Polysilicon Market Is Estimated To Witness High Growth Owing To...

Polysilicon Market Is Estimated To Witness High Growth Owing To Increasing Demand For Solar Photovoltaic Cells

Posted 2023-12-11 10:39:39

SWOT Analysis

Strength: Polysilicon is one of the primary raw material in manufacturing of solar photovoltaic cells. It is abundantly available raw material that can easily be extracted from sand and purified for commercial use. It has long lifespan of over 25 years and minimal maintenance requirement. It provides clean energy and helps reduce carbon emissions.

Weakness: Production of polysilicon is a highly energy intensive process requiring high temperature for manufacturing. This makes polysilicon production a costly affair. Supply chain disruptions due to geopolitical issues can impact steady supply of polysilicon.

Opportunity: Increasing focus on developing renewable energy resources to reduce dependence on fossil fuels among nations provides growth opportunity for polysilicon market. Government incentives and policies supporting use of solar PV projects drive the demand for polysilicon.

Threats: Volatility in prices of key raw materials like trichlorosilane increases the production cost. Dumping of low cost polysilicon from China in the global market impacts competitiveness of other regional players.

Key Takeaways

Global Polysilicon Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing focus on renewable energy generation.

Regional analysis: China dominates the global polysilicon market with over 50% share due to presence of leading polysilicon manufacturers. Emerging economies of Southeast Asian nations are also fetching lucrative growth opportunities owing to conducive government policies.

Key players: Key players operating in the polysilicon market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. These players are investing in capacity expansion to cater growing demand for solar grade polysilicon.