The polysilicon market is expected to grow at a CAGR of 7.30% during the period 2022-2027
POLYSILICON MARKET ANALYSIS • The market is classified into three segments according to the forms: wafers, granules and rods. And on the bases of end use, it is classified into two types: solar panel and electronic type polysilicon.
New York, Nov. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Polysilicon Market – Global Outlook & Forecast 2022-2027” – https://www.reportlinker.com/p06364039/?utm_source=GNW
The United States is the largest contributor to the North American polysilicon market, accounting for 89.21% of the share. The United States, a leading manufacturer of solar energy and electrical appliances, has a high demand for polysilicon in the manufacture of solar photovoltaic panels and semiconductors due to well-developed infrastructure, increased investment in R&D and global economic dominance.
• Polysilicon or polycrystalline silicon is a form of high purity silicon made up of several smaller crystals or crystallites. It is a key raw material used in the manufacture of solar modules and semiconductor chips. It is used as a semi-metallic layer in signal transfer in electronic devices and has similar properties to monocrystalline silicon. It is a key raw material used in the manufacture of solar modules and semiconductor chips. It is used for a wide range of applications in these end uses.
• Due to the increase in pollution, it has been observed that there is a growth in the adoption of renewable energy generation. Therefore, the solar PV industry is experiencing strong growth as the solar power market expands, resulting in a high demand for polysilicon in the global polysilicon market. The continued growth of the semiconductor industry has greatly impacted the increased demand for polysilicon as it is widely used in the manufacture of semiconductor chips. Various governments have imposed anti-dumping policies on polysilicon, which may be a restraining factor for the industry.
• Technological advancement in production can be a good growth opportunity for manufacturers. The growth of renewable energy sources is expected to increase the share of the industry over the forecast period as it will increase the manufacturing of solar cells. In addition, the Asia-Pacific region currently holds the largest global polysilicon market share with 37.25%. The large size of the industry, emerging economies, and high adoption of renewable energy are the main reason for the high share of polysilicon in the industry.
POLYSILICON MARKET TRENDS AND OPPORTUNITIES
Focus on renewable energy sources
The global economy is focused on producing energy from renewable sources. Due to environmental and climate change, there is a shift from carbon-based petroleum derivatives to cleaner alternative energy sources. Renewable energy sources, such as solar, wind and hydropower, currently generate about a quarter of the electricity supplied by the electricity sector. Focusing on renewable energy is a great opportunity for the polysilicon market to grow. The global renewable power generation industry has evolved over the past decade, and power generation capacity has been growing at around 8.0% per year, according to the IEA. This is due to government strategies and aggressive clean energy targets reported previously and at the 2021 Climate Change Conference (COP26). Low GHG emissions, low air pollution, low operating expenses and system resilience lead to the development of a sustainable energy industry.
Strong growth in the solar photovoltaic industry
The global economy is focused on producing energy from renewable sources. Due to environmental and climate change, there is a shift from carbon-based petroleum derivatives to cleaner alternative energy sources. In recent years, due to population growth, economic development and infrastructure development. In addition, rising pollution levels, the drop in price of solar technologies by more than 52% between 2010 and 2020, and the government’s willingness to offer incentives and tax breaks for the installation of solar panels contribute to the growing demand for solar panels, which are a significant contributor to the global polysilicon market.
Anti-dumping policies related to the polysilicon market
Dumping is a terminology used in situations where the price of a product when sold in an importing country is lower than the price of that product in the market of the exporting country. Anti-dumping laws prevent foreign-made products from being sold by foreign companies in the country for less than the actual value. There are four types of dumping in international trade: sporadic dumping, predatory dumping, persistent dumping and reverse dumping. The world’s largest organizations, such as the World Trade Organization (WTO) and the European Union (EU), continually take action to discourage countries from dumping by imposing tariffs and taxes.
INSIGHTS BY FORMS
Polysilicon in wafer form is the largest segment of the global polysilicon market, with a market value of USD 5.67 in 2021. The global industry is classified based on the form in wafers, granules and rods. Wafers are used to manufacture solar photovoltaic materials. This is because wafers are usually p-type doped and act as an array of small round cells, and n-type dopants are applied to the surface to form a pn junction just below the surface. This pn junction is usually found a few hundred nanometers below the surface. Granular polysilicon is a medium-sized particle generally having an irregular shape. The pellet generally contains more hydrogen than the rod polysilicon.
Segmentation by forms
OVERVIEW BY END USE
The solar segment is the largest and fastest growing end-use segment of the global polysilicon market and is expected to grow at a CAGR of 7.25% during the forecast period. Polysilicon is mainly used in the manufacture of solar panels. Solar panels are classified into two types based on monocrystalline and polycrystalline panels. The main difference between the two types of solar panels is the crystal purity of the cells in the panel. Monocrystalline solar panels consist of solar cells, which are made using a single crystal of silicon.
Segmentation by end use
APAC holds the largest and fastest growing global polysilicon market share during the forecast period. Major APAC countries such as China, Japan, India, Vietnam and South Korea have high demand for polysilicon. Various factors, such as rapid urbanization, increasing disposable income, and rapid industrialization have fueled the growth of automotive, power generation, and manufacturing industries. China is one of the largest polysilicon industries in the world. China’s industrial and innovation policies focus on increasing solar panel production. Additionally, Japan is one of the largest renewable energy industries in the world. The country has good long-term growth potential.
The North American region is the second largest polysilicon market and is expected to grow at a considerable rate of 6.16% during the forecast period. The United States is the largest contributor to the industry, accounting for 89.21% of North American industry. The solar energy industry has grown significantly in the United States with an increased demand for electricity. Further, the demand for polysilicon is expected to increase owing to the strong demand for semiconductors used in various end-use segments such as computing, communications, consumer, industrial, and automotive.
Segmentation by geography
o South Korea
o Rest of APAC
• North America
o United States
o Rest of Europe
• Latin America
o Rest of LA
• Middle East and Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East and Africa
The global polysilicon market is characterized by the presence of specific international and regional vendors; as international players increase their footprint in the industry, regional vendors will find it increasingly difficult to compete with them. However, some global industry players such as Tongwei Group Co., Ltd (China), GCL Tech (China), Wacker Chemie AG (Germany), Hemlock Semiconductor LLC (USA), OCI Company Ltd (South Korea) and many more have developed a complete line of polysilicon products.
Several players are expected to expand their presence globally during the forecast period, especially in the rapidly developing countries of APAC, to gain more industry share. One of these prominent players, Daqo New Energy Corp, has started building its new plant in the APAC region. The plant is expected to produce about 35,000 tons of polysilicon per year, then gradually increase to 105,000 tons per year.
• GCL Technology
• Hemlock Semiconductor LLC
• OCI Company Limited
• Tongwei Group
• Wacker Chemie AG
Other Important Suppliers
• Polysilicon AE
• Asia Silicon (Qinghai) Co., Ltd.
• Daqo New Energy Corporation
• East Hope Group
• Mitsubishi Polycrystalline Silicon America Corporation
• REC Silicon ASA
• Tokuyama Company
• Shaanxi non-ferrous Tian Hong REC Silicon Materials Co., Ltd.
ANSWERS TO KEY QUESTIONS
1. What is the global polysilicon market revenue in 2021?
2. What is the projected size of the global polysilicon market by 2027?
3. What is the growth rate of the polysilicon market?
4. Which region dominates the global polysilicon market?
5. What are the key growth factors of the global polysilicon market?
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