Polysilicon Market - By Type (Electronic Grade Polysilicon, Solar Grade Polysilicon), By Production Method (Chemical Vapor Deposition, Silane Gas Phase), By Application (Photovoltaic Solar Cells, Semiconductor Industry) & Forecast, 2024 – 2032

Polysilicon Market Size

Polysilicon Market size was valued at around USD 12.4 billion in 2023 and is estimated to register a CAGR of 13.2% between 2024 and 2032. The solar PV industry is the largest consumer of polysilicon. Polysilicon is used to manufacture solar cells, which convert sunlight into electricity. The growth of the solar industry, driven by environmental concerns and renewable energy targets, significantly boosts the demand for polysilicon.
 

Polysilicon is a fundamental material in the semiconductor industry, used to manufacture integrated circuits, microchips, and other electronic components. The continuous demand for smaller, more powerful electronic devices, such as smartphones, laptops, and IoT devices, fuels the need for high-quality polysilicon.
 

Overcapacity in the polysilicon market can lead to price volatility, as excess supply can depress prices. Trade tensions and tariffs between major polysilicon-producing and consuming countries can disrupt supply chains and increase costs for manufacturers. Maintaining high-quality polysilicon production with consistent purity levels is crucial for semiconductor and solar cell manufacturing. Thus, the risks associated with Polysilicon may drive down the acceptance rate, further hampering the business growth.
 

COVID-19 Impact

The pandemic led to decreased demand for polysilicon in some sectors, particularly the automotive and consumer electronics industries, which saw reduced production and sales during lockdowns. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
 

Polysilicon Market Trends

Continuous research and development efforts led to technological advancements in polysilicon production, resulting in higher purity levels, increased efficiency, and reduced production costs. Sustainability and environmental concerns became more prominent in the polysilicon industry. Manufacturers adopted greener production methods and improved energy efficiency to reduce their carbon footprint.
 

Polysilicon Market Analysis

Based on type, the polysilicon market is segmented as electronic grade polysilicon, solar grade polysilicon. Electronic grade polysilicon held a majority market value of USD 6.1 billion in 2022. Electronic-Grade Polysilicon type of polysilicon is highly purified and used in the semiconductor industry for the production of integrated circuits and other electronic components.
 

Based on production method, the polysilicon market is segmented as chemical vapor deposition, silane gas phase. Chemical vapor deposition held a dominant market share of around 85% in 2022 and is expected to grow at a lucrative pace till 2032. The semiconductor industry relies heavily on CVD technology to deposit high-purity polysilicon onto wafers, which are then used to manufacture integrated circuits and other electronic components. As the demand for advanced electronics, including smartphones, computers, and IoT devices, continues to grow, so does the demand for polysilicon produced through CVD.
 

Based on application, the polysilicon market is segmented as photovoltaic solar cells {monocrystalline solar cells, multi-crystalline solar cells, thin-film solar cells} and semiconductor industry {integrated circuits, photovoltaic solar cells, light emitting diodes, others. Photovoltaic solar cells held a dominant market share in 2022 and is anticipated to grow at 13.1 % CAGR through 2032. Solar energy incentives, subsidies, and policies that encourage the adoption of solar power can significantly boost the demand for polysilicon in the manufacturing of solar panels.
 

U.S. dominated the North American region with majority polysilicon market share and a revenue of USD 0.6 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The growing EV market in North America requires advanced power electronics and semiconductor devices, which rely on polysilicon. As EV production and adoption increase, so does the demand for high-quality polysilicon.
 

Polysilicon Market Share

Some of the major industry players operating in the polysilicon market are

• Wacker Chemie AG
• OCI Company Ltd.
• GCL-Poly Energy Holdings Ltd.
• Tongwei Co., Ltd.
• Daqo New Energy Corp.
• Hemlock Semiconductor Corporation
• Tokuyama Corporation
• REC Silicon ASA
• LDK Solar Co., Ltd.
• Hanwha Solutions Corporation
• Xinte Energy Co., Ltd.
• Green Energy Technology Inc.
• Wuxi Suntech Power Co., Ltd.
• Asia Silicon (Qinghai) Co., Ltd.
• Yunnan Metallurgical Xinli Titanium Industry Co.Ltd.

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Polysilicon Industry News:

• In August 2022, REC Silicon ASA and Mississippi Silicon collaborated to develop a solar supply chain in the United States. They plan to develop this solar supply chain from raw silicon to polysilicon and finally to fully assembled modules.
   
• In April 2022, OCI Company Ltd signed a binding memorandum of understanding (MoU) with the South Korean-based solar manufacturer Hanwha Solutions, which is a unit of Hanwha, for the supply of polysilicon. The order was valued at about USD 1.2 billion. This has helped the company in increasing its profit margins.
   

Polysilicon market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:

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By Type

• Electronic Grade Polysilicon
• Solar Grade Polysilicon

By Production Method

• Chemical Vapor Deposition (CVD):
• Silane Gas Phase

By Application

• Photovoltaic (PV) Solar Cells
  • Monocrystalline Solar Cells
  • Multi-crystalline Solar Cells
  • Thin-Film Solar Cells
• Semiconductor Industry
  • Integrated Circuits
  • Photovoltaic Solar Cells
  • Light Emitting Diodes
  • Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt