Global Polysilicon Market to Showcase Strong CAGR Through 2025

July 03, 2020

According to a recent study titled ‘Global Polysilicon Market (Value, Volume) – Analysis By Application, Manufacturing Technology, By Region, By Country (2020 Edition): Market Insight, Covid-19 Impact and Forecast (2020-2025)’, available with Market Study Report LLC, global polysilicon market was valued at USD 7426 million in 2019 and is expected to record substantial growth through 2025.

Inflow of investments for expansion of solar capacity owing to shifting focus among industrial sector and governments across the globe towards renewable energy sources due to eco-friendly and cost-efficient benefits serve as a major growth impetus for global polysilicon market.

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Notably, with increasing installation of solar panels across the globe, the demand for polysilicon is steadily rising as it is the major raw material for manufacturing solar PV panels. Moreover, escalating energy demand due to rapid urbanization, improving lifestyle, and ever-growing population is another rationale contributing towards the industry growth.

However, temporary shutdown of numerous industries, including manufacturing sites and logistics due to the COVID-19 pandemic has resulted in sluggish growth of global polysilicon market.

Speaking of the application spectrum, solar photovoltaic segment is expected to account for a significant portion of global polysilicon market share during the forecast period. Rising adoption of sustainable energy sources, coupled with various government subsidies and tax-exemptions offered to promote usage of solar PV are fueling the segment growth. Further, government inclination towards reducing emission from power plants by transitioning to eco-friendly solar energy is positively impacting the overall industry outlook.

Elaborating on the manufacturing technology, siemens process accounted for majority market share in 2019 and is expected to follow similar growth trends in the forthcoming years. The demand for higher-quality polysilicon among manufacturers to fulfill the energy targets continues to drive the segment growth. The paradigm shift towards polysilicon with high purity levels of 9N and above, as it can considerably enhance solar cell efficiencies, is favoring the use of siemens technology which is capable of producing polysilicon with purity ranging from 9N to 11N.

On the geographical front, Asia Pacific boasts of majority share of global polysilicon market presently, on account of factors such as rapid progression of solar and semiconductor industries and high GDP growth rate. Moreover, with several emerging economies like India and China having an active solar industry, and Japan being a huge untapped territory, dense presence of leading players is supporting the regional market expansion.

Major players operating in global polysilicon market are Activ Solar, Qatar Solar Technologies - (QSTec), Hemlock Semiconductor, OCI Solar Power LLC, Tokuyama Corporation, REC Silicon, Daqo New Energy Corp., OCI Company Limited, GCL-Poly Energy Holdings Limited, and Wacker Chemie.

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