The global polysilicon market is expected to be worth US$ 8.5 billion in 2022 and to grow at a steady CAGR of 5.6% to a net worth of US$ 11.8 billion by 2028. Solar photovoltaics (PV) installations are likely to stimulate demand for silicon materials.
Polysilicon is a high-purity form of silicon that is used in solar photovoltaic cells to convert sunlight into electricity. It is ideal for solar panels due to its remarkable semiconductor properties, allowing for efficient energy conversion. Demand for polysilicon rises as renewable energy gains pace, accelerating innovations in clean and sustainable power generation.
As the popularity of solar energy generation grows, demand for solar-grade polysilicon products is predicted to skyrocket between 2022 and 2028. Rising demand for electronics and semiconductors is expected to drive sales of polysilicon materials used in electronics.
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Future Market Insights presents a half-yearly comparison of the growth projections for the market of polysilicon along with the dynamics and key developments impacting the market trends. Polysilicon sales are expected to witness a growth rate of magnitude 4.8% over the first half of 2022 as compared to the growth rate of 4.6% in the first half of 2021, an increase of 20 bps.
Key Takeaways
- The predominant influence on the polysilicon market is from several macroeconomic, industrial, and innovation factors. These factors have a positive impact on the growth of the market. At present, the market is witnessing a trend of an increase in the production capacities of the key manufacturers.
- Owing significant demand from certain end-use sectors such as growth in solar cell installations, surging investments, and incentives in solar PV installations along with growth in semiconductor sales are driving sales in sales in the global market.
- Due to a significant development in the end-use industries, the market is anticipated to maintain its year-over-year growth throughout the forecast years (2022-2028).
- Sustainability has emerged as a prominent trend over the past couple of years, and it has picked up pace in recent times as well. By completely changing the course of many industrial verticals, polysilicon has gained traction over the years since its scope of application in solar panels and semiconductors and electronics has increased substantially.
- Rapid urbanization and the increasing adoption of renewable energy sources across various geographies have led to a significant surge in solar installations across the world.
- A significant rise in the business potential of polysilicon can be witnessed in developing countries like India since the manufacturing of polycrystalline silicon has increased over the forecast period. Polysilicon production through the Siemens process is one of the most common methods used at production facilities globally.
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Competitive Landscape
The polysilicon market is partially fragmented and offers fair opportunities to major players as well as new entrants in the industry. Polysilicon manufacturers are majorly focusing on bolstering their production capacity across multiple geographies to meet increasing demand from emerging economies with high manufacturing activity.
Key Companies Profiled
- Wacker Chemie AG
- OCI Company Ltd.
- GCL-Poly Energy Holdings Limited
- TBEA Co. Ltd
- REC Silicon ASA.
- CSG Holdings Co. Ltd.
- Tokuyama Corporation
- Daqo New Energy Co. Ltd.
- Mitsubishi Materials Corporation
- Hanwha Chemical Co. Ltd
- Asia Silicon
- Osaka Titanium Technologies Co. Ltd.
- Qatar Solar Technologies
- Hemlock Semiconductor Corporation
Key Segments Covered in the Water Source Heat Pump Industry Analysis
by Grade:
- Solar Grade Polysilicon
- Electronics Grade Polysilicon
by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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