by Silicon metal finds wide applications in the aluminum industry due to its key properties such as high electrical and thermal conductivity. Silicon is mainly added to aluminum to enhance fluidity and castability.
The global silicon metal market is estimated to be valued at US$ 7.67 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Silicon metal is primarily used in the production of aluminum alloys, where it refines the molten aluminum. It reduces surface tension thereby improving fluidity and castability. Silicon metal also improves mechanical properties and machinability of aluminum. Moreover, aluminum-silicon alloys possess high strength, ductility and corrosion resistance. Growing consumption of aluminum in various end-use industries such as automotive, construction and consumer durables is fueling the demand for silicon metal.
Market key trends:
The demand for silicon metal is expected to be primarily driven by expanding aluminum industry. Aluminum production has been increasing substantially over the past few years owing to growing utilization of aluminum in various end-use industries such as transportation, packaging, construction and machinery. Silicon metal plays a critical role in improving castability and fluidity of molten aluminum. With rising aluminum consumption, particularly in automotive and construction industries, the need for adding silicon is also increasing, thereby propelling the silicon metal market growth over the forecast period.
SWOT Analysis
Strength: Silicon metal has wide applications in aluminum alloys, silicone compounds, electronics, photovoltaic cells, and others. This variety of end-use industries ensures stead demand for silicon metal.
Weakness: Silicon metal production requires high energy consumption which increases production costs. Raw materials used for silicon metal production are subject to price fluctuations.
Opportunity: Increasing usage of aluminum alloys in automotive, aerospace and construction industries will drive the demand for silicon metal additive. Growing solar PV industry adoption worldwide offers opportunities for silicon metal market.
Threats: Volatility in raw material prices and energy costs poses significant threat. Substitute materials challenge the silicon metal market share in some applications.
Key Takeaways
The Global Silicon Metal Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global silicon metal market is estimated to be valued at US$ 7.67 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis comprises- North America dominated the market in 2021 and is expected to maintain its leading position throughout the forecast period owing to favorable government policies supporting solar energy and electronics sectors in the region. Growing automotive and construction industries will further drive the regional demand.
Key players analysis comprises- Key players operating in the silicon metal market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. – C.F., Capo, and Pedla. These players are focusing on expanding production capacity and global footprint to meet the increasing silicon metal demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
