(MENAFN- GlobeNewsWire - Nasdaq) Selbyville, Delaware , Nov. 15, 2023 (GLOBE NEWSWIRE) -- Global Polysilicon market could cross a valuation of USD 34.4 billion by 2032, according to the latest report by Global Market Insights Inc.
Strategic investments coupled with technological advancements in polysilicon production processes for improved production efficiency and cost-effectiveness will push the market expansion. Of late, the rising inclination towards renewable energy sources has made way for the ongoing initiatives to enhance domestic polysilicon production capacities. For instance, in September 2023, GCL Technology Holdings, a leading solar PV manufacturer, held discussions with Saudi Arabia to establish a 120,000 tons/year polysilicon production fab in the country as the region plans to shift from being the world's oil supplier to a solar energy provider. Such initiatives are likely to drive the industry growth.
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Solar Grade Polysilicon to gain significant traction
Solar grade polysilicon market is anticipated to witness robust growth between 2023 and 2032 driven by the escalating solar energy adoption worldwide. With the increasing emphasis on sustainable energy solutions, the demand for high-purity polysilicon for solar photovoltaic applications is rising. Technological advancements in solar production processes are also resulting in enhanced efficiency and lower manufacturing costs. Moreover, favorable government policies for promoting renewable energy adoption will further stimulate the overall market expansion.
Rising demand from semiconductor applications
Polysilicon market is projected to witness momentum from semiconductor industry applications during 2023-2032 attributed to the surging need for advanced electronic devices. Technological advancements in microelectronics have led to the development of more intricate and powerful electronic components, further fueling the demand for high-quality polysilicon. Additionally, the proliferation of digitalization, IoT, and AI technologies are accelerating the expansion of the semiconductor sector, further boosting the product demand.
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Asia Pacific to emerge as a lucrative market destination
Asia Pacific polysilicon market is estimated to exhibit robust growth rate from 2023-2032, fueled by the rapid expansion of the solar energy and semiconductor industries. With countries, such as China, India, Japan, and South Korea at the forefront of technological innovations, the demand for polysilicon is expected to escalate. For instance, in December 2022, Adani partnered with Engineers India Ltd. to establish 500 MT of monosilane capacity and 30,000 MT of polysilicon manufacturing capacity in India. The favorable government initiatives for promoting renewable energy adoption and technological advancements in semiconductor manufacturing will also augment the regional industry outlook.
Polysilicon Market participants
Some of the top companies operating in the polysilicon industry are OCI Company Ltd., Wacker Chemie AG, GCL-Poly Energy Holdings Ltd., Tokuyama Corporation, LDK Solar Co., Ltd., Hanwha Solutions Corporation, and Yunnan Metallurgical Xinli Titanium Industry Co. Ltd., among others. These industry players are forging strategic partnerships to bolster their R&D capabilities, streamline supply chains, and foster technological innovations for reinforcing their competitive position. For instance, in September 2023, REC Silicon inked a full-form supply agreement with Hanwha Solutions' subsidiary Hanwha Qcells Georgia to deliver high-purity fluidized bed reactor granular polysilicon manufactured at its idle Washington facility.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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