Global Polysilicon Market Worth USD 27.07 Billion With a CAGR of 13.2%

Introduction

The global Polysilicon Market was valued at USD 8.87 billion in 2021 and is projected to reach USD 27.07 billion by 2030 at a CAGR of 13.2% from 2022 to 2030.

Polysilicon, commonly known as polycrystalline silicon, is a very pure version of polycrystalline silicon. The Siemens technique is used to create it from silicon that is of the metallurgical grade. The electronics and solar photovoltaic industries mostly employ polysilicon as a raw material. When compared to polysilicon used for solar photovoltaics, which is somewhat less pure, polysilicon made for the electronics industry has an impurity level of less than one part per billion. The majority of the polysilicon used in the manufacture of solar cells is consumed by the solar photovoltaics sector.

Market Dynamics

Demand for Solar Power is Driving the Market:

The primary driver of the market growth rate is an increase in polysilicon demand from the solar power sector. Rising demand for polysilicon for a variety of industrial applications, including the production of multi-crystalline solar panels, electronics, civilian small solar equipment, and others, as well as the development and expansion of different end-user verticals in emerging economies, will also have a direct and favourable impact on the market's growth rate.

Supporting Regulations are Driving the Market:

Increased government efforts to lower the cost of solar products, rising major company spending on research and development, an increase in industrialisation, a greater reliance on renewable energy sources, an increase in the number of small and medium-sized businesses, particularly in developing nations, and a growing emphasis on technological advancements and modernisation of production methods will all further pave the way for the growth of the industry.

The Need for Green Energy will bring in New Opportunities:

With the rising concerns about climate change, the need for green and renewable energy is growing. Solar energy is the most convenient form of renewable energy and is the fastest growing one in this segment. Over the projection period of 2022 to 2030, demand for solar-grade polysilicon products is anticipated to significantly increase as solar energy generation becomes more and more popular. Sales of polysilicon materials with an electronics grade are also expected to increase due to the increasing demand for semiconductors and electronics.

Regional Analysis:

The Asia-Pacific region currently holds a dominant position in the polysilicon market due to factors including an increase in power outages, an immediate need for reliable power supply, rising demand from a variety of end-use industries, an increase in research and development activities, rising consumption and demand from countries like China and India, investment policies by the government to support industrial growth, high economic growth in emerging countries, and a rapid rate of urbanisation.

The country part of the polysilicon market research additionally lists specific market affecting factors and domestic market regulation changes that have an impact on the market's present and future trends. Some of the key data points utilised to anticipate the market environment for specific nations are consumption volumes, production sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and upstream and downstream value chain analysis. When giving a prediction analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the difficulties they encounter due to strong or weak competition from local and domestic brands, the influence of domestic tariffs, and trade routes.

Due to the rapid expansion of the solar energy industry, technical breakthroughs, high GDP growth rates, and rising demand for consumer goods, Asia Pacific held the highest share. Some of the region's biggest poly-Siproducers include China, Japan, and South Korea.

North America, which accounted for the second-largest share, is anticipated to expand at a CAGR of almost 10% over the projection period. The U.S.'s efforts to increase consumer electronics output and reduce carbon emissions have given the market growth a boost.

Because of the significant solar PV installation projects that are slated to be completed during the following years in nations like Chile, Brazil, and Honduras, Central & South America is predicted to develop at the second-highest CAGR.

Key Highlights:

• The global Polysilicon Market was valued at USD 8.87 billion in 2021 and is projected to reach USD 27.07 billion by 2030 at a CAGR of 13.2% from 2022 to 2030.
• The demand for solar energy and the supporting government regulations are the driving factors of the market.
• This market can be segmented on the basis of applications, geographical regions and competitors.
• By 2030, the Asia Pacific is anticipated to have the largest market share, with North America emerging as the fastest-growing market.

Competitive Players

Competitors Analysis:

Wacker Chemie, GCL-Poly, OIC Chemical, REC Silicon, Tokuyama Corporation, LDK Solar Co. Ltd., Hemlock Semiconductor Group, SunEdison, DAQO New Energy, and TBEA Co. Ltd. are a few well-known firms in the market.

Businesses in the sector have had to deal with a number of difficulties in recent years, including factory closures, anti-dumping laws, and an abundance of products. On the other hand, the market is anticipated to enjoy a more balanced supply and demand environment, price stability, and profitability over the projection period. The semiconductor and solar industries have seen company entry and the use of forwarding integration tactics.

Recent Developments

Recent Developments:

• Chinese polysilicon maker Daqo New Energy Corp. began its trial production in a new plant in December 2021. The factory is anticipated to start out producing about 35,000 tonnes of polysilicon annually before ramping up to 105,000 tonnes yearly.
• JinkoSolar Holding Co., a Chinese maker of solar panels, stated in September 2021 that it would invest USD 500 million to build a factory in Vietnam and export some of the components from China. The company made the financial announcement as soon as it was confirmed that the United States had halted importing some panels as the Biden administration cracked down on alleged labour abuses in China's Xinjiang province, where the majority of the world's solar-grade polysilicon is produced.
• In May 2021, REC Silicon ASA, a provider of silicon gas and polysilicon located in Norway, announced that its Lake Moses Plant in Washington would be restarted in 2023. This statement was made following the company's release of its first-quarter (Q1) results. Because of Chinese tariffs placed on polysilicon made in the US, the plant was shut down in May 2019.
• The government-run Energy Efficiency Services Ltd (EESL) awarded orders worth INR 538 crore to Tata Power Solar in April 2021 for the construction of several dispersed ground-mounted solar projects totalling approximately 100 MW in India.
• In February 2021, OCIM Sdn Bbn (OCIMSB), a Malaysian subsidiary of OCI, stated that it would provide polysilicon to the Chinese company LONGi Green Energy Technology Co. Ltd. for about three years, from February 2024 to February 2025, at the cost of USD 845.5 million. With the aid of this contract, OCI Company Ltd. will be able to improve both the productivity and business competence of its operations.

Segmentation

Market Segmentation:

Application Outlook:

• Photovoltaic
• Electronics

Regional Outlook:

• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• Central & South America