Market Research Future (MRFR) report on the Global — Polysilicon Market covers the COVID-19 impact and provides a comprehensive overview of the market segments, current trends, growth projections, and challenges of the market from 2018 to 2023 (forecast period) to identify the current market opportunities.
Polysilicon is high-grade polycrystalline silicon with semiconductor-like material properties. It is primarily used as a raw material for the solar power generation and electronics industries. Given its semiconductor properties, polysilicon is used to make photovoltaic (PV) panels. It also used in electronic gates, integrated circuits, resistors, and conductors, among others. There are three processes for the manufacturing of polysilicon — the Siemens process, the fluidized bed reactor (FBR) process, and the upgraded metallurgical-grade silicon process. The FBR process is an emerging technology, a low-cost alternative to the Siemens process.
The growing number of solar PV installations and the growing demand for electronic devices worldwide are major factors driving the growth of the Polysilicon Market in the coming years. Government subsidies also make the use of solar appliances affordable in both urban and semi-urban areas, which is anticipated to boost demand for Polysilicon during the forecast period. In addition, the use of electronic-grade Polysilicon in the development of electronic circuits and power conversion devices, among others, is expected to drive market growth during the review period.
In addition, the growing population, improved living standards, and urbanization contributes to higher demand for power, offering profitable opportunities for players in the Polysilicon Market.
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However, the high capital investment needed to develop Polysilicon production plants is likely to impede market growth during the forecast period.
Some of the major participants in the Global Polysilicon Market are Wacker Chemie AG (Germany), Hemlock Semiconductor Operations and Hemlock Semiconductor (US), GCL-Poly Energy Holdings Limited (China), Mitsubishi Polycrystalline Silicon America Corporation (US),, OCI Solar Power LLC (US), REC Silicon ASA (Norway), Qatar Solar Technologies (Qatar), Daqo New Energy Corp. (China), Osaka Titanium Technologies Co. Ltd (Japan), SunEdison Inc. (US), and Tokuyama Corporation (Japan). The leading players functioning in this market are adopting various business strategies such as product launches, joint ventures, and partnerships to acquire significant market shares.
The Global Market for Polysilicon has been segmented based on Manufacturing Technology, End-Use Industry and Structural Form.
Based on Manufacturing Technology, the Global Market for Polysilicon has been segmented into siemens process, fluidized bed reactor process, and upgraded metallurgical-grade silicon process.
By End-Use Industry, the Global Market for Polysilicon has been segmented into solar power generation, electronics, and others.
Based on Structural Form, Global Market for Polysilicon has been segmented into chips, chunks, granules, and rods.
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The Global Market for Polysilicon has been segmented into five regions, namely, Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific held the largest share of the global market for Polysilicon in 2017. This is primarily due to rapid urbanization and high product demand in end-use industries like solar power generation and electronics. China is the largest manufacturer and supplier of solar PV installations. China, South Korea, and Japan are also significant producers of electronic components which are likely to fuel demand for Polysilicon.
North America held the second-largest share of the global market for Polysilicon in 2017. The Polysilicon Market in the region is projected to grow in the coming years due to government initiatives to use renewable energy sources, such as solar energy.
The European market has seen moderate growth, and the growing demand for consumer electronics in the region is estimated to bolster market growth in the years to come.
The markets in the Middle East, Africa, and Latin America are predicted to see substantial growth during the forecast period due to rapid industrialization and infrastructure developments in the UAE, Qatar, among others.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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