The global polysilicon market was valued at USD 5.11 billion in 2017 and is estimated to grow at a CAGR of 10.9% from 2018 to 2026. Polysilicon is also known as poly-Si or polycrystalline silicon, and is a polycrystalline form of silicon with high purity. It is obtained from metallurgical grade silicon via chemical purification process.
Polysilicon is used as a raw material by electronics and photovoltaics industry. Both these end-use industries have significantly driven the demand for polysilicon and are among some of the largest end-use industries around the globe. In the photovoltaics (PV) sector, polysilicon is used in the manufacturing of solar cells or wafers. Poly-Si is a unit building block for PV cells as it has excellent properties similar to a semiconductor-like materials.
North America Polysilicon Market Share by Application, 2017-2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
The demand of polycrystalline silicon in PV sector has witnessed massive growth on account of the tremendous growth in the solar sector in almost every potential region of the world. Increasing demand for efficient and cleaner renewable energy has resulted in rapid rise in the solar installations. Favorable government regulations & policies in tandem with the private and public incentives has also supported the cause substantially.
Change in consumer preference and awareness for a cleaner and sustainable environment has led to strong adoption of the solar technology from the residential to industrial sector. Such trends have strongly driven the demand in solar sector and the raw material industry such as that of polysilicon.
Polysilicon is also widely used in the electronics industry for the manufacturing of different electronics components. Electronics & semiconductor industry is among the top five end-use industries for many countries in the world. Technical developments & rapidly rising consumer demand has made electronic manufacturing industry more lucrative than ever.
North America Polysilicon Market Size by Photovoltaics Application Types, 2017 - 2026
Rising population of the world, improving economic growth of many nations, and massive consumer demand for modern & durable products has resulted in the increased manufacturing of the electronics products. With the growing economies, especially of the emerging nations and increasing disposable income of the consumers has made a largest section of the population to indulge in modern-day gadgets. The different types of gadgets and electronic components make use of polysilicon in substantial quantities.
The global polysilicon market is segmented into application and regional segment. On the basis of application, polysilicon is segmented into photovoltaics and electronics industry. Further in photovoltaics sector, polysilicon is used in the manufacturing of monocrystalline and multicrystalline solar panels. PV sector is anticipated to witness a speedy growth rate on account of rapid development in the solar sector.
Asia Pacific is the largest regional segment for the polysilicon market with China as the major contributor. China is the largest national player in the global solar segment and accounted for over 30 GW of PV capacity in 2017.
Other significant countries in the region include Japan, India, South Korea, and Taiwan. These countries have advanced end-use industries for consumption of polysilicon or are witnessing rapid growth in the same currently. China dominates the polysilicon market, where India, Australia, and Southeast Asian countries will witness rapid growth rate during the forecast period.
The global polysilicon market comprises of large multinational and domestic companies. The industry is moderately consolidated and highly competitive. Major focus of the market players currently is in the procurement of the raw materials and export of the end-use products, especially solar as the particular sector has witnessed demographic changes in few major countries concerning the solar cells market. Some of the major polysilicon market players include REC Silicon, Wacker Chemie, LDK Solar Company Ltd., Tokuyama Corporation, CSG Holdings Co., Ltd., Mitsubishi Materials Corporation, and GCL-Poly Energy Holdings Ltd.