Solar grade polysilicon market is anticipated to grow at a CAGR of 15.8% during the forecast period (2024-2031). Globally, the solar-grade polysilicon market is growing significantly due to the growing demand for solar photovoltaic installations. According to the data from the International Energy Agency (IEA), solar PV generation increased by 270.0 terawatt-hour (TWh) (up 26.0%) in 2022, reaching almost 1,300.0?TWh from 251.0 TWH in 2015. Among the countries, China is leading the overall market with around 85.0% of global polysilicon production capacity in 2022. In 2022, global solar PV manufacturing capacity increased by over 70.0% to reach 450.0 GW for polysilicon and up to 640.0 GW for modules, with China accounting for more than 95.0% of new facilities throughout the supply chain.
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Granular polysilicon held the highest market share of 43.6% and is growing at the highest CAGR of 16.8% during the forecast period. The growth of granular polysilicon is driven by the expansion of polysilicon production capacity primarily in China. In January 2022, GCL completed its granular silicon facility. At the end of 2022, GCL’s total polysilicon production capacity was 185,000 tons including 140,000 tons of granular silicon.
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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 Solar Grade Polysilicon Market by Type
- Granular Polysilicon
- Polysilicon Rod
- Polysilicon Chunk
- Others (Polysilicon Chip and Polysilicon Fines)
Global Solar Grade Polysilicon Market by Application
- Monocrystalline Ingot/Wafer and Cells
- Multi Crystalline Ingot/Wafer and Cells
- Novel Wafer Applications
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.
- Rec Silicon ASA
- Targray Technology International Inc.
- OCI Ltd.
- 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 solar grade 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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