Silicon Metal Market Estimated to reach US$ 10.19 Bn by 2027
The silicon metal market has seen vast demand in the steelmaking and iron industry due to
vast consumption of ferrosilicon. Substantial uptake of ferrosilicon in steel smelting is the
one of them most prominent revenue generators in the silicon metal market. Advent of new
methods of metallurgical grade silicon has helped in the production of higher quality products
for end users in the silicon metal market. Revenues come from a range of applications,
notably in making silicon chips, solar cells, and aluminum alloys. Over the past few years,
rising consumptions of silicon metal in paints and coatings industries has helped propel
growth of the market.
The automotive manufacturing industry has harnessed the attractive mechanical and physical
properties of silicon metal such as structural durability and dimensional stability. Widespread
application of silicon-based aluminum alloys boosts the silicon metal market. In recent years,
the market has seen new growth avenues from the demand for heat and corrosion resistant
ferrous silicon alloys.
The silicon metal market stood at US$ 6.53 bn in 2018 and is projected to clock a CAGR of
more than 4.98% from 2019 to 2027.
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Vast Demands for Solar-grade Silicon Metals Open New Avenues
Rising automotive sales in numerous Asian countries over the past few years have led to the
fuel consumption of silicon metals. Producers of silicon-based aluminum alloys have been
able to meet the rising consumption of lightweight and high-strength materials for vehicles
bodies, This has spurred the demands for silicon metal. The automotive industry has thus
emerged out one of the key revenue contributors of the silicon metal market.
Another sizable growth potential has come from the strides made in solar energy generation.
High-purity polycrystalline silicon or polysilicon, solar-grade silicon metal, has been