by The global 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, also known as ferrosilicon, is an alloy of silicon and iron containing 5% to 98% silicon. It is a grey metallic material produced in the form of chunks, lumps, or powder. Silicon metal serves as the primary raw material for production of silicone, silanes, and silicones. It is also used as a deoxidizing, degasifying, and alloying agent in iron and steel manufacturing. Growing usage of silicon metal in aluminum production offers significant opportunities for market growth over the forecast period.
Market key trends:
Silicon metal finds major application in aluminum production where it is used as an alloying agent. Aluminum produced with silicon metal addition has improved castability, corrosion resistance, and mechanical properties. Expanding aluminum production worldwide, driven by growth in automotive, construction and packaging industries is expected to create substantial demand for silicon metal over the forecast period. Additionally, increasing usage of silicones, silanes and polymers in applications such as construction sealants, adhesives, paint additives, insulating materials also boost consumption of silicon metal. The advent of new technologies such as 3D printing is introducing innovative applications of silicon-based materials, further fuelling market expansion. However, volatile prices of raw materials may pose challenges.
Porter’s Analysis
Threat of new entrants: The silicon metal market requires high capital investments for setting up foundries and production lines, thereby limiting the threat of new entrants.
Bargaining power of buyers: The global silicon metal market has moderate bargaining power of buyers due to the presence of numerous established players.
Bargaining power of suppliers: The market has low bargaining power of suppliers as there are numerous suppliers present for raw materials required for silicon metal production.
Threat of new substitutes: There are no cost effective substitutes available for silicon metal in its traditional applications such as aluminum production and semiconductors.
Competitive rivalry: High.
Key Takeaways
The global Silicon Metal Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand from aluminum and chemicals industries. The market size for 2023 is US$ 6.65 Bn.
Regional analysis: Asia Pacific dominates the market and is expected to grow at the fastest rate during the forecast period owing to rapid industrialization and growth of aluminum and chemical industries in China and India.
Key players: 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. Ferroglobe PLC is one of the leading players in the global silicon metal market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
