The global silicon metal market size is expected to grow monumentally during the forecast period. The demand for high-quality silicone chipsets from the electronic sector is expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled "Silicon Metal Market Size Report, 2021-2028."
Silicon metal is a soluble metalloid element used in the manufacturing of aluminum alloys, silicones & silanes, microchips, and solar cells. It possesses a brown amorphous shape, dark crystalline shape, and allotropic shapes. It is used extensively in the production of semiconductor chipsets in consumer electronics. It is used to produce chipsets for smartphones, DRAM, flash memories, CPU, and others. The adoption of digitization and advanced equipment by several organizations is expected to boost demand for silicon metal. Rapid digitization and increasing demand for advanced chipsets from automotive, aerospace, defense, and consumer electronics are expected to boost market growth during the upcoming years.
Halt on production Activities to Negatively Affect Industry Growth Globally
This market is expected to be negatively affected by the COVID-19 pandemic because of the halt on manufacturing activities. The sudden spike in COVID-19 patients has provoked governments to impose stringent government regulations. Restrictions placed on production, transport, and travel lead to raw material shortage and lack of supply chain. However, the adoption of reduced capacities and advanced production machinery by manufacturers is expected to enhance their annual revenues. Furthermore, the adoption of sanitization is expected to foster the market during the pandemic.
Silicon Metal Market Segments
By product type, the market is segmented into chemical-grade and metallurgy-grade. Based on application, it is classified into stainless steel, solar panels, semiconductors, aluminum alloys, and others. Geographically it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
The report highlights the leading segments and the latest trends.
It comprehensively discusses the impact of COVID-19 and the driving and restraining factors.
Examines regional insights and strategies devised by the prominent companies operating in the market.
Drivers and Restraints
Increasing Adoption of the Silicon from Electronics Sector to Boost Market Growth
Silicon metal is used extensively for the production of silicon chipsets in smart electronics. The rising demand for silicon chipsets from several manufacturers is expected to fuel the demand for silicon metal. Rapid 5G infrastructure development and increasing demand for high-speed internet devices are expected to boost demand for the product. The silicon boosts performance and improves thermal dissipation. The adoption of advanced smart devices is expected to boost the demand for the product from several OEM smartphone manufacturers. Rising smartphone sales and the presence of advanced digital infrastructure are expected to drive the silicon metal market growth.
However, high production costs are expected to hamper the market's progress in the upcoming years.
Regional Insights
Presence of Silicone Manufacturing and large Aluminum Core to Fuel Market Growth in the Asia Pacific
Asia Pacific is expected to dominate the silicon metal market share because of the presence of a large silicon manufacturing and large aluminum core in China. Furthermore, huge consumption from China is expected to foster the product's demand. Additionally, the rising adoption of smartphones and advanced 5G infrastructure is expected to propel market growth.
North America is the second-largest shareholder because of the rising adoption of electric vehicles. The rising adoption of silicon metal in automotive navigation is expected to fuel market growth.
In Europe, the emergence of various silicon manufacturing hubs is expected to fuel silicon metal's demand. Additionally, the presence of a high-quality automotive manufacturing sector is expected to fuel market growth.
Source- https://www.fortunebusinessinsights.com/silicon-metal-market-104596
Competitive Landscape
Companies Invest in Research and Development to Enhance Brand Image
Prominent companies operating in the market invest heavily in research and development to improve their product quality and use better components. This strategy can enable companies to improve their brand image. Further, the adoption of technologically advanced production techniques enables companies to reduce costs, improve operational efficiency, improve product quality, improve their sales and enhance their annual revenues. Additionally, the examination of recent trends enables companies to undertake profitable ventures and enhance their market position.
List of Key Players Profiled in the Silicon Metal Market Report
Ferroglobe Plc
Dow DuPont
Elkem ASA
RIMA Group
Rusal
LIASA
Wacker Chemie AG