Silicon metal, also known as ferrosilicon, is an important raw material used in
the manufacturing of silicon-based semiconductors, solar photovoltaic panels,
aluminium alloys and other chemical compounds. It possesses superior electrical
conductivity and corrosion resistance properties which make it suitable for
manufacturing electrical equipment. The surging demand for consumer electronics
such as smartphones, laptops, wearable devices and tablets along with growing
adoption of renewable energy sources is propelling the need for highly
efficient semiconductors, thereby driving the silicon metal market.
The global silicon metal market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to
exhibit a CAGR of 6.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The increasing demand from electronics industry is presenting a lucrative
opportunity for the growth of silicon metal market. The booming consumer
electronics sector has increased the requirement for semiconductors which are
predominantly manufactured using silicon metal. Moreover, wide acceptance of
solar photovoltaic panels due to environmental consciousness has also augmented
the utilization of silicon in manufacturing panels. The robust growth of
electronics and renewable energy applications around the world is anticipated
to boost the consumption of silicon metal over the forthcoming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the silicon metal
market is moderate. High initial investment requirement for setting up silicon
metal production plants acts as a barrier for new players.
Bargaining power of buyers: The
bargaining power of buyers is high due to the presence of numerous established
silicon metal producers globally. Buyers can negotiate on price with suppliers.
Bargaining power of suppliers: The
bargaining power of suppliers is moderate as suppliers of raw materials like
quartz have limited control over prices due to availability of substitute
materials.
Threat of new substitutes: The
threat of substitutes is low as silicon metal has limited substitutes for its
wide range of applications in aluminum alloys, chemicals, electronics, and
solar panels.
Competitive rivalry: The competitive
rivalry is high owing to the presence of numerous global and regional players
operating in the silicon metal market. Players compete based on pricing and
product quality.
SWOT Analysis
Strength: Wide applications of
silicon metal in various end-use industries acts as its key strength.
Established distribution network of major players.
Weakness: Volatility in prices of
raw materials used for silicon metal production is a major weakness. Dependency
on limited number of suppliers for raw materials.
Opportunity: Growing solar PV
industry adoption is widening the application scope of silicon metal. Rising
demand for aluminum alloys and polysilicon from emerging nations.
Threats: Stringent environmental
regulations associated with silicon metal production. High energy consumption
during manufacturing poses threat of increasing production costs.
Key Takeaways
The
Global
Silicon Metal Market Growth is expected to witness high growth over the
forecast period owing to rising demand from the aluminum alloys and chemicals
industries.
Regionally, Asia Pacific dominates the global silicon
metal market and is expected to continue its dominance during the forecast
period. China is the largest producer and consumer of silicon metal globally.
Key players operating in the silicon metal market are Olympus Corporation, KARL
STORZ SE & Co. KG, Richard Wolf GmbH, Stryker Corporation, Medtronic plc,
Ethicon (Johnson & Johnson), Braun Melsungen AG, Boston Scientific
Corporation, Cook Medical, ROCAMED, Maxer Endoscopy GmbH, Vimex Endoscopy,
PENTAX Medical (HOYA Corporation), Hunan Handlike Minimally Invasive Surgery
Co., Ltd., Optimed Medizinische Instrumente GmbH.
Key players operating in the silicon metal market are
focusing on capacity expansion strategies to cater to growing demand. Olympus
Corporation is one of the leading
Explore more information on this topic, Please visit @
https://www.dailyprbulletin.com/growing-demand-from-aluminium-alloys-industry-demand
Comments
Post a Comment