The global high purity silicon market is anticipated to grow at a considerable CAGR of 5.9% during the forecast period. According to the International Energy Agency forecast, the growth of renewable capacity is to accelerate between 2020 and 2026, accounting for almost 95% of the increase in global power capacity through 2026. Globally, renewable electricity capacity is forecast to increase by over 60% between 2020 and 2026, reaching more than 4800 GW. The Solar industry comprises a significant share in renewable energy and has experienced tremendous growth in recent years, with solar panels becoming increasingly popular as a clean and renewable source of energy. As the solar industry continues to expand, the demand for high-purity silicon, a key material used in solar panel production, is also on the rise. High-purity silicon is used to make solar cells that convert sunlight into electricity.
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The purity of the silicon is crucial to the efficiency of the solar panel, with higher purity resulting in better performance. The solar industry currently accounts for a significant share of the global demand for high-purity silicon. To meet the growing demand for high-purity silicon, many companies are investing in the development of new and more production capacity. For instance, in Nov 2021, Elkem finalized the acquisition of a new manufacturing plant to support its growth strategy. The new facility, located in Salaise-sur-Sanne, France, manufactures high-quality organo-functional silicones for key specialty applications used in markets including Personal Care and Release Coatings. Also, in Sep 2021, Ferroglobe PLC, a leading producer of silicon metal, silicon-based alloys, and manganese-based specialty alloys, announced that its subsidiary, Globe Metallurgical Inc. plans to restart its silicon metal facility in Selma, Alabama. GMI is working with state and local representatives and is seeking New Market Tax Credits for the project, which would help offset commissioning costs and enable the Company to acquire and upgrade equipment to begin the production of silicon metal.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global High Purity Silicon Market Report Segment
By End-user
- Electronics and Semiconductor Industry
- Pharmaceutical Industry
- Chemical Industry
- Other
Global High Purity Silicon Market Report Segment by Region
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 & Africa
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