Global Silicon Metal Market 2020-2024 | Increase in the Demand for Aluminum-Silicon Alloys to Boost Market Growth | Technavio – Business Wire

LONDON--(BUSINESS WIRE)--The global silicon metal market is expected to grow by USD 675.35 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.

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Aluminum-silicon alloys have witnessed a significant increase in demand from the automotive and transport industries. These alloys are popular because of their ability to exhibit a unique combination of characteristics, such as casting into complex shapes in combination with a favorable strength-to-weight ratio giving them an edge over cast irons. Moreover, they exhibit low density combined with good mechanical properties. Aluminum-silicon alloys are primarily used as castings. In addition, they are used for making sheets and wires for welding and brazing, and a few of the piston alloys are extruded for forging stock. Silicon is the key alloying element as it imparts high fluidity and low shrinkage, resulting in good casting ability and weldability properties. The low thermal expansion coefficient is used in pistons, while and the high hardness of the silicon particles is incorporated for wear resistance. Thus, the increase in demand for aluminum-silicon alloys will drive the growth of the market.

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As per Technavio, the increased use of polycrystalline silicon will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Silicon Metal Market: Increased Use of Polycrystalline Silicon

The increased use of polycrystalline silicon is expected to drive the growth of the silicon metal market during the forecast period. Polycrystalline silicon, also known as polysilicon or poly-Si, is a high-purity, polycrystalline form of silicon, produced from silicon metal by a chemical purification process, and is used as a raw material by the solar photovoltaic and electronics industry. Currently, polysilicon is used in the conducting materials in semiconductor devices, such as metal oxide semiconductor field effect transistors (MOSFET); however, it can be used for large-scale photovoltaic devices as well. The abundance, stability, and low toxicity of silicon combined with the low cost of polysilicon compared to single crystals makes this material ideal for photovoltaic production. Polycrystalline silicon does not require to be deposited on a silicon wafer to form a solar cell, rather it can be deposited on other cheaper materials such as glass, thus reducing the cost.

Factors such as the diverse applications of silicon, and the increase in the demand for aluminum will have a significant impact on the growth of the silicon metal market value during the forecast period, says a senior analyst at Technavio.

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Silicon Metal Market: Segmentation Analysis

This market research report segments the silicon metal market by application (aluminum alloys, silicones and silanes, solar panels, semiconductors, and others) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the silicon metal market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the high demand for aluminum alloys from the automotive industry, optimistic economic growth, easy availability of raw materials, cheap labor, and power costs.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Global Silicon Metal Market 2020-2024 | Increase in the Demand for Aluminum-Silicon Alloys to Boost Market Growth | Technavio - Business Wire