Chlorosilane market size for solar grade silicone is set to surpass USD 29.5 billion by 2028, according to a new research report by Global Market Insights Inc.
Booming adoption of solar energy in residential, commercial, and government sectors is one of the significant reasons attributing towards market expansion. As, solar energy offers many remarkable benefits, such as clean source of energy, conservation of the deposits of fossil fuels. Additionally, it has other conventional sources of energy and environmental benefits including reduced greenhouse gas emission and reduced effects of global warming. Favorable regulatory scenario by governments of different countries is expected to provide a momentum to the solar energy sector growth.
Rapid industrialization is likely to boost the market statistics
Chlorosilane market for solar grade from trichlorosilanes segment is projected to register a CAGR of 22.5% through 2028. Trichlorosilane is used as a primary material to produce silane coupling agent, Thus, rising demand for silane coupling agent is predicted to propel the requirement for trichlorosilane across the globe. Trichlorosilanes have been used for manufacturing solar grade silicone over the past several years owing to its increasing use in the Siemens process which is majorly used for production of polysilicon.
Rapid rise in energy demand due to industrialization and urbanization is driving the need for sustainable energy resources in developed nations like, the U.S., Germany, and Japan. Thus, the governments are constantly focusing on limiting the dependency and use of fossil fuels for energy generation and control environmental pollution. These factors have increased the need for renewable energy sources such as solar energy, which in turn boost the demand for solar PV.
Browse key industry insights spread across 165 pages with 60 market data tables and 41 figures & charts from the report, “Chlorosilane Market Analysis for Solar Grade Silicone by Product (Methylchlorosilanes, Dimethylchlorosilanes, Tetrachlorosilanes, Trichlorosilanes), Industry Analysis Report, Regional, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing need to reduce excessive pollution will spur the market demand
Chlorosilane market for solar grade silicone size from methylchlorosilanes product is anticipated to surpass USD 310 million by 2028.This is attributed to the rising demand for silicone from different solar applications.
Rapidly booming solar industry coupled with increasing number of solar photovoltaic installations in different countries across the world is projected to raise the demand for methylchlorosilanes or production of polysilicon over the forecast period. Growing consumer awareness regarding the importance of harnessing renewable sources of energy such as solar energy and the increasing need to reduce excessive pollution caused due to the use of conventional fossil fuels will foster the market forecasts.
Increasing demand for plastics in consumer good will accelerate the Japan market trends
Japan Chlorosilane market for solar grade silicone is estimated to witness 25.5% CAGR between 2022 and 2028. Demand for chlorosilanes for manufacturing solar grade silicone is expected to surge in Japan during the forecast period owing to the increasing installations of solar equipment in the country. Presence of a large number of well-established players in the solar industry with their fully integrated business operations in the country to ensure an efficient supply chain and cost savings associated with raw material procurement and logistics will fuel the regional business landscape.
Moreover, in 2020, the Japanese government enacted the amendment of the Renewable Energy Act, according to which an FIP will be introduced instead of an FIT for certain types of renewable power projects. This regulation is likely to play a vital role in the development of large-scale solar and wind energy projects and concurrently supports market expansion in the country. Increasing foreign direct investment in the solar industry will augment the regional market revenue.
Some of the key players operating in the chlorosilane industry for solar grade silicone are Tokuyama Corporation, Elkem ASA, Chemcon Specialty Chemicals, OCI Company Ltd., Wacker Chemie AG, and others. Industry players in market are participating in several activities, such as research & development mergers, acquisitions, and collaborations, owing to immense growth of solar industry across the globe.