Polysilicon is a high purity form of silicon used as a core component in various electronic products such as photovoltaic solar panels, integrated circuits, and optoelectronics. It possesses properties such as high melting point, low density, strong covalent bonding, and suitable electronic band structure. These properties enable polysilicon to perform efficiently for various end-use applications. Solar panels are produced using polysilicon as it acts as a medium for converting sunlight into electricity.
The global polysilicon market is estimated to be valued at US$ 12.8 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for solar panels for power generation provides major market opportunity for polysilicon. Solar power is gaining popularity as a renewable power source owing to rising concerns over environmental pollution and depleting fossil fuel reserves. According to the International Energy Agency (IEA), global solar PV capacity installations were 131 GW in 2021 and are projected to grow at a rate of 18% annually until 2026. Increasing solar power projects across commercial and residential sectors will drive the demand for photovoltaic panels which in turn will boost the consumption of polysilicon. The polysilicon market is expected to witness significant growth during the forecast period owing to growing demand for solar panels for power generation.
Porter's Analysis
Threat of new entrants: Low capital requirement and availability of raw material has led to high threat of new entrants. However, established players have economies of scale which is a deterrent.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. They can negotiate on price easily.
Bargaining power of suppliers: Few manufacturers globally results in high bargaining power of suppliers. Suppliers can influence prices significantly.
Threat of new substitutes: Emergence of new solar technologies like thin film solar poses threat of substitution.
Competitive rivalry: Intense competition among key players has led to pricing pressures and trade margins.
SWOT Analysis
Strength: Steady growth in solar PV demand and focus on renewable energy sources boosts market. Standard product quality ensures customer retention.
Weakness: Fluctuating raw material prices and supply issues affect costs. High R&D requirements for technology upgrades.
Opportunity: Rising solar installations in Asia Pacific and Americas presents market opportunities. Advent of PVC markets attracts new customers.
Threats: Stringent environmental regulations increase compliance costs. Supply chain disruptions due to geo-political issues impact revenues.
Key Takeaways
The global Polysilicon Market growth is expected to witness high growth over the forecast period owing to supportive policies and initiatives for solar energy adoption. Rising energy demand from emerging economies like China, India boosts market revenues. The global polysilicon market is estimated to be valued at US$ 12.8 billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead during the forecast period. China accounts for over 50% of global polysilicon production. Rapid set up of solar capacities in countries like Vietnam, Malaysia, and Indonesia will drive the regional market.
Key players operating in the polysilicon market are Eurofins, OCI, GCL Group, Wacker Chemie, Daqo New Energy, and Hemlock Semiconductor. Leading manufacturers are investing in capacity expansions to cater increasing product requirements. They are also developing high efficiency monocrystalline technologies to gain competitive advantage.
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