Polysilicon Market is Estimated To Witness High Growth Owing To Demand Rises from Photovoltaic Industries

Polysilicon Market


Polysilicon is a highly purified form of silicon predominantly used in production of solar photovoltaic cells. It provides high efficiency, low degradation and is an essential raw material for manufacturing solar photovoltaic modules. Growing adoption of solar energy due to environmental concerns and supportive government policies has increased the demand for polysilicon in recent years.

The Polysilicon Market is estimated to be valued at US$ 12.80 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends positively impacting the polysilicon market growth is rising demand from photovoltaic industries. Solar power generation has been gaining increasing prominence as a potential source of renewable energy globally. According to International Renewable Energy Agency, installed photovoltaic capacity increased over fourfold from 2011 to 2020 worldwide. Growing emphasis on developing clean and green sources of energy is expected to drive the photovoltaic installations higher in coming years. As polysilicon is the primary raw material used in manufacturing of solar photovoltaic cells, a consistent rise in demand from photovoltaic sectors is likely to propel the polysilicon market during the forecast period.

Porter’s Analysis
Threat of new entrants: The polysilicon market has high capital requirements for building manufacturing facilities which poses significant barrier for new players.

Bargaining power of buyers: There exist few large polysilicon producers globally. This enables buyers to negotiate better prices and demand high quality standards.

Bargaining power of suppliers: Suppliers of raw materials like trichlorosilane have moderate power since there are sufficient suppliers in the market to meet demand.

Threat of new substitutes: There exist no close substitutes for polysilicon since it is extensively used in solar PV industry.

Competitive rivalry: The polysilicon market is dominated by top players who intensely compete on production capacity and prices.

SWOT Analysis
Strength: Polysilicon has high demand from expanding solar PV sector. It is widely used as a fundamental material in solar wafer and module manufacturing.

Weakness: Production process of polysilicon involves use of hazardous chemicals like trichlorosilane which needs stringent safety and environmental norms. Capital intensive nature of manufacturing poses challenges for small players.

Opportunity: Increasing global installations of solar PV projects especially in Asia Pacific provides huge market potential over forecast period. Development of low-cost production technologies can boost supply.

Threats: Volatility in prices of raw materials like trichlorosilane can impact costs. Trade disputes and duties between major countries impact supply chains and demand-supply dynamics.

Key Takeaways

Global Polysilicon Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing deployment of solar PV projects globally driven by supportive policy mechanisms and falling prices of modules. The market size for polysilicon is projected to reach US$ 12.80 Bn in 2023.

The Asia Pacific region currently dominates the global polysilicon market owing to large solar PV manufacturing and installation bases in China and emerging counties like India and Vietnam. China alone accounts for over 60% of global polysilicon production capacity and demand on account of its leading status in solar sector.

Key players operating in the polysilicon market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. Top players are engaged in capacity expansion plans and adoption of new production technologies to achieve economies of scale and reduce costs. This intensifying competition is positively impacting prices of polysilicon benefiting panel manufacturers and solar project developers. 

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