Silicon Metal Market
The production of silicon metal involves the reduction of quartz. Carbon is used as a reducing agent for the remaining quartz. A final reaction occurs above the centre of the furnace at a temperature of over 1835oC. The temperature is maintained by an electric arc between the electrode tips and the furnace's centre. As the silicon metal is formed, the melting process ends. The silicon metal is then extracted from the furnace. There are many different processes for the production of silicon metal. The raw materials used in silicon metal production are coal, quartz, and wood chips.
Market Statistics:
The global Silicon Metal Market was estimated to account for US$ 6.1 Bn in terms of value by the end of 2021.
Global Silicon Metal Market: Drivers
Growing demand for silicon metal from construction industry is driving growth of the market. Silicone sealant or adhesive is majorly used in commercial and residential construction for materials that may be exposed to extreme weather conditions, such as rain, direct sunlight, strong wind, or freezing temperatures. Thus, increasing global construction industry is expected to boost the sale of silicon metal market.
Global Silicon Metal Market: Opportunities
Post Covid-19 various companies are rearranging their operations and recovering from the COVID- 19 impact by adopting the remote working model. This is expected to provide significant growth opportunities to the key players. Moreover, additional applications, such as wire-wound components, electrical connectors, lithium-ion batteries, and UPS power backups, are growing constantly which is again anticipated to impact the market growth positively.
Global Silicon Metal Market: Restraints
Impact of Covid-19 on wide range of manufacturing industries such as automotive, construction, semiconductor, and others is expected to hinder the silicon metal market.
Global Silicon Metal Market - Impact of Coronavirus (Covid-19) Pandemic
Key players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Mining industries in China have returned to normal operations in Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Steel and iron ore industry globally has regained strength which is expected to lower the impact of Covid-19 pandemic on silicon metal industry.
To know the latest trends and insights prevalent in the Global Silicon Metal Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/silicon-metal-market-5051
Key Takeaways:
The global silicon metal market was valued at US$ 5.8 Bn in 2020 and is forecast to reach a value of US$ 8.2 Bn by 2028 at a CAGR of 4.4% between 2022 and 2028.
Aluminium alloys application segment held dominant position in the global silicon metal in 2020, accounting for 43.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increasing adoption of strategic alliance such as partnership and agreements among key players is expected to be one of the trend in market. For instance, in January 2021, MGX Minerals Inc. has announce a business development and distribution partnership with Dong Bang Metal Co. Ltd (“Dong Bang’) of Korea for metallurgical grade silicon.
Growing demand for consumer electronic products such as mobiles, laptops, and other electrical appliances is expected to favour the market growth. According to the India Brand Equity Foundation, appliances and consumer electronics industry stood at US$ 9.84 billion in 2021 is expected to more than double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.
Global Silicon Metal Market: Competitive Landscape
Global Silicon Metal Market: Recent Developments
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