With the rise in population across the world, the need for effective energy resources and efficient buildings is also increasing. Silicon metals are used in silicones/silanes, aluminum alloys, solar panels, and semiconductors among others. Thus, the rise in construction activities across the world is anticipated to boost the demand for silicon metal in the coming years. The demand for silicones and silanes is expected to rise in the coming years due to the rising application of silicones in chemical, personal care, electronics, plastics and textiles, and building and construction industries. The growth of the global silicon metal market can also be attributed to the mounting demand for solar panels in regions such as Europe, North America, and Asia Pacific.
According to a report added to Market Research Reports Search Engine’s (MRRSE) repository, the global silicon metal market is expected to expand at a CAGR of 5.2% between 2016 and 2024. The global silicon metal market is projected to reach a market worth US$3.4 bn by 2024. Due to the economic growth in many developing countries, the demand for silicon metal is likely to witness a steady rise in the coming years.
Due to the presence of a few large companies in the global silicon metal market, the market is oligopolistic in nature. The competition is, however, expected to intensify over the next couple of years owing to rise in entry barriers, market volatility, and high production cost. Although, government policies and regulations are likely to positively impact the market scenario in the forthcoming years.
Advantageous Properties of Silicon Metal to Augment Demand from End Users
Silicon metals have application in solar panels, silicones, laboratory reagents, stainless steel, and aluminum alloys among others. Aluminum alloys emerged as the key application segment in the global silicon metal market with an overall share of 40% in 2015 in terms of volume. Aluminum alloys, when mixed with silicon, tend to perform better in terms of corrosion resistance, castability, machinability, and thermal conductivity. Moreover, in terms of application, the semiconductors industry is anticipated to maintain a steady lead in the global silicon metal market until 2024. The application of silicon is also expected to significantly rise among other end users owing to properties such as less temperature susceptibility, low processing and extracting cost, low current leakage, and easy doping.
Browse the full Global Silicon Metal Market report at http://www.mrrse.com/silicon-metal-market
Growing Construction Industry to Aid Sales of Silicon Metal in Asia Pacific
Geographically, the global silicon metal market is segmented into Europe, Latin America, Asia Pacific, the Middle East and Africa, and North America. Among all the regions, Asia Pacific emerged dominant in terms of volume in 2015 and accounted for 40% of the overall share in the global silicon metal market in the same year. It is also anticipated to witness strong growth between 2016 and 2024. Owing to the economic growth, cheap power and labor cost, easy availability of raw materials, and robust growth of the building and construction industry, the demand for silicon metals is expected to rise substantially in Asia Pacific. Furthermore, strong demand for solar panels in the region is also another factor which is likely to drive the growth of the silicon metal market in Asia Pacific. Apart from this, North America and Latin America are estimated to witness considerable growth until 2024 owing to the increased application of silicon metals in aluminum alloys and silicon defoamers, respectively.