Published Date : Jul 21, 2016
A growth in the demand of power generation using solar panels owing to the environment-conservation is expected to spur the demand for silicon metal globally. Silicon is an element used in the manufacturing of semiconductor devices. The element is available in abundance, however, the high production cost of Silicon forms a limitation. Additionally, high entry barriers and market volatility are a few restraining factors that need to be resolved in the syndicated silicon market.
Despite these limitations, reduced temperature susceptibility, easy doping, low processing and extraction costs, and low current leakage coupled with supportive government regulations and policies retains the interests of key players in the silicon market.
Growing Application of Aluminum Alloys Likely to Boost Silicon Metal Market
In terms of applications, silicon metals are used in solar panels, silicones and silanes, aluminum alloys, stainless steel, and laboratory reagents. A high growth rate in the global silicon market has been registered due to the increased use of aluminum alloys in transportation industry. Presence of silicon in aluminum alloys increases its thermal conductivity, castability, machinability, and corrosion resistance. Apart from the high demand in aluminum alloys and solar panels, Silicon is also used in silanes/silicones. This can be comprehended by a large scale deployment of chemicals and materials using silicon across various industries.
Vendors Benefit from Encouraging Government Policies in APAC
Based on the geography, the global silicon market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. The Asia Pacific region leads the global market by volume. The demand for silicon metal in APAC is expected to rise in the forthcoming years owing to optimistic economic growth, low power costs, feasibility, and cheap labor. Additionally, the government policies directed at augmenting the generation of energy using solar panels is likely to elevate the demand for silicon market in the region. Furthermore, the infrastructural development registered in countries such as India and China is also likely to fuel the demand for Silicon in APAC.
While North America is likely to experience moderate growth in the coming years, Latin America is anticipated to witness impressive growth in the forthcoming years owing to the rising demand for silicone-based defoamers in the food and beverages industry.