Silicon metal or silicium refers to the chemical element silicon with the symbol Si. It is a grayish-white, semi-metallic looking solid. The primary application of silicon metal is in aluminum alloys and various chemicals. It forms a protective layer over the aluminum and prevents further corrosion. Silicon metal also helps improve the fluidity and castability of aluminum. This improves machining rate, surface finish and product performance. In the chemical industry, silicon metal is used in the production of silicone, silicone rubber, silicones and silanes. These compounds find applications in a variety of sectors including construction, personal care products, medical applications and more. 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 between 2024 to 2030.

Key Takeaways

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. The growing demand for aluminum alloys in various end-use industries like transport, construction and packaging is driving the consumption of silicon metal. Expanding application scope of silicones and silanes in personal care products, coatings, adhesives has contributed to the growth of the global silicon metal market.

Geographically, the Asia Pacific region dominates the global silicon metal market and is expected to continue leading over the forecast years. China is the largest producer as well as consumer of silicon metal globally. North America and Europe are considered as mature markets for silicon metal and are expected to grow at a moderate pace during the forecast period.

Market drivers

The primary drivers influencing the growth of the Silicon Metal Market Scope are the growing applications of aluminum alloys across various end-use industries like automotive, aerospace, packaging and transportation. There is increasing demand for lightweight aluminum alloys in the automotive industry to enhance fuel efficiency. Growing construction activities especially in the Asia Pacific region is another factor fueling the consumption of aluminum and consequently silicon metal. Expanding scope of silicone products like silicone sealants, adhesives and silicone rubber also supports the growth of the silicon metal market. The silicon metal market is anticipated to grow with the increasing use of silicones and silicone-based products in personal care, medical applications and manufacturing sectors.

Impact of geopolitical situation on the Silicon Metal market growth and regions:

The current geopolitical tensions and economic uncertainties across major regions are impacting the growth of the silicon metal market. The ongoing Russia-Ukraine war has disrupted the supply chain and trade routes, affecting the prices of key raw materials used in silicon metal production. This is hindering the market expansion in European countries. Additionally, the strict lockdowns and production halts implemented by the Chinese government to curb Covid outbreaks are negatively impacting the Asia Pacific market. Companies will need to diversify their supply networks and look for alternative raw material sources to mitigate risks arising from geo-political issues. They must consider expanding to newer regions with political stability and develop cost-effective transportation solutions.

Regionally concentrated market in terms of value:

Currently, Asia Pacific holds the largest share of the global silicon metal market in terms of value, accounting for nearly 40% of the total demand. The presence of a vast manufacturing sector and strong government support for the solar industry in China and India is driving the APAC market. Additionally, Japan is another major consumer due to the widespread use of silicon metal in the aluminum industry. North America is the second largest regional market, stimulated by the growth of the photovoltaic and aluminum industries in the US. Europe is another key region dominating the lucrative automotive aluminum alloy market.

Fastest growing region for the market:

The silicon metal market in Middle East and Africa is anticipated to witness the highest CAGR during the forecast period. This is attributed to ongoing infrastructural developments and initiatives towards expanding solar PV installations across the GCC countries and Africa. For example, South Africa has emerged as a promising market impelled by government efforts to reduce energy costs and dependencies on fossil fuels. Rising investments in the manufacturing industry along with growing automotive production are further boosting the demand for silicon metal in the MEA region.

Get more insights on this topic: https://www.newsanalyticspro.com/silicon-metal-market-size-and-share-analysis-growth-trends-and-forecasts/