Polysilicon Market
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Polysilicon Market size was valued at around USD 12.4 billion in 2023 and is estimated to register a CAGR of 13.2% between 2024 and 2032. The solar PV industry is the largest consumer of polysilicon. Polysilicon is used to manufacture solar cells, which convert sunlight into electricity. The growth of the solar industry, driven by environmental concerns and renewable energy targets, significantly boosts the demand for polysilicon.
Polysilicon is a fundamental material in the semiconductor industry, used to manufacture integrated circuits, microchips, and other electronic components. The continuous demand for smaller, more powerful electronic devices, such as smartphones, laptops, and IoT devices, fuels the need for high-quality polysilicon.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Polysilicon Market size in 2023: | USD 12.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 13.2 |
| 2023 Value Projection: | USD 34.4 Billion |
| Historical Data for: | 2018 to 2023 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 191 |
| Segments Covered: | Type, Production Method, Application, Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Overcapacity in the polysilicon market can lead to price volatility, as excess supply can depress prices. Trade tensions and tariffs between major polysilicon-producing and consuming countries can disrupt supply chains and increase costs for manufacturers. Maintaining high-quality polysilicon production with consistent purity levels is crucial for semiconductor and solar cell manufacturing. Thus, the risks associated with Polysilicon may drive down the acceptance rate, further hampering the business growth.
The pandemic led to decreased demand for polysilicon in some sectors, particularly the automotive and consumer electronics industries, which saw reduced production and sales during lockdowns. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Continuous research and development efforts led to technological advancements in polysilicon production, resulting in higher purity levels, increased efficiency, and reduced production costs. Sustainability and environmental concerns became more prominent in the polysilicon industry. Manufacturers adopted greener production methods and improved energy efficiency to reduce their carbon footprint.
Based on type, the polysilicon market is segmented as electronic grade polysilicon, solar grade polysilicon. Electronic grade polysilicon held a majority market value of USD 6.1 billion in 2022. Electronic-Grade Polysilicon type of polysilicon is highly purified and used in the semiconductor industry for the production of integrated circuits and other electronic components.
Based on production method, the polysilicon market is segmented as chemical vapor deposition, silane gas phase. Chemical vapor deposition held a dominant market share of around 85% in 2022 and is expected to grow at a lucrative pace till 2032. The semiconductor industry relies heavily on CVD technology to deposit high-purity polysilicon onto wafers, which are then used to manufacture integrated circuits and other electronic components. As the demand for advanced electronics, including smartphones, computers, and IoT devices, continues to grow, so does the demand for polysilicon produced through CVD.
Based on application, the polysilicon market is segmented as photovoltaic solar cells {monocrystalline solar cells, multi-crystalline solar cells, thin-film solar cells} and semiconductor industry {integrated circuits, photovoltaic solar cells, light emitting diodes, others. Photovoltaic solar cells held a dominant market share in 2022 and is anticipated to grow at 13.1 % CAGR through 2032. Solar energy incentives, subsidies, and policies that encourage the adoption of solar power can significantly boost the demand for polysilicon in the manufacturing of solar panels.
U.S. dominated the North American region with majority polysilicon market share and a revenue of USD 0.6 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The growing EV market in North America requires advanced power electronics and semiconductor devices, which rely on polysilicon. As EV production and adoption increase, so does the demand for high-quality polysilicon.
Some of the major industry players operating in the polysilicon market are
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Polysilicon market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:
By Type
By Production Method
By Application
The above information is provided for the following regions and countries:
Wacker Chemie AG, OCI Company Ltd., GCL-Poly Energy Holdings Ltd., Tongwei Co., Ltd., Daqo New Energy Corp., Hemlock Semiconductor Corporation, Tokuyama Corporation, REC Silicon ASA, LDK Solar Co., Ltd., and Hanwha Solutions Corporation.
Market size for polysilicon was around USD 12.4 billion in 2023 and is estimated to reach USD 34.4 billion by the end of 2032.
Photovoltaic solar cells segment is anticipated to record around 13.1% CAGR from 2023 to 2032 owing to the solar energy incentives, subsidies, and policies that encourage the adoption of solar power.
U.S. market size for polysilicon was around USD 0.6 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032 attributed to the growing EV demand, that requires advanced power electronics and semiconductor devices, which rely on polysilicon.