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Polysilicon Market Size (2024 - 2029)

The polysilicon market is projected to experience significant growth over the forecast period, driven by the increasing adoption of solar photovoltaic installations and expansion within the semiconductor industry. Despite challenges posed by emerging competitors and high capital expenditures, technological advancements in production processes present substantial opportunities for market expansion. The Asia-Pacific region is anticipated to lead in market dominance and growth, fueled by rising consumption in countries like China and India.

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Market Size of Polysilicon Industry

Polysilicon Market - Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 14.49 Billion
Market Size (2029) USD 26.94 Billion
CAGR (2024 - 2029) 13.21 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Polysilicon Market Major Players

*Disclaimer: Major Players sorted in no particular order

Polysilicon Market Analysis

The Polysilicon Market size is estimated at USD 14.49 billion in 2024, and is expected to reach USD 26.94 billion by 2029, growing at a CAGR of 13.21% during the forecast period (2024-2029).

COVID-19 negatively affected the market studied in 2020. Considering the government-imposed lockdowns, solar projects across the world were temporarily halted during the pandemic. However, the demand for the market studied recovered significantly in 2021 and is expected to grow at a significant rate in the coming years.

  • Over the short term, the major factor driving the market studied are the increasing number of solar photovoltaic (PV) installations and growth in the semiconductor industry.
  • However, emerging competitors, such as upgraded metallurgical-grade silicon (UMG-Si) solar cells and high capital expenditure, are likely to hinder the market.
  • Technological advancement in the production process is likely to be a major opportunity in the global polysilicon market over the forecast period.
  • Asia-Pacific is expected to dominate the global polysilicon market and is also expected to be the fastest-growing market during the forecast period owing to the increasing consumption of countries such as China and India.

Polysilicon Industry Segmentation

Polycrystalline silicon is the key feedstock in the crystalline silicon-based photovoltaic industry and is used for the production of conventional solar cells. The polysilicon market is segmented by the end-user industry and geography. By end-user industry, the market is segmented into solar PV (monocrystalline solar panel, multi-crystalline solar panel) and electronics (semiconductor). The report also covers the market size and forecasts for the market in 15 countries across major regions. The report offers the market size and forecasts in revenue in USD million for all the above segments.

End-user Industry
Solar PV
Monocrystalline Solar Panel
Multicrystalline Solar Panel
Electronics (Semiconductor)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Polysilicon Market Size Summary

The polysilicon market is poised for significant growth, driven by the increasing demand in the solar photovoltaic (PV) and semiconductor industries. As a crucial material for manufacturing silicon-based solar cells, polysilicon plays a vital role in the production of both monocrystalline and polycrystalline solar panels. The market experienced a downturn due to the COVID-19 pandemic, which temporarily halted solar projects worldwide. However, it rebounded strongly in 2021 and is expected to continue expanding at a robust pace. Technological advancements in production processes present substantial opportunities for market growth, despite challenges such as high capital expenditure and competition from alternative materials like upgraded metallurgical-grade silicon solar cells.

The Asia-Pacific region is anticipated to dominate the global polysilicon market, with countries like China, India, and South Korea leading the charge due to their burgeoning solar energy sectors. China, in particular, remains a major player, with significant production capacity and ongoing expansions. South Korea and India are also increasing their solar installations, contributing to the region's growth. The global market is consolidated, with major players like Sichuan Yongxiang Co. Ltd, GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd holding substantial market shares. Collaborative efforts, such as those between REC Silicon ASA and Mississippi Silicon, aim to strengthen the solar supply chain in the United States, further influencing market dynamics.

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Polysilicon Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Number of Solar PV Installation

      2. 1.1.2 Growth in the Semiconductor Industry

    2. 1.2 Restraints

      1. 1.2.1 Emerging Competitors, such as Upgraded Metallurgical-grade Silicon (UMG-Si) Solar Cell

      2. 1.2.2 High Capital Expenditure

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Technological Snapshot

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 End-user Industry

      1. 2.1.1 Solar PV

        1. 2.1.1.1 Monocrystalline Solar Panel

        2. 2.1.1.2 Multicrystalline Solar Panel

      2. 2.1.2 Electronics (Semiconductor)

    2. 2.2 Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Canada

        3. 2.2.2.3 Mexico

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 Italy

        4. 2.2.3.4 France

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 South Africa

        3. 2.2.5.3 Rest of Middle East and Africa

Polysilicon Market Size FAQs

The Polysilicon Market size is expected to reach USD 14.49 billion in 2024 and grow at a CAGR of 13.21% to reach USD 26.94 billion by 2029.

In 2024, the Polysilicon Market size is expected to reach USD 14.49 billion.

Polysilicon Market Report Snapshots

Polysilicon Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)