Polysilicon Market Size, Growth, Industry & Revenue | 2032
Polysilicon Market Size, Growth, Industry & Revenue | 2032
Segments - Polysilicon Market by Type (Granular Polysilicon, Polysilicon Rod, Polysilicon Chunk, Polysilicon Chip, and Polysilicon Fines), Grade Type (Solar Grade and Electronics Grade), End-user (Solar PV (Monocrystalline Solar Panel and Multicrystalline Solar Panel), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024 – 2032
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| Report ID :MC-6559
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| 215 Pages
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Report Description
The global polysilicon market size was USD 13.6 Billion in 2023 and is likely to reach USD 36.5 Billion by 2032, expanding at a CAGR of 11.6% during 2024–2032. The market growth is attributed to the growing demand for the solar energy and increasing adoption of semiconductors.
Polysilicon is a type of silicon material that is made by reacting silicon dioxide with hydrogen gas at high temperatures. It is a highly pure form of silicon that is used in a variety of applications. The applications of polysilicon includes solar panels, electronics, semiconductors, and integrated circuits. Increasing demand for solar panels and large investments by the manufacturing companies is expected to drive the demand for the polysilicon market. For instance,
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In May 2022, Jink Solar ICP has partnered with Aldo Solar, a leading distributor of solar energy solutions in Latin America, to bring Jink Solar's cutting-edge N-Type ultra-efficiency photovoltaic Tiger Neo modules to the Brazilian market.
Polysilicon market is experiencing rapid growth, driven by the increasing installation of solar panels and the rising demand for electronic devices in the digital age. The adoption of innovative technologies is also contributing to the market's upward trajectory. Furthermore, government subsidies aimed at reducing the cost of semiconductor materials and electronic devices in urban and semi-urban areas are expected to further fuel the polysilicon market during the forecast period.
Impact of Artificial Intelligence (AI) in Polysilicon Market
Artificial Intelligence is used to monitor and control the polysilicon production process, ensuring that the material is produced to the highest quality standards. Artificial Intelligence is used to predict when maintenance is required, reducing downtime and increasing the overall efficiency of the production process.
AI is used to analyze the quality of the polysilicon material, identifying any defects or impurities and ensuring that only high-quality material is used in the production of semiconductors and other applications. Additionally, it is also be used to optimized the polysilicon production process, reducing energy consumption, waste, and environmental impact.
Polysilicon Market Dynamics
Major Drivers
Growing demand for the solar energy is driving the growth of the polysilicon market. Polysilicon us a critical material in the production of solar panels. Moreover, the increasing adoption of semiconductors in various applications, such as smartphones, laptops, and televisions, is driving the demand for polysilicon.
Existing Restraints
High production costs of polysilicon are a significant restraint in the market, as they make it difficult for manufacturers to produce high-quality polysilicon at a competitive price. Additionally, the limited supply of polysilicon is hindering the global market. The shortage in the supply and price volatility is expected to constrain the global market.
Emerging Opportunities
Growing demand for renewable energy is creating new opportunities for the polysilicon market, as polysilicon is a critical material in the production of solar panels. Furthermore, the growing demand for electric vehicles is creating new opportunities for the polysilicon market, as polysilicon is a key material in the production of electric vehicle batteries.
Scope of the Polysilicon Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Polysilicon Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017–2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Type (Granular Polysilicon, Polysilicon Rod, Polysilicon Chunk, Polysilicon Chip, and Polysilicon Fines), Grade Type (Solar Grade and Electronics Grade), End-user (Solar PV, Monocrystalline Solar Panel and Multicrystalline Solar Panel) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
DAQO NEW ENERGY CO., LTD.; GCL-TECH; High-Purity Silicon America Corporation; OCI COMPANY Ltd.; Qatar Solar Technologies; REC Silicon ASA; Tokuyama Corporation; Tongwei Group Co., Ltd; Wacker Chemie AG; and Xinte Energy Co., Ltd. |
Market Segment Insights
Regional Analysis
In terms of region, the global polysilicon market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominates the global market in 2023 owing to the high demand for polysilicon in South Korea, Japan, and China. Furthermore, the presence of key players in this region is expected to fuel the regional market. For instance,
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In April 2022, OCI has entered into a significant agreement with Hanwha Solutions, a South Korean solar manufacturer, to provide polysilicon supplies. The deal, valued at approximately USD 1.2 billion, marks a major milestone in the companies' partnership.
The market in North America is projected to grow at a significant pace in the years to come owing to the rising government policies and incentives for renewable energy adoption. Additionally, the growing Importance of polysilicon in advanced electronics and semiconductors is expected to fuel the regional market significantly during the forecast period.
Segment Analysis
Type Segment Analysis
Based on type, the polysilicon market is divided into granular polysilicon, polysilicon rod, polysilicon chunk, polysilicon chip, and polysilicon fines. The granular polysilicon segment held the largest share in the global market in 2023 owing to its widespread use in various applications. Granular polysilicon is used in solar panels, semiconductors, and electronic device. The granular polysilicon is preferred due to its high purity, high crystallinity, and high yield, boosting the segment.
Grade Type Segment Analysis
On the basis of grade type, the global market is segregated into solar grade and electronics grade. The solar grade segment is anticipated to register a considerable CAGR in over the predicted period due to the increasing production and demand of solar panels. Moreover, the increasing demand for renewable energy and decreasing costs of solar panels is expected to drive the segment during the forecast period.
The electronics grade segment is projected to register a robust growth rate during the assessment years owing to the increasing demand for advanced electronics and semiconductors. The demand for advanced electronics and semiconductors is driven by the growing demand for smartphones, laptops, and other electronic devices, as well as the increasing adoption of artificial intelligence, the Internet of Things (IoT), and other emerging technologies.
End-user Segment Analysis
On the basis of end-user, the polysilicon market is segmented into solar PV, monocrystalline solar panel and multicrystalline solar panel. The solar PV segment register a robust growth rate in 2023 due to the increasing demand for polysilicon in solar PV. Solar PV (Photovoltaic) is a technology that converts sunlight into electricity, and polysilicon is a key material used in the production of solar panels.
Segments
The polysilicon market has been segmented on the basis of
Type
- Granular Polysilicon
- Polysilicon Rod
- Polysilicon Chunk
- Polysilicon Chip
- Polysilicon Fines
Grade Type
- Solar Grade
- Electronics Grade
End-user
- Solar PV
- Monocrystalline Solar Panel
- Multicrystalline Solar Panel
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- DAQO NEW ENERGY CO., LTD.
- GCL-TECH
- High-Purity Silicon America Corporation
- OCI COMPANY Ltd.
- Qatar Solar Technologies
- REC Silicon ASA
- Tokuyama Corporation
- Tongwei Group Co., Ltd
- Wacker Chemie AG
- Xinte Energy Co., Ltd
Competitive Landscape
Key players competing in the global polysilicon market are DAQO NEW ENERGY CO., LTD.; GCL-TECH; High-Purity Silicon America Corporation; OCI COMPANY Ltd.; Qatar Solar Technologies; REC Silicon ASA; Tokuyama Corporation; Tongwei Group Co., Ltd; Wacker Chemie AG; and Xinte Energy Co., Ltd.
These players utilize several development strategies, such as product launches and acquisitions, to boost their global presence. For instance,
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In August 2022, REC Silicon has partnered with Mississippi Silicon to explore a raw material supply agreement, aiming to establish a sustainable and transparent U.S.-based solar supply chain. This collaboration will enable the development of a comprehensive U.S. solar supply chain, from raw silicon to fully assembled solar modules, with a focus on reducing carbon emissions and ensuring full traceability.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Polysilicon Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Polysilicon Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Polysilicon Market - Supply Chain
4.5. Global Polysilicon Market Forecast
4.5.1. Polysilicon Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Polysilicon Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Polysilicon Market Absolute $ Opportunity
5. Global Polysilicon Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Polysilicon Market Size and Volume Forecast by Types
5.3.1. Granular Polysilicon
5.3.2. Polysilicon Rod
5.3.3. Polysilicon Chunk
5.3.4. Polysilicon Chip
5.3.5. Polysilicon Fines
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Polysilicon Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Polysilicon Market Size and Volume Forecast by End Users
6.3.1. Solar PV
6.3.2. Monocrystalline Solar Panel
6.3.3. Multicrystalline Solar Panel
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Polysilicon Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Polysilicon Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Polysilicon Demand Share Forecast, 2019-2026
8. North America Polysilicon Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Polysilicon Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Polysilicon Market Size and Volume Forecast by Types
8.4.1. Granular Polysilicon
8.4.2. Polysilicon Rod
8.4.3. Polysilicon Chunk
8.4.4. Polysilicon Chip
8.4.5. Polysilicon Fines
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Polysilicon Market Size and Volume Forecast by End Users
8.7.1. Solar PV
8.7.2. Monocrystalline Solar Panel
8.7.3. Multicrystalline Solar Panel
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Polysilicon Demand Share Forecast, 2019-2026
9. Latin America Polysilicon Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Polysilicon Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Polysilicon Market Size and Volume Forecast by Types
9.4.1. Granular Polysilicon
9.4.2. Polysilicon Rod
9.4.3. Polysilicon Chunk
9.4.4. Polysilicon Chip
9.4.5. Polysilicon Fines
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Polysilicon Market Size and Volume Forecast by End Users
9.7.1. Solar PV
9.7.2. Monocrystalline Solar Panel
9.7.3. Multicrystalline Solar Panel
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Polysilicon Demand Share Forecast, 2019-2026
10. Europe Polysilicon Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Polysilicon Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Polysilicon Market Size and Volume Forecast by Types
10.4.1. Granular Polysilicon
10.4.2. Polysilicon Rod
10.4.3. Polysilicon Chunk
10.4.4. Polysilicon Chip
10.4.5. Polysilicon Fines
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Polysilicon Market Size and Volume Forecast by End Users
10.7.1. Solar PV
10.7.2. Monocrystalline Solar Panel
10.7.3. Multicrystalline Solar Panel
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Polysilicon Demand Share Forecast, 2019-2026
11. Asia Pacific Polysilicon Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Polysilicon Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Polysilicon Market Size and Volume Forecast by Types
11.4.1. Granular Polysilicon
11.4.2. Polysilicon Rod
11.4.3. Polysilicon Chunk
11.4.4. Polysilicon Chip
11.4.5. Polysilicon Fines
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Polysilicon Market Size and Volume Forecast by End Users
11.7.1. Solar PV
11.7.2. Monocrystalline Solar Panel
11.7.3. Multicrystalline Solar Panel
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Polysilicon Demand Share Forecast, 2019-2026
12. Middle East & Africa Polysilicon Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Polysilicon Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Polysilicon Market Size and Volume Forecast by Types
12.4.1. Granular Polysilicon
12.4.2. Polysilicon Rod
12.4.3. Polysilicon Chunk
12.4.4. Polysilicon Chip
12.4.5. Polysilicon Fines
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Polysilicon Market Size and Volume Forecast by End Users
12.7.1. Solar PV
12.7.2. Monocrystalline Solar Panel
12.7.3. Multicrystalline Solar Panel
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Polysilicon Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Polysilicon Market: Market Share Analysis
13.2. Polysilicon Distributors and Customers
13.3. Polysilicon Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. DAQO NEW ENERGY CO., LTD.
13.4.2. GCL-TECH
13.4.3. High-Purity Silicon America Corporation
13.4.4. OCI COMPANY Ltd.
13.4.5. Qatar Solar Technologies
13.4.6. REC Silicon ASA
13.4.7. Tokuyama Corporation
13.4.8. Tongwei Group Co., Ltd
13.4.9. Wacker Chemie AG
13.4.10. Xinte Energy Co., Ltd
Methodology
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