Silicon Metal Market Size is projected to reach USD 20.60 Million by 2030, growing at a CAGR of 5.56%

The global silicon metal market size was valued at USD 12.4 million in 2021. It is expected to reach USD 20.60 million by 2030, growing at a CAGR of 5.8% during the forecast period (2022–2030). Asia-Pacific is the most dominant global silicon metal market, growing at a CAGR of 6.7% during the forecast period.

August 16, 2022 12:30 ET | Source: Straits Research

New York, United States, Aug. 16, 2022 (GLOBE NEWSWIRE) — An electric furnace is used to smelt quartz and coke together to produce Silicon Metal. Silicon’s composition has risen from 98 percent to 99.99 percent throughout the past few years. Iron, aluminum, and calcium are common silicon impurities. Silicon metal is used to produce silicones, aluminum alloys, and semiconductors, among other products. The different grades of silicon metals available for purchase include those for metallurgy, chemistry, electronics, polysilicon, solar energy, and high purity. When quartz rock or sand is used in refining, various grades of silicon metal are produced.

First, a carbothermic reduction of silica in an arc furnace is required to produce metallurgical silicon. After that, the silicon is processed through hydrometallurgy to be used in the chemical industry. Chemical-grade silicon metal is used in the production of silicones and silanes. 99.99 percent pure metallurgical silicon is required to produce steel and aluminum alloys. The global market for silicon metal is driven by several factors, including an increase in demand for aluminum alloys in the automotive industry, the expanding application spectrum of silicones, the markets for energy storage, and the global chemical industry.

Growing use of Aluminium-Silicon Alloys and Various Silicon Metal Applications Drives the Global Market

Aluminum is alloyed with other metals for industrial applications to enhance its natural benefits. Aluminum is versatile. Aluminum combined with silicon forms an alloy used to make most cast materials. These alloys are used in the automotive and aerospace industries due to their castability, mechanical properties, corrosion resistance, and wear resistance. They are also wear and corrosion-resistant. Copper and magnesium can improve the alloy’s mechanical properties and heat treatment response. Al-Si alloy has excellent castability, weldability, fluidity, a low thermal expansion coefficient, high specific strength, and reasonable wear and corrosion resistance. Aluminum silicide-magnesium alloys are used in shipbuilding and offshore platform components. As a result, demand for aluminum and silicon alloys is expected to rise.

Polysilicon, a silicon metal by-product, is used to make silicon wafers. Silicon wafers make integrated circuits, the backbone of modern electronics. Consumer electronics, industrial, and military electronics are included. As electric vehicles become more popular, automakers must develop their designs. This trend is expected to increase demand for automotive electronics, creating new opportunities for semiconductor-grade silicon metal.

Innovating Current Technology to Lower Production Costs Creating Lucrative Opportunities

Conventional refining methods require significant electrical and thermal energy. These methods are very energy-intensive. The Siemens method requires temperatures above 1,000°C and 200 kWh of electricity to produce 1 kg of silicon. Due to energy requirements, high-purity silicon refining is expensive. Therefore, we need cheaper, less energy-intensive methods for producing silicon. It avoids the standard Siemens process, which has corrosive trichlorosilane, high energy requirements, and high costs. This process removes impurities from metallurgical-grade silicon, resulting in 99.9999% pure silicon, and requires 20 kWh to produce one-kilogram ultrapure silicon, a 90% reduction from the Siemens method. Every kilogram of silicon saved saves USD 10 in energy costs. This invention could be used to produce solar-grade silicon metal.

Regional Analysis

Asia-Pacific is the most dominant global silicon metal market, growing at a CAGR of 6.7% during the forecast period. The silicon metal market in the Asia-Pacific region is fueled by the industrial expansion of countries like India and China. Aluminum alloys are expected to play a significant role in maintaining silicon demand during the forecast period in newer packaging applications, automobiles, and electronics. Asian countries like Japan, Taiwan, and India have seen a surge in infrastructure development, which has resulted in increased sales of communication infrastructure, network hardware, and medical equipment. The demand for silicon metal increases for silicon-based materials like silicones and silicon wafers. The production of aluminum-silicon alloys is expected to rise during the forecast period due to increased Asian automobile consumption. Therefore, growth opportunities in the silicon metal market in these regions are due to the increase in automotive such as transport and passengers.

Europe is the second contributor to the market and is estimated to reach around USD 2330.68 million at a CAGR of 4.3% during the forecast period. The increase in regional automotive production is the primary driver of this region’s demand for silicon metal. The European automotive industry is well-established and home to global car makers that produce vehicles for both the middle market and the high-end luxury segment. Toyota, Volkswagen, BMW, Audi, and Fiat are significant players in the automotive industry. There is expected to be a rise in demand for aluminum alloys in the region as a direct result of the rising level of manufacturing activity in the automotive, building, and aerospace industries.

Key Highlights

·The global silicon metal market was valued at USD 12.4 million in 2021. It is expected to reach USD 20.60 million by 2030, growing at a CAGR of 5.8% during the forecast period (2022–2030).

·Based on product type, the global silicon metal market has been categorized into metallurgical and chemical. The metallurgical segment is the highest contributor to the market, growing at a CAGR of 6.2% during the forecast period.

·Based on the applications, the global silicon metal market has been categorized into aluminum alloys, silicone, and semiconductors. The aluminum alloys segment is the highest contributor to the market, growing at a CAGR of 4.3% during the forecast period.

·Asia-Pacific is the most dominant global silicon metal market, growing at a CAGR of 6.7% during the forecast period.