Polysilicon market is anticipated to grow at a CAGR of 14.2% during the forecast period (2024-2031). The growing shift toward renewable energy sources, particularly solar energy globally is a key factor for the high demand for polysilicon in 2022. The market players are expanding their manufacturing capacity to support the growing demand for polysilicon in the solar and semiconductor industry. In June 2023, WACKER expanded semiconductor-grade polysilicon production capacity in Burghausen. As part of the strategic initiatives, there are intentions to establish a new production line at the Burghausen site of the company by the beginning of 2025. This upcoming plant is anticipated to significantly augment the existing capacity at the site, surpassing a 50 percent increase. At its three polysilicon production sites in Burghausen, Nünchritz, and Charleston, WACKER’s annual production capacity adds up to 80,000 metric tons, creating over 3,500 jobs. It employs about 17,000 dedicated specialists at the Burghausen and Nünchritz production sites. The Charleston production site, which was inaugurated in 2016, has a capacity of over 20,000 metric tons/year.
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The growing demand for polysilicon is attributed to the growing solar power and consumer electronics industry in India. The increasing exports of solar modules and the surge in PV manufacturing capacity are further aiding the market demand. The Government of India has taken several measures to make India an attractive destination for Foreign Direct Investment. Owing to this fact, a massive jump has been recorded in solar panel exports from India to the US in the previous quarter, which coincided with a push amongst Indian manufacturers to ramp up the capacity to meet domestic demand. The production potential of polysilicon is limited in India as the country does not have any significant reserves of silicon or a well-developed supply chain for polysilicon production. As a result, India is heavily reliant on imports of polysilicon, which account for about 80.0% of the total demand. The Indian government targets to achieve 450.0 GW of renewable energy capacity by 2030, leading to an increased focus on developing domestic solar manufacturing capacity, including polysilicon production.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Polysilicon Market by Grade
- Solar-Grade
- Monocrystalline Ingot/Wafer and Cells
- Multi Crystalline Ingot/Wafer and Cells
- Novel Wafer Applications
- Electronics Grade/Semiconductor Grade
Global Polysilicon Market by Type
- Granular Polysilicon
- Polysilicon Rod
- Polysilicon Chunk
- Others (Polysilicon Chip and Polysilicon Fines)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Adani Group
- Asia Silicon (Qinghai) Co., Ltd
- Hanwha Group
- Hemlock Semiconductor, LLC
- Jiangxi Ldk Solar High-Tech Co., Ltd.
- Mitsubishi Materials Trading Corp.
- OCI Ltd.
- Rec Silicon ASA
- Shin-Etsu Chemical Co., Ltd.
- Sichuan Yongxiang Co., Ltd.
- Targray Technology International Inc.
- Tokuyama Corporation
- Yichang Csg Polysilicon Co., Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global polysilicon market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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