Global Polysilicon Market Size, Share & Trends Analysis Report By Application (Solar PV (Multicrystalline Solar Panel, and Monocrystalline Solar Panel), and Electronics (Semiconductor), By Regional Outlook and Forecast, 2023 - 2030
The Global Polysilicon Market size is expected to reach $37.9 billion by 2030, rising at a market growth of 13.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,163.3 Kilo Tonnes, experiencing a growth of 11.7% (2019-2022).
Monocrystalline panels are renowned for their superior efficiency as opposed to thin-film and polycrystalline solar panels. Therefore, the monocrystalline solar panel segment captured $4,323.0 million revenue in the market in 2022. Monocrystalline silicon's single-crystal structure facilitates a more efficient conversion of solar radiation into electrical energy, making these panels appealing to consumers concerned with optimizing energy outputs within restricted areas. Therefore, the segment will grow rapidly in the upcoming years.
The global commitment to mitigating climate change has intensified the focus on renewable energy sources. It plays a pivotal role in the solar photovoltaic technology used to harness the sun's energy for electricity generation, contributing to reducing greenhouse gas emissions. The Paris Agreement and other international collaborations aimed at mitigating climate change foster an environment favorable for expanding renewable energy sectors. Thus, these aspects can boost the demand in the market.
In order to promote the adoption of renewable energy systems and the installation of solar panels, governments may provide financial subsidies and incentives. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and fifty percent from gas by 2030. Thus, these aspects will assist in the expansion of the market.
However, manufacturing involves energy-intensive processes, particularly converting raw materials into high-purity poly-silicon. One approach to accomplishing this goal is allocating resources towards research and development endeavors aiming to discover and integrate groundbreaking technologies that effectively mitigate energy usage while maintaining product excellence. Hence, these aspects can hamper the growth of the market.
By Application Analysis
Based on application, the market is segmented into solar PV and electronics (semiconductor). The solar PV segment held the 75.78% revenue share (largest) in the market in 2022. Governments, businesses, and individuals worldwide increasingly adopt solar PV systems to harness clean and sustainable energy. The growing installation of solar PV systems for residential, commercial, and utility-scale applications has fueled the demand for poly-silicon.
By solar PV Analysis.
The solar PV segment is further divided into monocrystalline solar panel and multicrystalline solar panel. In 2022, the multicrystalline solar panel segment witnessed the 57.20% revenue share (largest) in the market. Multicrystalline solar panels are generally more cost-effective to produce compared to their monocrystalline counterparts. The manufacturing process for multicrystalline silicon is simpler and involves less waste, reducing production costs.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment acquired a 12.59% revenue share in the market. North America has grown interested in renewable energy sources, including solar power. Government incentives, policies supporting clean energy, and a push towards reducing carbon emissions contribute to the demand for polysilicon in solar panel production.
Recent Strategies Deployed in the Market
- Dec-2023: OCIM Sdn. Bhd., a subsidiary of OCI Company Ltd., came into agreement with CubicPV, a silicon solar wafer manufacturer, to supply high-quality, low-carbon, and U.S.-compliant silicon. This agreement will enhance polysilicon production, manufacturing capabilities, and progress against our U.S. manufacturing plans.
- Sep-2023: REC Silicon ASA is entering into an agreement with Hanwha Q Cells Georgia Inc., a unit of Seoul-based Hanwha Solutions Corp., for polysilicon produced from REC Silicon’s US facility at Moses Lake, Washington. Under this agreement, Hanwha will buy 100% of the high-purity granular production from the facility.
- Jun-2023: Tokuyama Corporation came into agreement with OCI, a South Korea-based polysilicon producer, for the construction of a 10,000-MT polysilicon factory at an unspecified location in Malaysia. Under this agreement, Tokuyama will build production and supply facilities for semiconductor-grade polycrystalline silicon using clean energy. Furthermore, the company will also promote business expansion in the electronics field.
- Jun-2023: Wacker Chemie AG will expand its production capacity in Burghausen for cleaning semiconductor-grade polysilicon. The company aimed to further increase the purity of polysilicon and enable semiconductors to make chips more powerful. Additionally, this expansion will increase existing capacity at the site by well over 50 percent.
- Feb-2023: OCI Company Ltd. announced production expansion in Malaysia by 30,000 metric tonnes to 65,000 MT for both solar-grade and electronic-grade polysilicon. This expansion will cover the demand for non-Chinese polysilicon, which has increased due to the announcement of the US Inflation Reduction Act.
- OCI Company Ltd.
- Tokuyama Corporation
- Wacker Chemie AG
- REC Silicon ASA
- GCL Technology Holdings Limited (Golden Concord Holding Limited)
- Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
- DAQO NEW ENERGY CORP.
- Xinte Energy Co., Ltd (TEBA Co., Ltd.)
- High-Purity Silicon America Corporation (SUMCO Corporation)
- Mitsubishi Materials Corporation
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
- Solar PV
- Multicrystalline Solar Panel
- Monocrystalline Solar Panel
- Electronics (Semiconductor)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Netherlands
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- Egypt
- South Africa
- Morocco
- Chile
- Rest of LAMEA
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Polysilicon Market, by Application
- 1.4.2 Global Polysilicon Market, by Geography
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- 3.3 Porter’s Five Forces Analysis
- Chapter 4. Strategies Deployed in Polysilicon Market
- Chapter 5. Global Polysilicon Market, By Application
- 5.1 Global Solar PV Market, By Region
- 5.2 Global Polysilicon Market, By Solar PV Type
- 5.2.1 Global Multicrystalline Solar Panel Market, By Region
- 5.2.2 Global Monocrystalline Solar Panel Market, By Region
- 5.3 Global Electronics (Semiconductor) Market, By Region
- Chapter 6. Global Polysilicon Market, By Region
- 6.1 North America Polysilicon Market
- 6.1.1 North America Polysilicon Market, By Application
- 6.1.1.1 North America Solar PV Market, By Country
- 6.1.1.2 North America Polysilicon Market, By Solar PV Type
- 6.1.1.2.1 North America Multicrystalline Solar Panel Market, By Country
- 6.1.1.2.2 North America Monocrystalline Solar Panel Market, By Country
- 6.1.1.3 North America Electronics (Semiconductor) Market, By Country
- 6.1.2 North America Polysilicon Market, By Country
- 6.1.2.1 US Polysilicon Market
- 6.1.2.1.1 US Polysilicon Market, By Application
- 6.1.2.2 Canada Polysilicon Market
- 6.1.2.2.1 Canada Polysilicon Market, By Application
- 6.1.2.3 Mexico Polysilicon Market
- 6.1.2.3.1 Mexico Polysilicon Market, By Application
- 6.1.2.4 Rest of North America Polysilicon Market
- 6.1.2.4.1 Rest of North America Polysilicon Market, By Application
- 6.2 Europe Polysilicon Market
- 6.2.1 Europe Polysilicon Market, By Application
- 6.2.1.1 Europe Solar PV Market, By Country
- 6.2.1.2 Europe Polysilicon Market, By Solar PV Type
- 6.2.1.2.1 Europe Multicrystalline Solar Panel Market, By Country
- 6.2.1.2.2 Europe Monocrystalline Solar Panel Market, By Country
- 6.2.1.3 Europe Electronics (Semiconductor) Market, By Country
- 6.2.2 Europe Polysilicon Market, By Country
- 6.2.2.1 Germany Polysilicon Market
- 6.2.2.1.1 Germany Polysilicon Market, By Application
- 6.2.2.2 UK Polysilicon Market
- 6.2.2.2.1 UK Polysilicon Market, By Application
- 6.2.2.3 France Polysilicon Market
- 6.2.2.3.1 France Polysilicon Market, By Application
- 6.2.2.4 Russia Polysilicon Market
- 6.2.2.4.1 Russia Polysilicon Market, By Application
- 6.2.2.5 Netherlands Polysilicon Market
- 6.2.2.5.1 Netherlands Polysilicon Market, By Application
- 6.2.2.6 Italy Polysilicon Market
- 6.2.2.6.1 Italy Polysilicon Market, By Application
- 6.2.2.7 Rest of Europe Polysilicon Market
- 6.2.2.7.1 Rest of Europe Polysilicon Market, By Application
- 6.3 Asia Pacific Polysilicon Market
- 6.3.1 Asia Pacific Polysilicon Market, By Application
- 6.3.1.1 Asia Pacific Solar PV Market, By Country
- 6.3.1.2 Asia Pacific Polysilicon Market, By Solar PV Type
- 6.3.1.2.1 Asia Pacific Multicrystalline Solar Panel Market, By Country
- 6.3.1.2.2 Asia Pacific Monocrystalline Solar Panel Market, By Country
- 6.3.1.3 Asia Pacific Electronics (Semiconductor) Market, By Country
- 6.3.2 Asia Pacific Polysilicon Market, By Country
- 6.3.2.1 China Polysilicon Market
- 6.3.2.1.1 China Polysilicon Market, By Application
- 6.3.2.2 Japan Polysilicon Market
- 6.3.2.2.1 Japan Polysilicon Market, By Application
- 6.3.2.3 India Polysilicon Market
- 6.3.2.3.1 India Polysilicon Market, By Application
- 6.3.2.4 South Korea Polysilicon Market
- 6.3.2.4.1 South Korea Polysilicon Market, By Application
- 6.3.2.5 Taiwan Polysilicon Market
- 6.3.2.5.1 Taiwan Polysilicon Market, By Application
- 6.3.2.6 Australia Polysilicon Market
- 6.3.2.6.1 Australia Polysilicon Market, By Application
- 6.3.2.7 Rest of Asia Pacific Polysilicon Market
- 6.3.2.7.1 Rest of Asia Pacific Polysilicon Market, By Application
- 6.4 LAMEA Polysilicon Market
- 6.4.1 LAMEA Polysilicon Market, By Application
- 6.4.1.1 LAMEA Solar PV Market, By Country
- 6.4.1.2 LAMEA Polysilicon Market, By Solar PV Type
- 6.4.1.2.1 LAMEA Multicrystalline Solar Panel Market, By Country
- 6.4.1.2.2 LAMEA Monocrystalline Solar Panel Market, By Country
- 6.4.1.3 LAMEA Electronics (Semiconductor) Market, By Country
- 6.4.2 LAMEA Polysilicon Market, By Country
- 6.4.2.1 Brazil Polysilicon Market
- 6.4.2.1.1 Brazil Polysilicon Market, By Application
- 6.4.2.2 Argentina Polysilicon Market
- 6.4.2.2.1 Argentina Polysilicon Market, By Application
- 6.4.2.3 Egypt Polysilicon Market
- 6.4.2.3.1 Egypt Polysilicon Market, By Application
- 6.4.2.4 South Africa Polysilicon Market
- 6.4.2.4.1 South Africa Polysilicon Market, By Application
- 6.4.2.5 Morocco Polysilicon Market
- 6.4.2.5.1 Morocco Polysilicon Market, By Application
- 6.4.2.6 Chile Polysilicon Market
- 6.4.2.6.1 Chile Polysilicon Market, By Application
- 6.4.2.7 Rest of LAMEA Polysilicon Market
- 6.4.2.7.1 Rest of LAMEA Polysilicon Market, By Application
- Chapter 7. Company Profiles
- 7.1 OCI Company Ltd.
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Segmental and Regional Analysis
- 7.1.4 Research & Development Expenses
- 7.1.5 Recent strategies and developments:
- 7.1.5.1 Partnerships, Collaborations, and Agreements:
- 7.1.5.2 Geographical Expansions:
- 7.1.6 SWOT Analysis
- 7.2 Tokuyama Corporation
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Research & Development Expenses
- 7.2.5 Recent strategies and developments:
- 7.2.5.1 Partnerships, Collaborations, and Agreements:
- 7.2.6 SWOT Analysis
- 7.3 Wacker Chemie AG
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Research & Development Expenses
- 7.3.5 Recent strategies and developments:
- 7.3.5.1 Geographical Expansions:
- 7.3.6 SWOT Analysis
- 7.4 REC Silicon ASA
- 7.4.1 Company Overview
- 7.4.2 Financial Analysis
- 7.4.3 Segmental Analysis
- 7.4.4 Recent strategies and developments:
- 7.4.4.1 Partnerships, Collaborations, and Agreements:
- 7.4.5 SWOT Analysis
- 7.5 GCL Technology Holdings Limited (Golden Concord Holding Limited)
- 7.5.1 Company Overview
- 7.5.2 Financial Analysis
- 7.5.3 Segmental and Regional Analysis
- 7.5.4 Research & Development Expenses
- 7.5.5 Recent strategies and developments:
- 7.5.5.1 Geographical Expansions:
- 7.5.6 SWOT Analysis
- 7.6 Hemlock Semiconductor Operations LLC and Hemlock Semiconductor, L.L.C.
- 7.6.1 Company Overview
- 7.6.2 SWOT Analysis
- 7.7 DAQO NEW ENERGY CORP.
- 7.7.1 Company Overview
- 7.7.2 Financial Analysis
- 7.7.3 Research & Development Expenses
- 7.7.4 Recent strategies and developments:
- 7.7.4.1 Geographical Expansions:
- 7.7.5 SWOT Analysis
- 7.8 Xinte Energy Co., Ltd. (TEBA Co., Ltd.)
- 7.8.1 Company Overview
- 7.8.2 Recent strategies and developments:
- 7.8.2.1 Partnerships, Collaborations, and Agreements:
- 7.8.2.2 Geographical Expansions:
- 7.8.3 SWOT Analysis
- 7.9 High-Purity Silicon America Corporation (SUMCO Corporation)
- 7.9.1 Company Overview
- 7.9.2 Financial Analysis
- 7.9.3 Regional Analysis
- 7.9.4 Research & Development Expenses
- 7.9.5 SWOT Analysis
- 7.10. Mitsubishi Materials Corporation
- 7.10.1 Company Overview
- 7.10.2 Financial Analysis
- 7.10.3 Regional Analysis
- 7.10.4 Research & Development Expenses
- 7.10.5 SWOT Analysis
- Chapter 8. Winning Imperatives of Polysilicon Market
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