Polysilicon Market Research Report - Forecast to 2030

Polysilicon Market Research Report Information By Manufacturing Technology (Siemens Process, FBR Process, Upgraded Metallurgical-Grade Silicon Process), By Form (Chips, Chunks, Rods), By End User (Solar Photovoltaic, Electronics), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ‚Äď Market Forecast Till 2030.

ID: MRFR/CnM/1188-HCR | 145 Pages | Author: Anshula Mandaokar | June 2023         

Polysilicon Market Speak to Analyst Request a Free Sample

Global Polysilicon Market Overview


The  Polysilicon Market Size was valued at USD 10.89 Billion in 2022. The Polysilicon industry is projected to grow from USD 12.91 Billion in 2023 to USD 27.07 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.05% during the forecast period (2023 - 2030). Polysilicon, also known as polycrystalline silicon, is a material made up of small silicon crystals that are melted and then solidified together to form a larger structure. It is widely used in the electronics industry as a raw material for the production of various semiconductor devices, including solar cells, transistors, and integrated circuits. Polysilicon is typically produced by the chemical purification of metallurgical-grade silicon, which is obtained from the reduction of silicon dioxide with carbon at high temperatures. The resulting polysilicon material has a high purity level, with impurity concentrations in the parts-per-million range. Polysilicon is a critical component in the manufacturing of solar cells, which convert sunlight into electrical energy. It is also used in the production of microchips and other electronic devices due to its high electrical conductivity and ability to form stable, reliable electrical connections.
Global Polysilicon Market Overview


   Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polysilicon Market Trends




  • Regulatory Support Is Boosting The Market




An increase in industrialization, a greater reliance on renewable energy sources, an increase in the number of small and medium-sized businesses, particularly in developing countries, and a growing emphasis on technological advancements and modernization of production methods will all contribute to the industry's growth. The government will also make greater efforts to reduce the cost of solar products.


Polysilicon Market Segment Insights


Polysilicon Manufacturing Technology Insights


The market segmentation, based on Manufacturing Technology, includes Siemens Process, FBR Process, and Upgraded Metallurgical-Grade Silicon Process. The Siemens Process segment holds the majority share in 2022, contributing to the global Polysilicon revenue. This process involves the reduction of silicon tetrachloride (SiCl4) with hydrogen gas (H2) in a high-temperature reactor. The resulting polysilicon is then purified through several steps to achieve a high level of purity.


Polysilicon Form Insights


Based on Form, the market segmentation includes Chips, Chunks, and Rods. The Excavation & Demolition segment dominated the market. Polysilicon is a critical raw material used in the production of Integrated circuits (ICs) in a form of chips, which are used in a wide range of electronic devices such as smartphones, computers, and televisions.


Polysilicon End-User Insights


Based on End-User, the market segmentation includes ‚Äč‚Äč‚Äč‚ÄčSolar Photovoltaic, Electronics. The Electronics segment is the largest segment of the market. Integrated circuits (ICs) are the largest contributor to the market within the electronics segment. ICs are used in a wide range of electronic devices such as smartphones, computers, and televisions. The production of high-purity polysilicon is crucial for the production of ICs, as even small impurities in the material can affect the performance of the semiconductor device. Polysilicon is also widely used in the production of solar cells, which are used to generate electricity from sunlight.


Figure 2:  Polysilicon Market, by Form, 2022 & 2030 (USD Million)


Polysilicon Market, by Form, 2022 & 2030


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polysilicon Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific dominates the market, accounting for a significant share of the global market demand. This is mainly due to the increasing production and consumption of electronic devices and the growing demand for solar energy in the region. China is the largest consumer and producer of polysilicon in the world, with a significant number of polysilicon production facilities located in the country. Other countries in the Asia Pacific, such as Japan, South Korea, and Taiwan, also have a significant presence in the market, with a large number of semiconductor and solar cell manufacturing facilities located in the region. In addition to the increasing demand for electronic devices and solar energy, favorable government policies and incentives for the development of renewable energy sources have also been driving the growth of the market in the Asia Pacific region.


Figure 3:  POLYSILICON MARKET SHARE BY REGION 2022 (%)
 POLYSILICON MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polysilicon Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polysilicon industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Polysilicon industry to benefit customers and expand the market sector. Major market players, including Kirloskar, Generac Power Systems Inc, Caterpillar, REC Silicon, Tokuyama Corporation, and others, are attempting to increase market demand by funding R&D initiatives.


Kirloskar Electric (KEC) is a provider of electrical engineering services. It manufactures transformers, switchgear,  generator, electronics, motors, and other products. The company caters to power generation, transportation, transmission and distribution, and renewable energy sectors.


A producer of power products is Generac Power Products (also known as Generac Power Systems). It provides a variety of goods, including pressure washers, trimmers, mowers, and portable, RV, residential, commercial, and industrial generators.


Key Companies in the Polysilicon market include



  • GCL-Poly Energy Holdings Limited

  • Wacker Chemie

  • OCI COMPANY Ltd

  • REC Silicon

  • Tokuyama Corporation

  • Qatar Solar Technologies

  • Lanco Solar

  • Kirloskar

  • Generac Power Systems Inc

  • Caterpillar


Polysilicon Industry Developments


August 2022: REC Silicon ASA and Mississippi Silicon announced a collaboration to develop a solar supply chain in the U.S. They plan to develop this solar supply chain from raw silicon to polysilicon and finally to fully assembled modules.


April 2022: OCI Company Ltd announced it had signed a binding memorandum of understanding (MoU) with the South Korean-based solar manufacturer Hanwha Solutions, which is a unit of Hanwha, for the supply of polysilicon. The order was valued at about USD 1.2 billion. This has helped the company in increasing its profit margins.


Polysilicon Market Segmentation


Polysilicon Manufacturing Technology Outlook



  • Siemens Process

  • FBR Process

  • Upgraded Metallurgical-Grade Silicon Process


Polysilicon Form Outlook



  • Chips

  • Chunks

  • Rods


Polysilicon End-User Outlook



  • Solar Photovoltaic

  • Electronics


Polysilicon Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 10.89 Billion
Market Size 2023 USD 12.91 Billion
Market Size 2030 USD 27.07 Billion
Compound Annual Growth Rate (CAGR) 12.05% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2019 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Manufacturing Technology, Form, End-User, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled GCL-Poly Energy Holdings Limited, Wacker Chemie, OCI COMPANY Ltd, REC Silicon, Tokuyama Corporation, Qatar Solar Technologies, Lanco Solar, Kirloskar, Generac Power Systems Inc, Caterpillar
Key Market Opportunities ·         More use of electronic-grade polysilicon in the manufacturing of electronic circuits and power conversion devices.
Key Market Dynamics ·         Due to the rapid increase in the number of solar TV installations ·         Rising demand for electronic devices all over the globe due to the modern era.
 

Frequently Asked Questions (FAQ) :

The  Polysilicon Market size was valued at USD 10.89 Billion in 2022.

The global market is projected to grow at a CAGR of 12.05% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the  Polysilicon Market.

The key players in the market are GCL-Poly Energy Holdings Limited, Wacker Chemie, OCI COMPANY Ltd, REC Silicon, Tokuyama Corporation, Qatar Solar Technologies, Lanco Solar, Kirloskar, Generac Power Systems Inc, and Caterpillar.

The Siemens Process category dominated the market in 2022.

The Electronics segment had the largest share of the global market for Polysilicon.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
Request Free Sample

Why Choose Market Research Future?

  • ✅ Vigorous research methodologies for specific market.
  • ✅ Knowledge partners across the globe
  • ✅ Large network of partner consultants.
  • ✅ Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • ✅ Trusted by fortune 500 companies/startups/universities/organizations
  • ✅ Large database of 5000+ markets reports.
  • ✅ Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid