Global Polysilicon Market

Global Polysilicon Market Size, Share, Growth Analysis, By Manufacturing Technology(Siemens Process, Upgraded Metallurgical Grade (UMG) Process), By Application(Solar Photovoltaics (PV) (Monocrystalline Solar Panel, Multicrystalline Solar Panel)) - Industry Forecast 2022-2028


Report ID: SQSG15E2038 | Region: Global | Published Date: August, 2022 | Pages: 165

Global Polysilicon Market Insights

Global polysilicon market was valued to be USD 8.5 billion in 2021, and it is anticipated to reach USD 11.8 billion by 2028 at a CAGR of 5.6% over the forecast period 2022 - 2028.

Polysilicon, also known as polycrystalline silicon, is a very pure type of silicon and a crucial component of the electronics and photovoltaic (PV) industries. It is frequently employed in the production of solar power generation systems, high-efficiency modules, ingots, wafers, and cells.

Currently, 52 percent of the world's silicon market is attributed to the sales of polysilicon. More solar photovoltaic (PV) installations worldwide are anticipated to significantly increase demand for polycrystalline silicon materials. The demand for solar grade polysilicon products is anticipated to significantly increase as solar energy generation is increasing in popularity, over the forecast period. Sales of materials with an electronics grade will also likely increase due to the increasing demand for semiconductors and electronics.

Market snapshot

Global Market Size

USD 8.5 billion

Largest Segment

Solar Photovoltaics (PV) (Monocrystalline Solar Panel and Multicrystalline Solar Panel)

Fastest Growth

Solar Photovoltaics (PV) (Monocrystalline Solar Panel and Multicrystalline Solar Panel)

Growth Rate

5.6% CAGR

Global Polysilicon Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Polysilicon Market Size By Application 2022-2028 ($ Bn)
Global Polysilicon Market Size By Application 2022-2028 (%)

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Global Polysilicon Market Segmental Analysis

The Global Polysilicon Market is segmented based on manufacturing technology, application, and region. Based on the manufacturing technology, it is categorized into Siemens Process, Upgraded Metallurgical Grade (UMG) Process and Fluidized Bed Reactor (FBR) Process. Based on the application, it is categorized into Solar Photovoltaic (PV), and Electronics. The Solar Photovoltaic (PV) sub-segment is further categorized into Monocrystalline Solar Panel and Multicrystalline Solar Panel. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Analysis by Application

On the basis of application, the solar photovoltaics (PV) segment currently dominates the global polysilicon market, in terms of both market value and market share. This market's expansion is primarily driven to the rising global demand for solar PV installations, which in turn promotes polysilicon consumption. Solar PV panels and semiconductors are both made largely of polysilicon. Due to forthcoming sustainable energy initiatives in various nations, the photovoltaic sector is expected to undergo exponential expansion. Additionally, it is predicted that the solar photovoltaics (PV) segment will have the greatest CAGR, during the forecast period.

Global Polysilicon Market By Application, 2021 (%)

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Global Polysilicon Market Regional Insights

Based on the region, the Asia Pacific region currently dominates the global polysilicon market with respect to market share and it is predicted to have the highest share over the forecast period. This is a result of China and India's rising demand for consumer electronics and semiconductors. Nearly 35% of the worldwide solar market in 2021 was accounted for by the Chinese market. Installed capacity increased significantly in nations like Vietnam, India, and Japan. China's solar photovoltaic (PV) power generation has advanced exceptionally quickly over the past five years, and the nation now leads the globe in both installed capacity and solar power generation. The Asia Pacific polysilicon market is also expected to expand due to rising communication device demand.

Government investments in solar energy generation are likely to increase demand for polysilicon in North America and Europe, as it is used in the fabrication of semiconductors for solar PVC. The measures the government has taken to decrease its carbon footprint are linked to the expansion of the solar photovoltaics market in Latin America, which in turn has fueled the rise of the polysilicon business. Due to the ongoing development of technology and the growing consumer demand for electronics, the Middle East and Africa is also predicted to experience market expansion.

Global Polysilicon Market By Geography, 2022-2028
  • Largest
  • Fastest

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Global Polysilicon Market Dynamics

Drivers

  • Increasing demand for communication devices and the production of solar photovoltaic (PV): The rising demand for solar photovoltaics is one of the reasons anticipated to propel the polysilicon industry. The need for solar photovoltaics is anticipated to rise as a result of the declining supply of fossil fuels, which will ultimately drive the market. Additionally, the market will expand due to the rapid increase in demand for communication devices.

Restraints

  • The high capital costs associated with establishing polysilicon manufacturing facilities represent one significant barrier in the way of the market for polysilicon. This makes it challenging for new players to enter the market and inhibits market expansion, and thus, restrains the market for the polysilicon industry globally.

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Global Polysilicon Market Competitive Landscape

Companies in the sector have had to deal with obstacles such as factory closures, anti-dumping laws, and oversupply. However, the polysilicon market is anticipated to have a more balanced supply and demand environment, price stability, and profitability over the projection period. Additionally, businesses have embraced forward integration tactics and entered the semiconductor and photovoltaic industries. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like partnerships and collaborations.

Top Players Company Profiles

  • Wacker Chemie AG (Germany)
  • Hemlock Semiconductor Operations and Hemlock Semiconductor (US)
  • Mitsubishi Polycrystalline Silicon America Corporation (US)
  • GCL-Poly Energy Holdings Limited (China)
  • OCI Solar Power LLC (US)
  • REC Silicon ASA (Norway)
  • Daqo New Energy Corp. (China)
  • SunEdison Inc. (US)
  • Osaka Titanium Technologies Co. Ltd (Japan)
  • Qatar Solar Technologies (Qatar)
  • Tokuyama Corporation (Japan)
  • Suntech Power Holdings Co., Ltd (China)
  • Canadian Solar Inc. (Canada)
  • Trina Solar Limited (China)
  • SunPower Corporation (US)
  • Kaneka Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Panasonic Corporation (Japan)

Recent Developments

  • In February 2021, OCI’s Malaysian subsidiary, OCIM Sdn Bbn (OCIMSB) announced the supply of polysilicon worth USD 845.5 million to LONGi Green Energy Technology Co. Ltd of China for three years until February 2024. This contract will help OCI Company Ltd to strengthen its business capability and production efficiency.
  • In February 2021, OCI declared that it is planning to expand its polysilicon capacity by 35,000 tons. If this decision is finalized , then by 2024 the plant would have a total capacity of 65,000 to 75,000 tons.
  • In November 2021, Hanwha Solutions, whose photovoltaics subsidiary was the world’s sixth largest solar module supplier in 2020, announced that they are going to invest NOK1,402.1 million (US$160.35 million) for a 16.67% stake in REC Silicon, a Norway-headquartered and U.S.-based polysilicon manufacturer.

Global Polysilicon Key Market Trends

  • The growing usage of electronic grade polysilicon in the production of electronic circuits and power conversion equipment is one of the major trends in the polysilicon market. If the use of polysilicon in all of these appliances continues to rise, it is projected to support the growth of the polysilicon market. Other potential trends include the rising need for power brought on by the expanding population, higher living standards, and urbanization, which also presents new opportunities for those involved in the polysilicon business.

Global Polysilicon Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to the analysis, the global polysilicon market is currently led by countries in the Asia Pacific region, rising demand for consumer electronics and semiconductors in countries such as China and India. Along with this, the solar photovoltaic (PV) segment is currently dominating the global polysilicon market, and it is projected to maintain its dominance over the forecast period, due to the rising global demand for solar PV installations, which is predicted to support the growth of the global polysilicon market.

Report Metric Details
Market size value in 2021 USD 8.5 billion
Market size value in 2028 USD 11.8 billion
Growth Rate 5.6%
Base year 2021
Forecast period 2022 - 2028
Forecast Unit (Value) USD Billion
Segments covered
  • Manufacturing Technology
    • Siemens Process, Upgraded Metallurgical Grade (UMG) Process, Fluidized Bed Reactor (FBR) Process
  • Application
    • Solar Photovoltaics (PV) (Monocrystalline Solar Panel, Multicrystalline Solar Panel), Electronics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Wacker Chemie AG (Germany)
  • Hemlock Semiconductor Operations and Hemlock Semiconductor (US)
  • Mitsubishi Polycrystalline Silicon America Corporation (US)
  • GCL-Poly Energy Holdings Limited (China)
  • OCI Solar Power LLC (US)
  • REC Silicon ASA (Norway)
  • Daqo New Energy Corp. (China)
  • SunEdison Inc. (US)
  • Osaka Titanium Technologies Co. Ltd (Japan)
  • Qatar Solar Technologies (Qatar)
  • Tokuyama Corporation (Japan)
  • Suntech Power Holdings Co., Ltd (China)
  • Canadian Solar Inc. (Canada)
  • Trina Solar Limited (China)
  • SunPower Corporation (US)
  • Kaneka Corporation (Japan)
  • Mitsubishi Electric Corporation (Japan)
  • Panasonic Corporation (Japan)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Polysilicon Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Polysilicon Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Polysilicon Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polysilicon Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Polysilicon Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Polysilicon Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global polysilicon market was valued to be USD 8.5 billion in 2021, and it is anticipated to reach USD 11.8 billion by 2028 at a CAGR of 5.6% over the forecast period 2022 - 2028.

Companies in the sector have had to deal with obstacles such as factory closures, anti-dumping laws, and oversupply. However, the polysilicon market is anticipated to have a more balanced supply and demand environment, price stability, and profitability over the projection period. Additionally, businesses have embraced forward integration tactics and entered the semiconductor and photovoltaic industries. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like partnerships and collaborations.'Wacker Chemie AG (Germany)','Hemlock Semiconductor Operations and Hemlock Semiconductor (US)','Mitsubishi Polycrystalline Silicon America Corporation (US)','GCL-Poly Energy Holdings Limited (China)','OCI Solar Power LLC (US)','REC Silicon ASA (Norway)','Daqo New Energy Corp. (China)','SunEdison Inc. (US)','Osaka Titanium Technologies Co. Ltd (Japan)','Qatar Solar Technologies (Qatar)','Tokuyama Corporation (Japan)','Suntech Power Holdings Co., Ltd (China)','Canadian Solar Inc. (Canada)','Trina Solar Limited (China)','SunPower Corporation (US)','Kaneka Corporation (Japan)','Mitsubishi Electric Corporation (Japan)','Panasonic Corporation (Japan) '

Increasing demand for communication devices and the production of solar photovoltaic (PV): The rising demand for solar photovoltaics is one of the reasons anticipated to propel the polysilicon industry. The need for solar photovoltaics is anticipated to rise as a result of the declining supply of fossil fuels, which will ultimately drive the market. Additionally, the market will expand due to the rapid increase in demand for communication devices.

The growing usage of electronic grade polysilicon in the production of electronic circuits and power conversion equipment is one of the major trends in the polysilicon market. If the use of polysilicon in all of these appliances continues to rise, it is projected to support the growth of the polysilicon market. Other potential trends include the rising need for power brought on by the expanding population, higher living standards, and urbanization, which also presents new opportunities for those involved in the polysilicon business.

Based on the region, the Asia Pacific region currently dominates the global polysilicon market with respect to market share and it is predicted to have the highest share over the forecast period. This is a result of China and India's rising demand for consumer electronics and semiconductors. Nearly 35% of the worldwide solar market in 2021 was accounted for by the Chinese market. Installed capacity increased significantly in nations like Vietnam, India, and Japan. China's solar photovoltaic (PV) power generation has advanced exceptionally quickly over the past five years, and the nation now leads the globe in both installed capacity and solar power generation. The Asia Pacific polysilicon market is also expected to expand due to rising communication device demand.

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Global Polysilicon Market

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