Global Polysilicon Market Insights Forecasts to 2032

• The Global Polysilicon Market Size was valued at USD 23.7 Billion in 2022.
• The Market is Growing at a CAGR of 14.1% from 2022 to 2032
• The Worldwide Polysilicon Market is expected to reach USD 88.9 Billion by 2032
• North America is expected to grow the fastest during the forecast period

The Global Polysilicon Market Size is expected to reach USD 88.9 Billion by 2032, at a CAGR of 14.1% during the forecast period 2022 to 2032.

Polysilicon, also known as Polycrystalline Silicon, is a highly pure polycrystalline version of silicon that is essential in the current semiconductor and photovoltaic technologies. It is created from raw silicon through a sophisticated chemical purification process and then turned into ingots, wafers, or other forms suitable for various uses. Polysilicon is the basic substance used to make silicon wafers in the semiconductor industry. These wafers are subsequently used for the production of integrated circuits (ICs), which are often found in electronic gadgets such as computers, smartphones, and other electronic products. In this industry, polysilicon purity and quality are critical, as even tiny impurities might degrade IC performance. Furthermore, polysilicon is an important material in the fabrication of photovoltaic (PV) cells in solar panels in the field of renewable energy. Although there are other solar technologies, polysilicon-based solar cells, particularly polycrystalline and monocrystalline types, influence a major share of the industry. As the global focus on sustainable and green technology grows, correspondingly increases the market for high-quality polysilicon for solar applications. With rising demand for electronics and a global shift toward renewable energy, the polysilicon market is expected to rise rapidly throughout the forecast period, fueled by innovations in technology and environmental concerns.

Driving Factors

The polysilicon industry plays an essential role in the modern age of technology, particularly when it comes to its simultaneous contribution to the semiconductor and solar domains. The versatility and purity of this material make it indispensable in a wide range of applications, enabling technological developments and environmentally friendly energy options. The world's growing drive toward renewable energy sources, particularly solar energy, has resulted in an increase in polysilicon demand. With several countries establishing aggressive targets to transition to green energy, demand for polysilicon for solar applications is expected to rise. Also, the semiconductor sector determines a certain percentage of the polysilicon market's trends, with inclinations for ultra-high purity polysilicon and technological breakthroughs playing critical roles. The polysilicon market is influenced by various variables, including recent developments in technology, supply chain dynamics, and government regulations encouraging the use of renewable energy. Furthermore, industry participants always spend on R&D to improve polysilicon production processes and reduce environmental consequences. The polysilicon market is predicted to be an essential promoter of development and environmental responsibility as worldwide demand for cutting-edge technologies and sustainable energy stays elevated.

Market Segmentation

By Technology Insights

The granules segment is dominating the market with the largest revenue share over the forecast period.

On the basis of form, the global polysilicon market is segmented into the chunks, granules, and rods. Among these, the granules segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Granules provides a good blend of size homogeneity, handling convenience, and cost-effectiveness. Polysilicon granules are tiny, homogeneous particles that range in size from a few millimeters to a few centimeters. They are frequently manufactured depending on precise size requirements for a variety of applications. They are adaptable and find use in both the solar and semiconductor sectors. Granules are frequently used in the solar industry to make solar wafers, which are then used to make photovoltaic cells.

By End-use Application Insights

The solar PV segment accounted for the largest revenue share of more than 67.4% over the forecast period.

On the basis of end-use application, the global polysilicon market is segmented into solar PV and electronics. Among these, the solar PV segment is dominating the market with the largest revenue share of 67.4% over the forecast period. This dominance is likely due to the global push toward renewable energy sources, as well as the extensive use of solar panels in both home and commercial applications. Polysilicon is used in the solar PV industry to manufacture solar cells. These cells are then put together to form solar panels, which convert sunlight into power. Solar panels are in high demand around the world, demanding massive amounts of polysilicon. Thus, the global emphasis on lowering carbon footprints, combined with government subsidies and falling solar installation prices, has fueled rapid expansion in the solar industry, resulting in increased demand for polysilicon.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with more than 62.7% market share over the forecast period. The Asia Pacific region, led by China, accounts for the majority of the worldwide polysilicon market. This dominance can be attributed to the region's huge manufacturing capabilities, strong local demand for solar systems, and the strategic location of numerous large solar industry businesses throughout the region. The region is home to several top solar panel manufacturers as well as various polysilicon manufacturing plants. Furthermore, the availability of lower-cost labor and industrial subsidies has made the region a cost-effective destination for manufacturing, boosting the industry even further. China's goal to increase solar energy production and lower its carbon footprint has resulted in massive demand for polysilicon.

North America, on the contrary, is expected to grow the fastest during the forecast period. While North America, particularly the United States, was formerly a prominent player in polysilicon production, the region's focus has changed slightly to end-product manufacturing and technological breakthroughs. With sustainable development goals in place, there is more competition for solar installations in the region, which is driving the polysilicon market. However, the region faces worldwide competition, particularly from the Asia Pacific region, which has an impact on the local polysilicon production industry.

The Europe market is expected to register a substantial CAGR growth rate during the forecast period. Europe, particularly Germany, has a long history of solar panel manufacture and, by further determining polysilicon demand. Additionally, Europe is home to premier renewable energy research facilities, resulting in sustained polysilicon demand for development and testing.

List of Key Market Players

• Tokuyama Corporation
• Wacker Chemie AG
• Xinte Energy Co., Ltd
• DAQO NEW ENERGY CO., LTD.
• GCL-TECH
• OCI COMPANY Ltd.
• Qatar Solar Technologies
• REC Silicon ASA
• Tongwei Group Co., Ltd
• Hemlock Semiconductor, L.L.C.
• High-Purity Silicon America Corporation
• Sichuan Yongxiang Co. Ltd.
• Woongjin Polysilicon Co. Ltd.
• Activ Solar Gmbh
• SunEdison, Inc.

Key Market Developments

• On June 2023, Wacker Chemie AG confirmed the expansion of its capacity for semiconductor-grade polysilicon purification. The business plans to add a new production line to its Burghausen site by early 2025, increasing capacity by more than 50%. This strategic investment project is expected to cost more than USD 320.5 million in capital expenditures.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Polysilicon Market based on the below-mentioned segments:

Polysilicon Market, Form Analysis

• Chunks
• Granules
• Rods

Polysilicon Market, End-use Application Analysis

• Solar PV
• Electronics

Polysilicon Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa