Silicon Monoxide Market Size, Share, Analysis, Trends, Growth Report, 2030

Silicon Monoxide Industry Prospective:

The global silicon monoxide market size was worth around USD 131.42 million in 2022 and is predicted to grow to around USD 271.74 million by 2030 with a compound annual growth rate (CAGR) of roughly 9.58% between 2023 and 2030.

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Silicon Monoxide Market: Overview

Silicon monoxide depicted with the chemical formula SiO, is a solid amorphous chemical compound. The main characteristic of silicon monoxide is the absence of an X-ray diffraction pattern. When in pressed form, it exhibits a brown color that changes to black when used in lump or granular form. While at room temperature SiO is known to be stable, when subject to temperatures between 400 to 800°C, X-ray readings have shown that traces of quartz and silicon can be found.

Over the years, SiO has developed as an important and highly popular coating material. This is mainly due to the ease of evaporation when less expensive resistance-heated coating systems are used and because of the high rate of deposition. Researchers have noted that SiO shows superior grade environment stability which works in the favor of the compound. There are several applications of silicon monoxide ranging from experimental uses to optical applications. For instance, some of the most common uses of SiO include application on thin-film capacitors, semiconductor components, and hybrid circuits.

Key Insights:

• As per the analysis shared by our research analyst, the global silicon monoxide market is estimated to grow annually at a CAGR of around 9.58% over the forecast period (2023-2030)
• In terms of revenue, the global silicon monoxide market size was valued at around USD 131.42 million in 2022 and is predicted to grow to around USD 271.74 million, by 2030.
• The silicon monoxide market is projected to grow at a significant rate due to the growing demand for sustainable packaging
• Based on application segmentation, coating applications was predicted to show maximum market share in the year 2022
• Based on type segmentation, powder was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Silicon Monoxide Market: Growth Drivers

Growing demand for anode material in batteries to propel market growth

The global silicon monoxide market is primarily influenced by the growing demand for anode material in batteries. Silicon monoxide is used extensively to prepare the anode part of lithium-ion batteries (Li-ion) along with other forms of rechargeable batteries. Extensive theoretical studies have shown that SiO has extensive Li-ion storage capacity which makes it suitable for the production of anode material. The modern world has been completely taken over by rechargeable batteries, especially Li-ion batteries. They are used in almost all forms of portable electronic systems including cell phones, laptops, tablets, digital cameras, and global positioning systems to name a few. Furthermore, they are also used in the glass and ceramics sector which adds to the growing demand for Li-ion batteries.

Rising sales in the consumer electronics sector to directly affect SiO consumption

During the forecast period, the SiO industry can expect high volume demand owing to the increased sales in the consumer electronics sector. As the world population continues to grow combined with other factors including rising disposable income and excellent market strategies adopted by industry players to reach a broader group of audience is expected to push the consumption pattern of consumer electronics to new levels. For instance, in recent times, the number of companies providing low-cost and high-performance cell phones has grown tremendously. In addition to this, the segment of high-end products continues to register the addition of new products. In May 2023, Nikon announced the launch of the Z8 mirrorless camera in the Indian market. The product is equipped with a Hybrid Log-Gamma: standard (HLG) format supporting 10-bit still images. It also showcases an improved Artificial Intelligence (AI) algorithm.

Electric vehicle (EV) segment to act as a major growth contributor

The global market may further be pushed to new heights driven by the changing environment around electric vehicles. With end-consumers becoming more environmentally conscious along with the availability of hybrid and 100% electric vehicles, the demand for SiO is likely to improve over the years. The global EV market is currently valued at over USD 300 billion.

Silicon Monoxide Market: Restraints

Constraints surrounding the production of SiO could restrict market expansion

One of the key restraints that greatly impact the silicon monoxide industry size is the difficulty surrounding the production of silicon monoxide. Several factors add to the complexity of SiO production and one of the primary reasons is its high reactivity with Oxygen. In certain conditions, silicon may react with oxygen to directly form silicon dioxide. This makes the production of silicon monoxide more difficult and requires an extremely controlled environment with almost no room for error. In addition to this, studies have shown that silicon in its oxidation state +4 is the most suitable to form stable compounds. Silicon monoxide requires a silicon oxidation state to stand at +2 and any chemical reaction in the +2 state can only occur under controlled situations. This ultimately also impacts the total cost associated with the production of SiO especially when compared to other compounds.

Silicon Monoxide Market: Opportunities

Extensive investment in solar energy on a global scale to provide higher growth opportunities

The global silicon monoxide market is expected to benefit from the growing investment in solar energy across the globe. A report by the U.S. Energy Information Administration indicates that the U.S. is expected to cover almost 20% of the country’s energy requirements using solar panels. Lithium-ion batteries are considered suitable to store extra power in solar panels. As the world government along with industrial players work toward reducing carbon footprint and dependence on non-renewable sources of energy, the demand for SiO is likely to register a better momentum during the forecast period.

Additionally, the ongoing innovation in the field of energy creation linked with solar systems could trigger extensive growth in the SiO industry. In June 2022, Natural Battery Technologies announced the launch of Li-ion inverter batteries that also work as solar-energy storage systems when needed. In January 2023, scientists at Deakin University were able to carry out the process of extracting silicon from old solar panels. The extracted components will be used to produce a new anode battery with increased battery capacity.

Silicon Monoxide Market: Challenges

Availability of alternatives and their extensive usage could create challenges against market growth

The global silicon monoxide industry may come across certain situations challenging its growth due to the availability of other alternatives such as silicon dioxide along with extensive application of these substitutes. They are easier to produce and the final cost of production is also relatively low when compared to SiO which is a main triggering point for higher adoption of the alternatives. The SiO industry growth trend is further subject to the lack of establishment of standard production processes.

Silicon Monoxide Market: Segmentation

The global silicon monoxide market is segmented based on application, type, and region.

Based on application, the global market segments are anode material, coating applications, and others. In 2022, the market was dominated by the coating applications segment due to the increased use of coating objects such as glass and mirrors. As a result of the compound's optical properties, it is used on reflectors, jewelry, and other items. The growing demand for high-quality mirror and glass products across end verticals could result in higher growth in the coming years. On average, SiO shows a resistivity range of 10^10 to 10^15 ohm-centimeters (ohm-cm).

Based on type, the silicon monoxide industry segments are granular, powder, and bulk. The segmental growth is expected to be led by the powder segment in 2022 due to the higher versatility of the powdered form. It can be used for varied applications across sectors. The higher dimension size of the granular or bulk form restrictions their application. If the process temperature is between 400 °C and 800 °C, SiO can rapidly and irreversibly disproportionate into Si and SiO2.

Silicon Monoxide Market: Report Scope

Silicon Monoxide Market: Regional Analysis

North America to dominate the global market with the highest growth rate.

The global silicon monoxide market is anticipated to witness the highest growth in North America. The region is currently the largest producer of SiO. The growth trajectory is the result of the large-scale application of silicon monoxide in the glass industry as a coating material along with growing use as an important anode material. Factors such as high demand and consumption of portable consumer electronics strengthened by the presence of the producers of some of the world’s biggest electronics brands help North America and especially the US maintain its dominance in the SiO industry. Increasing investments in solar panels and rising sales of EVs are important for regional expansion.

In June 2023, the US government launched a grant competition worth USD 7 billion which will be used to promote the use of clean solar energy helping low-income families in the country. Asia-Pacific is projected to grow at a steady rate led by the increased production of SiO in countries such as China and India. Additionally, Asian countries are witnessing higher growth in end-user verticals as China has amped up its efforts to emerge as a global leader.

Silicon Monoxide Market: Competitive Analysis

The global silicon monoxide market is led by players like:

• OSAKA Titanium Technologies
• Materion
• Shin-Etsu Chemical
• EMD Performance Materials (Merck)
• Rearth Technology
• BTR
• Jayu Optical Material
• Shanshan Group
• Taizhou Dongfang Coating Material.

The global silicon monoxide market is segmented as follows:

By Application

• Anode Material
• Coating Applications
• Others

By Type

• Granular
• Powder
• Bulk

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