expansion over the estimated timeline can be subject to the large-scale use of metallurgical silicon metal in automotive production. An increase in the use of metallurgical silicon metal for producing solar panels will prompt the segmental surge.

Silicon Metal Market: Report Scope

Silicon Metal Market: Regional Insights

Asia-Pacific is projected to maintain its global market domination over the estimated timeframe

Asia-Pacific, which accounted for half of the global silicon metal market revenue in 2022, will be the leading region over 2023-2030. Moreover, the regional market growth can be attributed to rise in the industrial growth in countries such as India, Japan, and China. Additionally, the growing demand for silicon metals in infrastructural growth, packaging, network hardware, and medical devices in countries such as Taiwan will promulgate the scope of the growth of the market in the Asia-Pacific zone. The presence of key players in the region will contribute substantially towards the regional market proceeds in the coming years.

The European silicon metal industry is set to register a faster CAGR in the next couple of years owing to the rise in the presence of automotive manufacturers in countries such as Italy, France, the UK, and Germany. An increase in demand for automotive alloys in the continent will spearhead the demand for silicon metals in Europe. Moreover, Europe is one of the key producers of silicon and this has translated into humungous elevation of industry across Europe.

Silicon Metal Market: Competitive Space

The global silicon metal market profiles key players such as:

• RIMA Industrial
• Shin-Etsu Chemical Company Limited
• Ferroglobe Plc
• RIMA Group
• PCC SE
• Wacker Chemie AG
• LIASA
• Hoshine Silicon Industry Company Limited
• Elkem ASA
• Dow DuPont
• Anyang Huatao Metallurgy
• Rusal

The global silicon metal market is segmented as follows:

By Product Type

• Metallurgical
• Chemical

By Application

• Aluminum Alloys
• Semiconductors
•  Silicone

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa