The global polycrystalline silicon market offers various benefits such as ability to withstand high temperatures and high conductivity. Polycrystalline silicon, also known as polysilicon or poly-Si, is a high purity polymeric form of silicon, widely used as a raw material by the solar photovoltaic and semiconductor industries. The demand for polycrystalline silicon is significantly driven by the rapidly growing photovoltaic industry. Due to its wide bandgap and semiconducting behavior, polycrystalline silicon plays a crucial role in the manufacturing of photovoltaic cells.
The Global polycrystalline silicon market is estimated to be valued at US$ 5198.17 million in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the polycrystalline silicon market are Nike, Adidas, Beyond Skin UK, Monk Story, Hexa Vegan Shoes, Ethletic, Matt & Nat, MooShoes, Susi Studio, Veerah, and AVESU GmbH. Nike and Adidas are the market leaders in the vegan shoes segment owing to their diverse product portfolio and strong global distribution network. Key opportunities in the market include developing low-cost Polycrystalline Silicon Market Growth production processes and increasing investment in photovoltaic installation projects across the globe. Global solar photovoltaic installations have seen a strong surge in the past few years, especially in Asia Pacific and Europe. Growing international concern over climate change is driving investments in renewable energy sources including solar power, providing opportunities for polycrystalline silicon manufacturers to expand globally.
Market drivers - Increasing demand for photovoltaic cells from the solar industry is a major market driver. Rising global installed solar PV capacity owing to supportive government policies and incentives for the deployment of renewable energy is expected to propel the demand for polycrystalline silicon. According to the International Energy Agency's Photovoltaic Power Systems Programme, global solar PV additions grew by over 15% year-on-year to reach 131 gigawatts (GW) in 2020.
Market restraints - High manufacturing costs and complexity involved in the production of polycrystalline silicon using the Siemens process act as a major market restraint. Moreover, supply chain disruptions arising due to the ongoing Covid-19 pandemic may restrict the growth of the polycrystalline silicon market to some extent over the forecast period.
Segment Analysis
The Solar Grade Polycrystalline Silicon segment is dominating the Polycrystalline Silicon Market. This is because solar grade polycrystalline silicon majorly used in solar photovoltaic applications. It accounts for over 55% of the total polycrystalline silicon demand. Solar photovoltaic is the fastest growing application of polycrystalline silicon owing to rising focus on renewable energy sources.
Global Analysis
The Asia Pacific region is projected to grow at the highest CAGR from 2024 to 2031 in the Polycrystalline Silicon Market. This is due to increasing investments and advances in solar photovoltaic technologies, especially in China and India. China dominates the global demand for polycrystalline silicon owing to its leading position in solar power generation. It accounts for over 50% of the global polysilicon production. Europe and North America are also among the prominent regions for polysilicon market due to the rising adoption of renewable source of energy for electricity generation.
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Polycrystalline Diamond Cutting Tool Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the polycrystalline diamond cutting tool market include Kennametal, Sandvik Group, Mapal, Preziss Tool, Wirutex, Ceratizit, Sumitomo Electric, Kyocera, Mitsubishi Materials, Union Tool, Asahi Diamond Industrial.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Polycrystalline Diamond Cutting Tool Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/polycrystalline-diamond-cutting-tool-market/download-sampleMarket DynamicsSurface finishing and materials cutting is an integral part of many processes in industries.
Increasing urbanization, industrial investment, government spending, consumer spending, and infrastructure development are macroeconomic factors influencing polycrystalline diamond cutting tools demand.
Robust use of non-metallic materials and non-ferrous metals across industries and growing awareness among users about exceptional properties drive the global polycrystalline diamond cutting tool market.
