Polysilicon Market
Polysilicon Market Size, Share & Trends Analysis Report By Grade (Solar Grade Polysilicon (Monocrystalline Ingot/Wafer And Cells, Multi Crystalline Ingot/Wafer and Cells, And Novel Wafer) and Electronics/Semiconductor Grade Polysilicon) By Type (Granular Polysilicon, Polysilicon Rod, Polysilicon Chunk, and Others (Polysilicon Chip And Polysilicon Fines)) Forecast Period (2024-2031)
Polysilicon market is anticipated to grow at a CAGR of 14.2% during the forecast period (2024-2031). The growing shift toward renewable energy sources, particularly solar energy globally is a key factor for the high demand for polysilicon in 2022. The market players are expanding their manufacturing capacity to support the growing demand for polysilicon in the solar and semiconductor industry. In June 2023, WACKER expanded semiconductor-grade polysilicon production capacity in Burghausen. As part of the strategic initiatives, there are intentions to establish a new production line at the Burghausen site of the company by the beginning of 2025. This upcoming plant is anticipated to significantly augment the existing capacity at the site, surpassing a 50 percent increase. At its three polysilicon production sites in Burghausen, Nünchritz, and Charleston, WACKER’s annual production capacity adds up to 80,000 metric tons, creating over 3,500 jobs. It employs about 17,000 dedicated specialists at the Burghausen and Nünchritz production sites. The Charleston production site, which was inaugurated in 2016, has a capacity of over 20,000 metric tons/year.
Market Segmentation
Our in-depth analysis of the global polysilicon market includes the following segments:
- Based on type, the market is segmented into granular polysilicon, polysilicon rod, polysilicon chunk, and others (polysilicon chip and polysilicon fines).
- Based on grade, the market is segmented into solar grade polysilicon (monocrystalline ingot/wafer and cells, multi-crystalline ingot/wafer and cells, and novel wafer) and electronics/semiconductor grade polysilicon.
Polysilicon Production at Peak
In 2022, global polysilicon production, including semiconductor-grade, surpassed 1.0 million tons for the first time, totaling approximately 1,001,350 tons, as reported by IEA. Polysilicon production for PV cells rose from 604,812 tons in 2021 to 955,575 tons in 2022, while semiconductor-grade polysilicon production reached 45,780 tons. PV polysilicon production constituted around 95.0% of the total polysilicon production in 2022. The global polysilicon production capacity, including semiconductor production, increased from 813,100 tons/year in 2021 to 1,354,700 tons/year in 2022.
Regional Outlook
The global polysilicon market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Polysilicon Market Growth by Region 2024-2031
India is Projected to Achieve the Highest CAGR in the Polysilicon Market
The growing demand for polysilicon is attributed to the growing solar power and consumer electronics industry in India. The increasing exports of solar modules and the surge in PV manufacturing capacity are further aiding the market demand. The Government of India has taken several measures to make India an attractive destination for Foreign Direct Investment. Owing to this fact, a massive jump has been recorded in solar panel exports from India to the US in the previous quarter, which coincided with a push amongst Indian manufacturers to ramp up the capacity to meet domestic demand. The production potential of polysilicon is limited in India as the country does not have any significant reserves of silicon or a well-developed supply chain for polysilicon production. As a result, India is heavily reliant on imports of polysilicon, which account for about 80.0% of the total demand. The Indian government targets to achieve 450.0 GW of renewable energy capacity by 2030, leading to an increased focus on developing domestic solar manufacturing capacity, including polysilicon production.
According to the India Semiconductor Association (ISA), India has become a favored hub for chip designing and embedded software, primarily attributed to its highly skilled workforce and the strategic decision of companies to conduct business beyond China. The semiconductor design industry in India is well-established, featuring 120 design units and ranking second globally in design revenues, among the US, the UK, Germany, Sweden, China, Taiwan, and Israel. India's semiconductor market is driven by various sectors, including telecom infrastructure equipment, wireless handsets, notebooks, IT and office automation products, as well as set-top boxes and smart cards. Additionally, the increasing integration of electronics in growth sectors such as healthcare equipment, automotive, consumer goods, and industrial products is expected to contribute to the continued expansion of semiconductor consumption in India.
Market Players Outlook
Key market players in the polysilicon market include Tongwei Solar Co., Ltd., GCL Technology Holdings Limited, Daqo New Energy, Xinte Energy, Wacker Chemie AG, and OCI Solar Power. The polysilicon industry has increasingly consolidated, with the top five companies accounting for 70.0% of global production in 2023. The market players are considerably contributing to the market growth by the adoption of various strategies including geographical expansion, partnerships, collaborations, and capacity expansion to stay competitive in the market. For instance, in February 2023, OCI planned to increase production capacities for solar-grade and electronic-grade polysilicon. The company plans to expand its solar-grade polysilicon plant in Malaysia by 30,000 metric tons to 65,000 MT over five years, starting in 2027.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global polysilicon market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Market Dynamics
3.1. Market Drivers
3.2. Restraints
3.3. Opportunities
4. Competitive Landscape
4.1. Key Company Analysis
4.2. Wacker Chemie AG
4.2.1. Overview
4.2.2. Financial Analysis
4.2.3. SWOT Analysis
4.2.4. Recent Developments
4.3. Tongwei Co. Ltd.
4.3.1. Overview
4.3.2. Financial Analysis
4.3.3. SWOT Analysis
4.3.4. Recent Developments
4.4. GCL Technology Holdings Ltd.
4.4.1. Overview
4.4.2. Financial Analysis
4.4.3. SWOT Analysis
4.4.4. Recent Developments
4.5. Daqo New Energy
4.5.1. Overview
4.5.2. Financial Analysis
4.5.3. SWOT Analysis
4.5.4. Recent Developments
4.6. Xinte Energy
4.6.1. Overview
4.6.2. Financial Analysis
4.6.3. SWOT Analysis
4.6.4. Recent Developments
5. Market Segmentation
5.1. Global Polysilicon Market by Grade
5.1.1. Solar-Grade
5.1.1.1. Monocrystalline Ingot/Wafer and Cells
5.1.1.2. Multi Crystalline Ingot/Wafer and Cells
5.1.1.3. Novel Wafer Applications
5.1.2. Electronics Grade/Semiconductor Grade
5.2. Global Polysilicon Market by Type
5.2.1. Granular Polysilicon
5.2.2. Polysilicon Rod
5.2.3. Polysilicon Chunk
5.2.4. Others (Polysilicon Chip and Polysilicon Fines)
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East and Africa
7. Company Profiles
7.1. Adani Group
7.2. Asia Silicon (Qinghai) Co., Ltd
7.3. Hanwha Group
7.4. Hemlock Semiconductor, LLC
7.5. Jiangxi Ldk Solar High-Tech Co., Ltd.
7.6. Mitsubishi Materials Trading Corp.
7.7. OCI Ltd.
7.8. Rec Silicon ASA
7.9. Shin-Etsu Chemical Co., Ltd.
7.10. Sichuan Yongxiang Co., Ltd.
7.11. Targray Technology International Inc.
7.12. Tokuyama Corporation
7.13. Yichang Csg Polysilicon Co., Ltd.
1. GLOBAL POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
2. GLOBAL SOLAR GRADE GRANULAR POLYSILICON MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL POLYSILICON ROD MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL POLYSILICON CHUNK MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL OTHER POLYSILICON MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL ELECTRONIC/SEMICONDUCTOR GRADE GRANULAR POLYSILICON MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
8. GLOBAL SOLAR GRADE POLYSILICON FOR MONOCRYSTALLINE INGOT/WAFER AND CELLS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL SOLAR GRADE POLYSILICON FOR MULTI-CRYSTALLINE INGOT/WAFER AND CELLS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL SOLAR GRADE POLYSILICON FOR NOVEL WAFER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL POLYSILICON MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. NORTH AMERICAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
13. NORTH AMERICAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
14. NORTH AMERICAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
15. EUROPEAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
16. EUROPEAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
17. EUROPEAN POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
18. ASIA-PACIFIC POLYSILICON MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
19. ASIA-PACIFIC POLYSILICON MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
20. ASIA-PACIFIC POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
21. REST OF THE WORLD POLYSILICON MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
22. REST OF THE WORLD POLYSILICON MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
23. REST OF THE WORLD POLYSILICON MARKET RESEARCH AND ANALYSIS BY GRADE, 2023-2031 ($ MILLION)
1. GLOBAL POLYSILICON MARKET SHARE BY TYPE, 2023 VS 2031 (%)
2. GLOBAL SOLAR GRADE GRANULAR POLYSILICON MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL POLYSILICON ROD MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL POLYSILICON CHUNK MARKET SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL OTHER POLYSILICON MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL POLYSILICON MARKET SHARE ANALYSIS BY GRADE, 2023 VS 2031 (%)
7. GLOBAL ELECTRONICS/SEMICONDUCTOR GRADE GRANULAR POLYSILICON MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL SOLAR GRADE POLYSILICON FOR MONOCRYSTALLINE INGOT/WAFER AND CELLS MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL SOLAR GRADE POLYSILICON FOR MULTI-CRYSTALLINE INGOT/WAFER AND CELLS MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL SOLAR GRADE POLYSILICON FOR NOVEL WAFER APPLICATIONS MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL POLYSILICON IN OTHER MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL POLYSILICON MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. US POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
14. CANADA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
15. UK POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
16. FRANCE POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
17. GERMANY POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
18. ITALY POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
19. SPAIN POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
20. REST OF EUROPE POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
21. INDIA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
22. CHINA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
23. JAPAN POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
24. SOUTH KOREA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
25. REST OF ASIA-PACIFIC POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
26. LATIN AMERICA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
27. MIDDLE EAST AND AFRICA POLYSILICON MARKET SIZE, 2023-2031 ($ MILLION)
