The global Silicon Metal Market Growth Accelerated by Expanding Electronics Industry
Silicon metal is an important material used in various industries such as electronics, chemicals, and photovoltaic. Silicon metal is used to produce silicones, polysilicon, aluminum alloys, and other materials. It possesses properties such as chemical inertness and high conductivity, which make it suitable for applications in the production of solar cells, semiconductors, and electronic gadgets.
The global Silicon Metal Market is estimated to be valued at US$ 7.67 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing electronics industry has been a major factor driving the demand for silicon metal. Silicon is used in the manufacturing of semiconductors and other electronic components. The expanding consumer electronics segment along with increasing use of embedded systems in automotive and industrial applications has propelled the demand for silicon metal over the past few years. According to data from Gartner, global semiconductor revenue grew 26.2 percent year-over-year to reach a record high of US$556.8 billion in 2021. Further, rising sales of devices such as smartphones, laptops, and wearable electronics are projected to augment the consumption of silicon metal in the electronics sector during the forecast period.
Segment Analysis
The global silicon metal market is dominated by aluminium alloy and chemicals sub-segments. The aluminium alloy sub-segment accounts for over 60% of the total market share owing to wide application of silicon metal in aluminium alloys production. Silicon metal is mainly used to manufacture silumin - an aluminium alloy with 5-13% silicon. It provides aluminium alloys with improved castability, hardness, corrosion resistance and high temperature strength.
Key Takeaways
The Global Silicon Metal Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global Silicon Metal Market is estimated to be valued at US$ 7.67 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis
Asia Pacific region currently dominates the global silicon metal market with over 45% share and is expected to maintain its lead during the forecast period. This can be attributed to presence of developing economies such as China and India where demand for aluminium alloys and chemicals is high. Additionally, key manufacturers are based in Asia Pacific economies resulting in low logistic costs.
Key players
Key players operating in the silicon metal market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. - C.F., Capo, and Pedla. Lumiere Cycling dominates the market with over 20% share due to wide distribution network and innovative product portfolio.
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