波尔ysilicon Market Size, Share & Trends Analysis Report By Application (Solar PV, Electronics), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) And Segment Forecasts, 2023 - 2030

Report Overview

The globalpolysilicon market sizewas valued atUSD 34.12 million in 2022and is expected to grow at a compound annual growth rate (CAGR) of 15.9% from 2023 to 2030. The market is poised for growth due to the thriving solar power and electronic industries worldwide. The increasing global demand for clean and renewable energy sources has triggered a surge in solar power installations across the world. As governments, businesses, and individuals aim to reduce carbon emissions and transition to sustainable energy options, there has been a substantial rise in global solar panel production. Polysilicon, known for its high energy conversion efficiency, is essential for creating solar cells that can effectively capture and convert sunlight into electricity. This creates a direct and surged demand for polysilicon across the world.

According to the U.S. Department of Energy (DOE), the U.S. imported 12.2 GWdc of PV modules in Q1 of 2023 and the import increased by 17% compared to the previous quarter. This has positively influenced the demand for polysilicon across the U.S. and is anticipated to follow a similar trend over the forecast period.

Government incentives and policies designed to promoterenewable energyadoption have had a deep impact on the growth of the market. These policies encompass subsidies, tax incentives, and renewable energy targets formulated by governments of different countries to encourage the growth of solar power installations. The requirement to meet these targets has driven significant investments in the solar power industry, thereby contributing to the demand for polysilicon across the world.

Moreover, the production of semiconductors, in particular, relies increasingly on the availability of polysilicon. The persistent requirement of the electronics industry for small and highly efficient semiconductors necessitates the use of polysilicon, known for its exceptional purity and electrical properties. This demand is especially evident in cutting-edge technologies such as 5G,artificial intelligence, and data centers with semiconductor components at the forefront of innovations related to them. Consequently, the market benefits significantly from these advancements as the manufacturing of semiconductors is scaling up to meet their rising global demand.

Application Insights

The solar PV segment led the market and accounted for a revenue share of over 76.0% in 2022. This positive outlook is due to the rising environmental concern, favorable government incentives, and subsidies for solar panel installations. Moreover, the cost of solar PV technology has significantly decreased, making it more affordable for consumers and businesses. As polysilicon is a key component of solar panels, thus, cost reduction is anticipated to propel the demand for polysilicon over the forecast period.

The electronics (semiconductors) segment is expected to grow at a CAGR of around 13.6% during the forecast period owing to the proliferation of consumer electronics and automotive electronics. Furthermore, technological advancements such as 5G, artificial intelligence (AI), and theInternet of Things(IoT) are driving the development of new semiconductor devices, that use polysilicon for their fabrication.

Regional Insights

Asia Pacific dominated the market and accounted for a revenue share of over 63.0% in 2022. This positive outlook is due to the presence of some of the world's largest and fastest-growing solar photovoltaic (PV) markets, including China, India, Japan, and South Korea. Asia-Pacific countries, particularly China, have invested heavily in expanding their polysilicon production capacity. As per the National Energy Administration (NEA), China continues to be a global leader in photovoltaic (PV) capacity expansion, with 61.2 GW of newly added PV capacity in the first five months of 2023. This has resulted in a significant increase in local polysilicon supply, hence, benefitting the market.

North America is expected to witness steady growth due to the significant demand for polysilicon owing to the expanding solar PV industry and semiconductor manufacturing. Furthermore, investments in research and development, supply chain optimization, and sustainability efforts are expected to play a vital role in triggering the demand for polysilicon over the forecast period. For instance, according to the Solar Energy Industries Association, the solar industry attracted private investment of nearly USD 35.0 billion in 2022.

In Europe, the demand for polysilicon has surged from 2021 to 2023, largely due to the region's increasing emphasis on renewable energy sources. As Europe strives to achieve its sustainability and climate goals, the demand for polysilicon, a critical raw material in solar photovoltaic (PV) cells, is expected to gain prominence.

关键Companies & Market Share Insights

In the polysilicon market, key players have adopted a strategic approach by integrating their production of raw materials and distribution operations. This integration not only enhances product quality but also extends their geographic reach. These strategic moves provide a competitive advantage in the market. To maintain their leadership positions, these players are actively investing in research and development initiatives. They are focused on innovating new products that align with changing market dynamics and evolving customer preferences.

In June 2023, Wacker Chemie AG announced the expansion of its semiconductor-grade polysilicon purification capacity. The company intends to establish a new production line at its Burghausen facility by early 2025, resulting in a capacity increase of over 50%. This strategic investment project is anticipated to require capital expenditures exceeding USD 320.5 million.

Research activities aimed at new applications are expected to gain widespread acceptance in this industry in the coming years. Some of the prominent companies manufacturing this material include Tongwei Group Co., Ltd, DAQO NEW ENERGY CO., LTD., GCL-TECH, Xinte Energy Co., Ltd, Wacker Chemie AG, and OCI COMPANY Ltd. Some prominent players in the globalpolysilicon market include:

• High-Purity Silicon America Corporation

• OCI COMPANY Ltd.

• Qatar Solar Technologies

• REC Silicon ASA

• Tongwei Group Co., Ltd

• Tokuyama Corporation

• Wacker Chemie AG

• Xinte Energy Co., Ltd

• 达QO NEW ENERGY CO., LTD.

• GCL-TECH

• Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.

波尔ysilicon Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 37.31 million
Revenue forecast in 2030	USD 104.69 million
Growth rate	CAGR of 15.9% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Report updated	September 2023
Quantitative units	Volume in kilotons, revenue in USD million, and CAGR from 2023 to 2030
Report coverage	Revenue and volume forecast, company profiles, competitive landscape, growth factors, and trends
Segments covered	Application, region
Region scope	North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country scope	U.S.; Canada; Mexico; Germany; U.K.; Italy; France; Spain; Denmark; Norway; Sweden; China; India; Japan; South Korea; Australia; Brazil; Argentina; South Africa; Saudi Arabia
Key companies profiled	High-Purity Silicon America Corporation; OCI COMPANY Ltd.; Qatar Solar Technologies; REC Silicon ASA; Tongwei Co., Ltd; Tokuyama Corporation; Wacker Chemie AG; Xinte Energy Co., Ltd; DAQO NEW ENERGY CO,.LTD.; GCL-TECH; Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
Customization scope	Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Polysilicon Market Report Segmentation

This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2030. For this study, Grand View Research has segmented the global polysilicon market report based on application, and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Solar PV

    • Monocrystalline Solar Panel

    • Multicrystalline Solar Panel

  • Electronics (Semiconductor)

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • Italy

    • France

    • Spain

    • Denmark

    • Norway

    • Sweden

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • 澳大利亚

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia