Silicon Metal Market Size, Share, Growth Analysis, By Product Type(Metallurgy Grade, Chemical Grade), By Application(Aluminium Alloy, Semiconductors, Solar Panels, Stainless Steel), By Region - Industry Forecast 2024-2031

Silicon Metal Market Driver

Increasing demand for high-strength aluminium alloy for vehicles is a major driving factor.

• While growing demand for fuel-efficient automobiles and reducing their carbon footprint is the major driver for the swelling use of silicon metal in aluminium forging and will tend to remain the same for a long time.
• Increasing smartphones and other smart electronic devices use Silicon semiconductors as a major component in it and this is the most demanding semiconductor substance globally. Growing disposable income in developing nations is increasing the demand for more advanced electronic products which also propels the demand for silicon semiconductors. These all factors will fuel the silicon metal market growth during the analysis period.

Silicon Metal Market Restraint

The increasing cost of production is a major restriction for the market.

• Major factor restraining the market is the high cost of production for silicon metal. The SAF process consumes a lot of energy which in turn increases the cost of production of the silicon. Silicon production is a very labour-intensive process and also consumes a lot of energy for silicon purification.
• Another factor that restrains the growth of the silicon metal market is control of the supply chain of the silicon globally with some limited nation and disruption in it will inflate the price of the commodity and slow down the market growth.