[Latest] Silicon Metal Market Size Will Attain USD 11.25

September 11, 2023 09:04 ET | Source: Zion Market Research Zion Market Research

NEW YORK, United States, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Silicon Metal Market By Product Type (Metallurgical And Chemical), By Application (Aluminum Alloys, Semiconductors, And Silicone), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Silicon Metal For Casting

[Latest] Silicon Metal Market Size Will Attain USD 11.25

“According to the latest research study, the global silicon metal market size was valued at around USD 7.84 billion in 2022. The market is expected to grow above a CAGR of 4.56% and is anticipated to reach over USD 11.25 billion by 2030.”

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The silicon metal is produced making use of quartzite, a naturally occurring mineral comprising silicon dioxide. As a point of fact, silicon metal has a variety of applications in the production of automotive aluminium alloys. According to reports, silicon metal is an exceptional insulator and is widely used in PCBs, semiconductors, transistors, and solar panels. Additionally, silicon metal is available in different qualities. In addition, the product serves as a basic material for aluminium alloys and silicones. In addition, silicon metal is soluble in both alkalis and hydrofluoric acid.

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Key Insights from Primary Research

Silicon Metal Market: Growth Factors

Growth in the worldwide silicon metal market will be driven by rising product demand in semiconductor applications. In addition, the widespread application of silicon metals in construction and building projects will facilitate the global market's growth. Furthermore, government policies that encourage the purchase of electric vehicles are probably going to help future trends in the global market. Growing consumer demand for solar panel-producing items will contribute to the global market's expansion.

Increased use of the product in a variety of end-use sectors has been facilitated by its favourable properties, which include reduced wear rates, lower thermal expansion, and rust resistance. The enormous product penetration in the car production industry has been attributed to the pressing necessity to minimize fuel emissions and reduce vehicle weight. In the upcoming years, a significant portion of the global market's revenue will also come from the introduction of new products.

The enormous expenses associated with producing silicon metal have the potential to restrain the industry's growth worldwide. Low availability to silicon metals can also further restrain the growth of the worldwide sector. The global industry's growth will be further limited by a rise in the demand for aluminum-silicon alloys.

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The global silicon metal market is sectored into product type, application, and region.

In application terms, the global silicon metal market is segregated into aluminum alloys, semiconductors, and silicone segments. Furthermore, the aluminum alloys segment, which garnered nearly two-thirds of the global market share in 2022, is predicted to retain its segmental dominance in the ensuing years. The growth of the segment in the upcoming years can be due to their extensive use of products in automotive alloys.

Based on product type, the global silicon metal industry is bifurcated into metallurgical and chemical segments. Moreover, the metallurgical segment, which accounted lucratively towards the global industry revenue in 2022, is set to register the highest CAGR over the forecast timeline.

Asia-Pacific, which accounted for fifty percent of the global silicon metal market's revenue in 2022, will be the dominant region between 2023 and 2030. In addition, the regional market expansion can be ascribed to the rise in industrial development in nations such as India, Japan, and China. In addition, the increasing demand for silicon metals in infrastructure development, packaging, network hardware, and medical devices in countries such as Taiwan will expand the market's growth potential in the Asia-Pacific region. In the coming years, the presence of key actors in the region will contribute significantly to the growth of the regional market.

The European silicon metal industry is set to register a quicker CAGR in the next couple of years owing to the rise in the presence of automotive manufacturers in countries such as Italy, France, the UK, and Germany. In Europe, the demand for silicon metals will be driven by the rising demand for automotive alloys. In addition, Europe is one of the leading producers of silicon, which has resulted in an enormous rise in industry throughout Europe.

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The report contains qualitative and quantitative research on the global Silicon Metal market, as well as detailed insights and development strategies employed by the leading competitors.

Some of the main players in the global Silicon Metal market include;

The global Silicon Metal market is segmented as follows:

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