by Polysilicon is a high purity form of silicon mostly used in electronics and photovoltaic applications. It serves as a raw material for the production of wafers used in semiconductor devices and solar panels. Owing to its high purity and efficiency, polysilicon plays a vital role in the renewable energy and electronics industry.
The global Polysilicon Market is estimated to be valued at US$ 12.80 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the polysilicon market is rising adoption of solar energy. Several governments across the globe are taking initiatives to increases the share of solar power in the energy mix through various subsidy schemes and regulatory mandates. This is boosting the demand for polysilicon from solar panel manufacturers. Growing solar rooftop installation and expansion of large-scale solar power projects are expected to drive the consumption of polysilicon over the forecast period.
SWOT Analysis
Strength: The polysilicon market has high demand for solar panels and semiconductors. It is also a renewable source of energy.
Weakness: Producing polysilicon requires a lot of energy and produces harmful byproducts. It is also a capital intensive process.
Opportunity: Increasing focus on clean and renewable sources of energy provides an opportunity for growth in the polysilicon market. Many countries have set renewable energy targets.
Threats: Fluctuating silicon prices and availability of cheaper alternatives can threaten the polysilicon market. Trade wars and economic slowdowns also impact the market.
Key Takeaways
Global Polysilicon Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for solar photovoltaic cells and modules. Majority of solar panels are produced using polysilicon as a key raw material. This rapid growth of the solar industry is driving the polysilicon market.
Regional analysis shows that Asia Pacific currently dominates the global polysilicon market and is expected to continue its dominance, accounting for over 50% market share. China is the largest producer and consumer of polysilicon. Other emerging markets in Asia such as India, Vietnam, and Southeast Asian countries are also witnessing high growth in solar energy adoption which is increasing polysilicon demand.
Europe is the second largest market for polysilicon globally supported by the region’s focus on renewable sources of energy to meet climate change goals. Key players like Tongwei Co. Ltd, GCL-TECH, and DaqoNew Energy are expanding their production capacities in the region.
Key players operating in the polysilicon market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. Major players are focusing on ramping up production to capitalize on the growing market opportunities. Partnerships and acquisitions are also taking place in the polysilicon market for geographical expansion and integration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
