Silicon Metal Market is Estimated To Witness High Growth Owing To Rising Usage in Aluminum Alloys Trend


The Silicon Metal Market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Silicon metal is commercially produced as an alloy containing 5 to 99% of silicon. It is manufactured through carbothermic or electrolytic processes and has wide applications across various industries including aluminum alloys, silicone rubber and compounds, solar photovoltaic cells, among others. Silicon metal offers benefits such as low density, high strength, thermal conductivity and resistance to corrosion which makes it a preferred raw material in several applications.

Market key trends:
One of the major trends driving the growth of silicon metal market is rising usage of silicon metal in aluminum alloys production. Aluminum alloys containing silicon are widely used in automotive and aerospace industries due to excellent properties such as corrosion resistance, machinability, strength and formability. As per estimates, over 85% of the silicon metal produced worldwide is consumed in aluminum alloys. Several automotive manufacturers are focusing on using lightweight aluminum to improve fuel efficiency which is increasing the demand for silicon from aluminum industry.

Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of raw materials allows new players to enter the market easily. However, established players enjoy economies of scale and strong brand loyalty making it difficult for new entrants.
Bargaining power of buyers: Presence of numerous buyers and substitutes increases the bargaining power of buyers. Buyers can negotiate on price and demand value added services.
Bargaining power of suppliers: Few suppliers of key raw materials like silica sand and wood chips increases their bargaining power. Suppliers can influence prices.
Threat of new substitutes:Emergence of new materials like graphite and semiconductors poses threat of substitution. However, silicon metal still enjoys early mover advantage in metallurigcal applications.
Competitive rivalry: Intense competition exists among key global and regional players. Players differentiate based on product quality, cost and services.

SWOT Analysis
Strength: Silicon metal is used as an important alloying element and reducing agent. It enjoys widespread application in aluminium industry, chemicals and solar industry.
Weakness: Production process requires high energy and leads to greenhouse gas emissions. Industry is vulnerable to fluctuations in raw material prices and trade policies.
Opportunity: Growth in solar PV and electronics industries expected to drive silicon metal demand over the forecast period. Potential for R&D in new applications.
Threats: Stringent environmental regulations around emissions may increase production costs. Dependency on few suppliers exposes industry to supply chain disruptions.

Key Takeaways
The global Silicon Metal Market Size is expected to witness high growth at a CAGR of 4.4% over the forecast period, due to increasing demand from the aluminium industry and growing solar photovoltaics sector. The aluminium industry is the largest end-user, consuming over 70% of total silicon metal produced globally. The Asia Pacific region dominates the global silicon metal market, with China being the largest producer as well as consumer.

Regional analysis: The Asia Pacific region is expected to continue dominating the global silicon metal market owing to strong presence of manufacturers in China and rapid infrastructure growth. China accounted for over 50% of global silicon metal capacity in 2020 on back of low cost power and availability of raw materials. Europe and North America are other major markets driven by strong aluminium and chemicals industries.

Key players operating in the silicon metal market are Ferroglobe PLC, Elkem, Liasa, Mississipi Silicon, RIMA Industrial, Rusal, Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd, PCC SE, Hoshine Silicon Industry Co. Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow. Major players are focusing on capacity expansions and backward.


Read More: https://www.rapidwebwire.com/silicon-metal-market-demand-growth-and-regional-outlook/

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