REPORT OVERVIEW
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The global polysilicon market size was 11720 million in 2022. As per our research, the market is expected to reach USD 21680 million in 2028, exhibiting a CAGR of 10.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.
Polysilicon is a hyper pure form of silicon. It is greater than 99.999% pure, multi-crystalline, high purity silicon. The product is used as the starting material for the growth of high purity single crystal silicon. It is used for integrated circuits and other semiconductor devices.
The rapid growth of the electronic sector and extensive usage of solar energy is estimated to drive market growth. Increased disposable income among consumers and rise in concerns about the depletion of conventional sources of energy. Further, increased need for sustainability of energies such as solar energy in several business sector is anticipated to drive market growth. Growing demand for solar panels in commercial and residential sector for an alternative source of electricity and along with several electrical appliances is anticipated to fuel market growth. Increased industrialization and rapid urbanization is estimated to fuel market progress. Also, polysilicon is extensively used in semiconductor and electronics industries is anticipated to drive market progress in the forthcoming years. The product is the primary raw material used in the production of electrical circuits and microchips is anticipated to drive market growth. Huge investment by market players and growing need for electrical devices such as laptops, smartphones, laptops, and others is anticipated to drive market growth. On the contrary, fluctuating price of polysilicon and higher cost of the product is anticipated to limit market growth in the coming years. Insufficiency in raw material demand and supply & volatility in prices is predicted to hamper polysilicon market growth in the forthcoming years.
COVID-19 Impact: Lower Demand for Electrical Appliances due to Lockdown Affected Market Growth
The COVID-19 pandemic impacted economic growth and decline in disposable income resulted in as steep downfall in demand for electrical appliances. Nationwide lockdown and closure of manufacturing operations to hamper market growth.
LATEST TRENDS
"Rapid Growth of Electronics Sector to Accelerate Market Growth"
The rapid growth of electronics sector and huge development in electronic products is anticipated to boost market growth. Several government initiatives and support from governments across the globe is anticipated to fuel market growth. Ongoing R&D activities and increased rate of industrialization is estimated to fuel market growth. Extensive dependency on electronic products and increased usage of product in manufacturing of electronics, multicrystalline solar panels, civilian solar small equipment and others are anticipated to fuel market growth in the coming years. Increased inclination towards renewable energy sources and growing number of small and medium scale enterprises is predicted to fuel market growth in the coming years.
SEGMENTATION
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- By Type
Based on type, the market is divided into solar grade polysilicon and electronic grade polysilicon.
Solar grade polysilicon is expected to be the top part of type segmentation.
- By Application
Based on the application, the market is divided into solar photovoltaics (PV) industry, semiconductor industry, and others
Solar photovoltaics (PV) industry is expected to be the top part of application segmentation.
DRIVING FACTORS
"Extensive Usage of Solar Energy to Fuel Market Growth"
The increased usage of solar energy and rapid development in solar sector is anticipated to fuel market growth. Increased disposable income among consumers and rise in concerns about the depletion of conventional sources of energy. Further, increased need for sustainability of energies such as solar energy in several business sector is anticipated to drive market growth. Growing demand for solar panels in commercial and residential sector for an alternative source of electricity and along with several electrical appliances is anticipated to fuel market growth. Increased industrialization and rapid urbanization is estimated to fuel market progress. Also, polysilicon is extensively used in semiconductor and electronics industries is anticipated to drive market progress in the forthcoming years.
"Growing Awareness about Polysilicon among Consumer to Boost Market Progress"
Polysilicon is a hyper pure form of silicon. It is greater than 99.999% pure, multi-crystalline, high purity silicon. The product is used as the starting material for the growth of high purity single crystal silicon. It is used for integrated circuits and other semiconductor devices. The product is the primary raw material used in the production of electrical circuits and microchips is anticipated to drive market growth. Huge investment by market players and growing need for electrical devices such as laptops, smartphones, laptops, and others is anticipated to drive market growth.
RESTRAINING FACTORS
"High Cost and Insufficiency in Raw Materials to Hamper Market Growth "
fluctuating price of polysilicon and higher cost of the product is anticipated to limit market growth in the coming years. Insufficiency in raw material demand and supply & volatility in prices is predicted to hamper market growth in the forthcoming years.
REGIONAL INSIGHTS
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"Growing Spending Capacity and Increased Inclination towards Renewable Resource to Fuel Market Share in North America "
North America is anticipated to account for the largest polysilicon market share owing to increased disposable income among consumers and rise in concerns about the depletion of conventional sources of energy. Further, increased need for sustainability of energies such as solar energy in several business sector is anticipated to drive market growth. Growing demand for solar panels in commercial and residential sector for an alternative source of electricity and along with several electrical appliances is anticipated to fuel market growth. Increased industrialization and rapid urbanization is estimated to fuel market progress. Also, polysilicon is extensively used in semiconductor and electronics industries is anticipated to drive market progress in the forthcoming years
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- GCL Group (China)
- WACKER CHEMIE (Germany)
- Hemlock Semiconductor (U.S.)
- OCI (Korea)
- REC Silicon (Norway)
- TBEA (China)
- SunEdision (U.S.)
- Sichuan Yongxiang (China)
- KCC (China)
- Tokuyama (Japan)
- HanKook Silicon (China)
- Daqo New Energy (China)
- Dun'an Group
- LDK Solar
- Hanwha Chemical
- Luoyang China Silicon
- Asia Silicon
- Yichang CSG
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 11720 Million in 2022 |
Market Size Value By |
US$ 21680 Million by 2028 |
Growth Rate |
CAGR of 10.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is polysilicon market expected to touch by 2028?
The global polysilicon market size is expected to reach USD 21680 million by 2028.
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What CAGR is polysilicon market expected to exhibit by 2028?
The polysilicon market is expected to exhibit a CAGR of 10.8% by 2028.
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Which are the driving factors of the polysilicon market?
The driving factors of the polysilicon market are extensive usage of solar energy and growing awareness about polysilicon among consumer.
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Which are the key player or most dominating companies functioning in the polysilicon market?
GCL Group, WACKER CHEMIE, Hemlock Semiconductor, OCI, REC Silicon, TBEA, SunEdision, Sichuan Yongxiang, KCC, Tokuyama, HanKook Silicon, Daqo New Energy, Dunan Group, LDK Solar, Hanwha Chemical, Luoyang China Silicon, Asia Silicon, and Yichang CSG are the key player or most dominating companies functioning in the polysilicon market.
