August 01, 2019
Global polysilicon market is projected to exceed US $13.24 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
It is well-known that silicon is available in abundance enabling the manufacturing of polysilicon using three widely used processes. Also known as poly-Si, polysilicon is the high purity grade of silicon used as a raw material for manufacturing of photovoltaics wafers. Polysilicon is highly demanded in the fabrication of electronics and semiconductor components, thereby driving polysilicon market growth globally.
According to the report, solar installations had crossed 100 GW globally for the very first time in 2017. This occurrence can be deemed as a result of rising awareness among the population about the renewable energy resources and its consequent demand. While the solar installations saw massive growth, the polysilicon supply surpassed demand in 2017. The oversupply occurred due to China’s deadline of feed-in tariff (FIT) and deficiency of transmission lines in Western China from sunny regions.
Several countries around the globe are witnessing a rise in middle-class who are adopting solar energy for different applications, becoming a significant parameter for the growth of polysilicon market. The constantly increasing consumption of photovoltaics, an application of polysilicon, in end-use sectors has driven the demand of polysilicon.
Electronics & electrical industry is a leading consumer of polysilicon as it is used for manufacturing essential electrical component like integrated circuits used in electronics assemblies. Economic and social factors have extensively bolstered the demand for consumer electronics such as personal computers, smartphones, and data storage devices, in turn propelling the polysilicon market growth.
In terms of regional contribution, China is the largest consumer of polysilicon worldwide. China is not only a major consumer of PV module, but is also the largest manufacturer of the PV module. Yet, the FIT deadline and reported trade disputes between the US and China, are restraining polysilicon market growth. As a result of this, the US has lost its access to the PV manufacturing industry of China causing financial distress in the region.
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As cited in the report, Asia Pacific region is presumed to dominate the global polysilicon market, on account of the rapid industrial growth of its various countries. Emerging nations like India, China, Japan, South Korea along with few other Southeastern Asian countries have contributed significantly towards market growth.
The leading players dominating the polysilicon market include Waker Chemie, CSG Holdings Co. Ltd., REC Silicon, Mitsubishi Materials Corporation, Tokuyama Corporation, GCL-Poly Energy Holdings Ltd., and LDK Solar Company Ltd. The worldwide market is composed of both domestic as well as multinational companies.
The report delivers a comprehensive analysis of polysilicon market drivers, restraints, and opportunities over the estimated timeline. In addition to this, the company profiles of market majors have been documented in the report alongside their business overview, product benchmarking, financials, and recent developments.