Polysilicon Market Size, Share, By End-User Industry (Electronics, Solar PV, Multi-crystalline Solar Panel and Mono-crystalline Solar Panel), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)– Market Trends, Analysis and Forecast till 2034

Report Code: PMI509623 | Publish Date: May 2024 | No. of Pages: 170

Polysilicon Market Overview

Polysilicon Market Size was valued at US$ 26.9 Billion in 2024 and is projected to grow at a CAGR of 16.20% to reach US$ 105.6 Billion by 2034.

Polysilicon, also known as polycrystalline silicon, is a high-purity form of silicon material composed of many small crystalline structures. It is an essential component used in the production of solar photovoltaic (PV) cells and other electronic devices.The Siemens technique is used to create polysilicon by depositing silicon onto thin silicon rods at high temperatures from a gaseous silicon compound, usually trichlorosilane (SiHCl3). Solid polycrystalline silicon rods are produced as a result of this process, and these rods are further divided into smaller chunks.

 The purity level of polysilicon used in the electronics and solar industries is usually 99.9999% or higher, guaranteeing the correct operation of electrical devices and solar cells.  Polysilicon is made up of several tiny silicon crystals arranged in various directions to form a polycrystalline structure.  Polysilicon possesses semiconductor qualities similar to single-crystal silicon, which qualifies it for usage in solar cells and electrical components.

Polysilicon Market Dynamics

Polysilicon Market Drivers:   

Growing demand for consumer electronics

  • Polysilicon is widely utilized in the electronics industry because it is used to make semiconductor wafers, which are vital parts of many different consumer electronics, including computers, smartphones, and other gadgets. The polysilicon industry is expanding due to the rising demand for these devices brought on by changes in customer preferences and technology.

Growth of the photovoltaic (PV) solar market

  • As polysilicon is the main raw material used in the manufacturing of solar cells and modules, the PV sector is the biggest user of the material. The demand for polysilicon has increased due to the huge growth in solar PV system installations brought about by government programs and incentives, as well as the global move towards renewable energy sources.

Restrains in the Polysilicon Market:

High manufacturing costs

  • Making polysilicon requires a sophisticated, energy-intensive process that calls for specialized equipment and high temperatures. High production costs are the outcome, and this may raise the price of downstream goods like solar panels and electronics.

Environmental concerns

  • The manufacture of polysilicon uses a lot of energy and produces a lot of greenhouse gas emissions, which is concerning. Manufacturers of polysilicon may incur increased expenditures for compliance and the adoption of sustainable practices as environmental rules become more rigorous.

Key Opportunities in Polysilicon Market:

Growing need for renewable energy

  • The polysilicon market is poised for substantial growth as a result of the world's transition toward renewable energy sources, which is being pushed by environmental concerns and the need for sustainable energy solutions. The demand for polysilicon, the main raw material used in the production of solar cells, will expand in tandem with the demand for solar photovoltaic (PV) systems.

Development of advanced solar cell technologies

  • More economical and efficient solar cell technologies are being developed as a result of ongoing research and development in the solar sector. These developments frequently call for novel materials based on polysilicon or polysilicon of higher purity, which presents an opportunity for polysilicon producers to create specialized goods suited to these cutting-edge technologies.

Polysilicon Market Segmentation

Polysilicon Market is segmented based on based on by End-User and Region.

End-User Insights

  • Electronics – Polysilicon has extensive application in the production of integrated circuits, semiconductors, and other electronic devices. It is an essential raw material used in the manufacturing of silicon wafers, the building blocks of microchips and other electronic components.
  • Solar PV - Since polysilicon is the main raw material needed to make solar cells and modules, the solar PV industry is a significant polysilicon user.
  • Multi-crystalline Solar Panel - Multi-crystalline silicon solar cells are produced from polycrystalline silicon ingots or blocks, which are made from polysilicon. These panels are popular and reasonably priced for use in both household and utility-scale solar installations.
  • Mono-crystalline Solar Panel - Single-crystal silicon ingots, which are also generated from polysilicon, are used to create mono-crystalline silicon solar cells. These panels are frequently utilized in situations where there is a need for maximum energy output or where space is at a premium, as they generally exhibit better efficiency rates than multi-crystalline panels.

Polysilicon Market Regional Insights:

On region the Polysilicon Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America: Countries like the US and Canada are important producers of polysilicon. The electronics sector and the expanding use of solar energy are the main drivers of polysilicon demand.
  • Asia Pacific: A sizeable portion of the worldwide polysilicon market is accounted for by this area. Polysilicon demand is being driven by established electronics industries in countries like China, Japan, South Korea, and Taiwan, as well as fast expanding solar PV markets.
  • Europe: European countries like Germany, Italy, and Spain have been significant consumers of polysilicon for their solar PV installations. The significant electronics manufacturing industry in the area also contributes to the demand for polysilicon.
  • Latin America: Emerging markets for solar PV installations include Brazil, Mexico, and Chile, which raises the need for polysilicon in the area.
  • Middle East & Africa: As a result of investments in solar energy projects, the Middle East and Africa, in particular Saudi Arabia and the United Arab Emirates, have seen a rise in the demand for polysilicon.

Polysilicon Market Report Scope:

Attribute

Details

Market Size 2024

US$ 26.9 Billion

Projected Market Size 2034

US$ 105.6 Billion

CAGR Growth Rate

16.20%

Base year for estimation  

2023

Forecast period       

2024-2034

Market representation       

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By End-User - Electronics, Solar PV, Multi-crystalline Solar Panel, Mono-crystalline Solar Panel

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Polysilicon Market report based on End-User and Region:

Polysilicon Market, By End-User:

  • Electronics
  • Solar PV
  • Multi-crystalline Solar Panel
  • Mono-crystalline Solar Panel

Polysilicon Market, By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Polysilicon Market Key Players

The key players operating the Polysilicon Market includes, OCI Company Ltd., REC Silicon ASA, Wacker Chemie AG, Mitsubishi Materials Corporation, CSG Holdings Co. Ltd., TBEA Co. Ltd., Qatar Solar Technologies, Hanwha Chemicals Co. Ltd., Hemlock Semiconductor Corporation, Asia Silicon

Polysilicon Market Key Issues Addressed

  • In May 2023, Adani Enterprises becomes the first company to start the construction of a polysilicon and monosilane manufacturing facility to be constructed in Mundra, Gujarat. Mundra Solar Technology, a group company of Adani Enterprises, has awarded the state-owned construction and engineering company Engineers India (EIL) with the task of delivering owner's engineer services for a 30,000 MTPA polysilicon and 500 ?ΡA monosilane project. India has historically been dependent on the import of polysilicon because the majority of the world's polysilicon production occurs outside of the nation. Photovoltaic panels are primarily made of polysilicon.
  • In September 2023, Australia has seen the introduction of a high-end rooftop solar panel. 1komma5°, a global leader in solar electrification, said that it is currently accepting orders for its Full Black module, which is built in Europe. To address supply chain, sustainability, and ethical problems, 1komma5°, which established itself in Australia last year after acquiring a majority position in NSW-based PV and battery company Natural Solar, began producing its panel components in Europe.

Polysilicon Market Company Profile

  • OCI Company Ltd.*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategy Overview
  • REC Silicon ASA
  • Wacker Chemie AG
  • Mitsubishi Materials Corporation
  • CSG Holdings Co. Ltd.
  • TBEA Co. Ltd
  • Qatar Solar Technologies
  • Hanwha Chemicals Co. Ltd.
  • Hemlock Semiconductor Corporation
  • Asia Silicon

 

“*” marked represents similar segmentation in other categories in the respective section.

Polysilicon Market Table of Contents

Research Objective and Assumption

  • Preface
  • Research Objectives
  • Study Scope
  • Years Considered for the study
  • Assumptions
  • Abbreviations

Research Methodology

  • Research data
  • Primary Data
    • Primary Interviews
    • Primary Breakdown
    • Key data from Primary Sources
    • Key Thickness Insights
  • Secondary Data
    • Major Secondary Sources
    • Secondary Sources
  • Market Estimation
  • Top-Down Approach
    • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
  • Bottom-Up Approach
    • Approach for estimating market share by Bottom-up Analysis (Demand Side)
  • Market Breakdown and Data Triangulation
  • Research Assumptions

Market Preview

  • Executive Summary
  • Key Findings
    • Key Questions this Study Will Answer
    • Market Snippet, By End-User
    • Market Snippet, By Region
  • Opportunity Map Analysis
  • Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
    • Drivers
    • Restrains
    • Market Opportunities
    • Market Trends
  • DR Impact Analysis
  • PEST Analysis
  • Porter’s Five Forces Analysis
  • Opportunity Orbit
  • Market Investment Feasibility Index
  • Macroeconomic Factor Analysis

Market Segmentation, By End-User, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Electronics
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Solar PV
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Multi-crystalline Solar Panel
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Mono-crystalline Solar Panel
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Regional Trends
  • North America
    • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • U.S.
      • Canada
  • Europe
    • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • UK
      • France
      • Germany
      • Russia
      • Italy
      • Rest of Europe
  • Asia Pacific
    • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • India
      • Japan
      • South Korea
      • China
      • Rest of Asia Pacific
  • Latin America
    • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East & Africa
    • Market Size and Forecast (US$ Bn), By End-User, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East

Competitive Landscape

  • Heat Map Analysis
  • Market Presence and Specificity Analysis

Company Profiles

  • OCI Company Ltd.
  • REC Silicon ASA
  • Wacker Chemie A
  • Mitsubishi Materials Corporation
  • CSG Holdings Co. Ltd.
  • TBEA Co. Ltd.
  • Qatar Solar Technologies
  • Hanwha Chemicals Co. Ltd.
  • Hemlock Semiconductor Corporation
  • Asia Silicon

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

The Polysilicon Market is segmented into End-User Industry and Region:

Polysilicon Market is driven by factors like growing consumer electronics and solar PV industries.

By region, the Polysilicon market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific, market is estimated to witness a significantly high revenue share over the forecast period.

The key players operating the Polysilicon Market includes, OCI Company Ltd., REC Silicon ASA, Wacker Chemie AG, Mitsubishi Materials Corporation, CSG Holdings Co. Ltd., TBEA Co. Ltd., Qatar Solar Technologies, Hanwha Chemicals Co. Ltd., Hemlock Semiconductor Corporation, Asia Silicon and others.

Polysilicon Market was valued at USD 26.9 Billion in 2024 and is projected to grow at a CAGR of 16.20% to reach USD 105.6 Billion by 2034.