Polysilicon Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 14.49 Billion |
| Market Size (2029) | USD 26.94 Billion |
| CAGR (2024 - 2029) | 13.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polysilicon Market Analysis
The Polysilicon Market size is estimated at USD 14.49 billion in 2024, and is expected to reach USD 26.94 billion by 2029, growing at a CAGR of 13.21% during the forecast period (2024-2029).
COVID-19 negatively affected the market studied in 2020. Considering the government-imposed lockdowns, solar projects across the world were temporarily halted during the pandemic. However, the demand for the market studied recovered significantly in 2021 and is expected to grow at a significant rate in the coming years.
- Over the short term, the major factor driving the market studied are the increasing number of solar photovoltaic (PV) installations and growth in the semiconductor industry.
- However, emerging competitors, such as upgraded metallurgical-grade silicon (UMG-Si) solar cells and high capital expenditure, are likely to hinder the market.
- Technological advancement in the production process is likely to be a major opportunity in the global polysilicon market over the forecast period.
- Asia-Pacific is expected to dominate the global polysilicon market and is also expected to be the fastest-growing market during the forecast period owing to the increasing consumption of countries such as China and India.
Polysilicon Market Trends
This section covers the major market trends shaping the Polysilicon Market according to our research experts:
Growing Demand from the Solar PV Industry
- Polysilicon is a key material in the solar PV industry as it is one of the most important feedstock materials used to manufacture silicon-based solar cells.
- Polysilicon is used to produce monocrystalline solar panels and multi-crystalline panels. Monocrystalline solar panels are one of the most popular solar panels used in rooftop solar panel installations today. Monocrystalline silicon solar cells are manufactured through the Czochralski method, in which a seed crystal of silicon is placed into a molten vat of pure silicon at a high temperature.
- This process forms a single silicon crystal, called an ingot, which is sliced into thin silicon wafers, which are then used in solar modules.
- Polycrystalline panels are sometimes referred to as multi-crystalline panels. They are popular among homeowners looking to install solar panels on a budget.
- Like monocrystalline panels, polycrystalline panels are made of silicon solar cells. However, the cooling process is different, which causes multiple crystals to form instead of one. Polycrystalline panels used in residential homes usually contain 60 solar cells.
- The solar PV industry is one of the fastest-growing industries in the world. According to the International Energy Agency (IEA), this industry accounts for almost two-thirds of the net power capacity across the world.
- Using solar PV to power mini-grids is an excellent way to bring electricity access to people who do not live near power transmission lines, particularly in developing countries with excellent solar energy resources.
- Solar power remains the fastest-growing renewable energy across the world, therefore representing over half of the 3,064 GW (gigawatt) of renewable capacity installed internationally in 2021, as per the International Renewable Energy Agency (IRENA).
- According to International Renewable Energy Agency (IRENA), the total global solar capacity expansion increased by 19% in 2021, recording 133 GW additional installations. Furthermore, as per World Economic Forum, in 2021, for the first time, solar and wind together generated over 10% of the total electricity across the world, with solar power accounting for around 5% of the share.
- In 2021, the total global installed solar energy capacity was around 850 GW, compared to 770 GW in 2020. As per IEA, the additions in renewable power capacity in 2021 were driven up by 290 GW of solar PV new commissions, representing a 3% hike from 2020. Solar PV accounted for more than half of the total renewable power expansions the previous year.
- Therefore, the growing solar PV industry is expected to boost the demand for polysilicon in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific was found to be the major consumer of polysilicon, owing to increasing consumption from countries such as China, South Korea, and India.
- The Chinese ministry recently released the polysilicon production capacity in the country, which totaled 122,000 tons.
- Sizeable pipelines for new polysilicon expansions in the country continue to be built, with over 1.2 million tons expected to be online by 2023. Although most expansions (72%) are planned outside of Xinjiang, the vast majority (89%) of global polysilicon production is still expected to take place within China.
- South Korea has the world's ninth-largest solar installation. The country also generates about 4% of its electricity from solar energy, and since November 2021, the amount of solar power has been steadily increasing. Furthermore, according to the International Trade Organization, South Korea is the 14th country to become carbon neutral by 2050, with an interim target of reducing emissions by 40% by 2030.
- South Korea imports more than 90% of its energy resources, sustaining industries deemed highly energy-intensive due to its lack of domestic energy resources. In 2021, South Korea generated 576,316 GWh of electricity, with an 18% increase in renewable energy (43,085 GWh).
- In 2021, Tata Power Solar bagged orders worth INR 538 crore (~USD 65.77 million) from state-run Energy Efficiency Services Ltd (EESL) to set up multiple distributed ground-mounted solar projects of approximately 100MW in India.
- As of June 2021, many of the world's largest solar power facilities were located in India and China. In India, Bhadla solar farm, located in Jodhpur district, Rajasthan, has a total production capacity of 2,245 megawatts.
- Hence, such trends, coupled with rapidly growing end users, are expected to boost the demand for polysilicon in countries of the Asia-Pacific region during the forecast period.
Polysilicon Industry Overview
The global polysilicon market is consolidated, with the top five players accounting for a significant share of global production. Some of the major players (not in any particular order) include Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd.
Polysilicon Market Leaders
-
Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd)
-
GCL-TECH
-
DaqoNew Energy Co. Ltd
-
Wacker ChemieAG
-
XinteEnergy Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Polysilicon Market News
- August 2022: REC Silicon ASA and Mississippi Silicon collaborated to develop a solar supply chain in the United States. They plan to develop this solar supply chain from raw silicon to polysilicon and finally to fully assembled modules.
- April 2022: OCI Company Ltd signed a binding memorandum of understanding (MoU) with the South Korean-based solar manufacturer Hanwha Solutions, which is a unit of Hanwha, for the supply of polysilicon. The order was valued at about USD 1.2 billion. This has helped the company in increasing its profit margins.
Polysilicon Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Number of Solar PV Installation
4.1.2 Growth in the Semiconductor Industry
4.2 Restraints
4.2.1 Emerging Competitors, such as Upgraded Metallurgical-grade Silicon (UMG-Si) Solar Cell
4.2.2 High Capital Expenditure
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Snapshot
5. MARKET SEGMENTATION (Market Size in Value)
5.1 End-user Industry
5.1.1 Solar PV
5.1.1.1 Monocrystalline Solar Panel
5.1.1.2 Multicrystalline Solar Panel
5.1.2 Electronics (Semiconductor)
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Asia Silicon (Qinghai) Co. Ltd
6.4.2 Daqo New Energy Co. Ltd
6.4.3 GCL-TECH
6.4.4 Hemlock Semiconductor Operations LLC And Hemlock Semiconductor LLC
6.4.5 Mitsubishi Polycrystalline Silicon America Corporation
6.4.6 OCI Company Ltd
6.4.7 Qatar Solar Technologies
6.4.8 REC Silicon ASA
6.4.9 Sichuan Yongxiang Co. Ltd (Tongwei)
6.4.10 Tokuyama Corporation
6.4.11 Wacker Chemie AG
6.4.12 Xinte Energy Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Technological Advancement in Production Process
Polysilicon Industry Segmentation
Polycrystalline silicon is the key feedstock in the crystalline silicon-based photovoltaic industry and is used for the production of conventional solar cells. The polysilicon market is segmented by the end-user industry and geography. By end-user industry, the market is segmented into solar PV (monocrystalline solar panel, multi-crystalline solar panel) and electronics (semiconductor). The report also covers the market size and forecasts for the market in 15 countries across major regions. The report offers the market size and forecasts in revenue in USD million for all the above segments.
| End-user Industry | ||||
| ||||
| Electronics (Semiconductor) |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Polysilicon Market Research FAQs
How big is the Polysilicon Market?
The Polysilicon Market size is expected to reach USD 14.49 billion in 2024 and grow at a CAGR of 13.21% to reach USD 26.94 billion by 2029.
What is the current Polysilicon Market size?
In 2024, the Polysilicon Market size is expected to reach USD 14.49 billion.
Who are the key players in Polysilicon Market?
Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker ChemieAG and XinteEnergy Co. Ltd are the major companies operating in the Polysilicon Market.
Which is the fastest growing region in Polysilicon Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polysilicon Market?
In 2024, the Asia Pacific accounts for the largest market share in Polysilicon Market.
What years does this Polysilicon Market cover, and what was the market size in 2023?
In 2023, the Polysilicon Market size was estimated at USD 12.80 billion. The report covers the Polysilicon Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polysilicon Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the primary drivers for Polysilicon Market growth?
The primary drivers for Polysilicon Market growth are a) Increasing number of solar photovoltaic (PV) installations b) Growth in the Semiconductor Industry c) Technological advancement in the production process
Polysilicon Industry Report
The global polysilicon market is witnessing remarkable growth, propelled by the burgeoning solar power industry and the escalating adoption of solar energy as a sustainable power source. This growth is further fueled by the expansion of electronics and semiconductor industries, driven by technologies such as 5G, IoT, and AI, significantly elevating the demand for polysilicon. The U.S. market, with its robust commitment to clean energy, alongside government policies and incentives worldwide, are amplifying the demand for solar cells and modules, thus enriching the polysilicon sector. Dominated by the solar PV segment, polysilicon is crucial in manufacturing solar cells, underscoring its vital role in the industry's economics. The market's growth is also spurred by the digitalization in emerging economies and the increasing demand from the solar photovoltaics sector, despite the capital-intensive nature of manufacturing. Polysilicon production by country showcases a global manufacturing landscape, with China at the forefront. Polysilicon solar panels, vital for solar energy conversion, highlight the importance of high-quality polysilicon in the renewable energy domain. For detailed insights into the polysilicon market share, size, and revenue growth rate, 糖心vlog传媒鈩� Industry Reports offer a comprehensive market forecast outlook and historical overview, available for download as a free report PDF.
