Jan 5, 2021   SOURCE: BusinessWire

Silicon Metal Market: Pandemic Business Continuity Plan | Rising Demand for Aluminum-silicon Alloys to Boost Growth | Technavio

The new silicon metal market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Silicon Metal Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Silicon Metal Market 2020-2024 (Graphic: Business Wire)

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"One of the primary growth drivers for this market is the Rising Demand for Aluminum-silicon Alloys,” says a senior analyst for the Materials industry at Technavio.

The rising demand for aluminum-silicon alloys is one of the major factors that will drive the silicon metal market growth. There is a growing demand for aluminum-silicon alloys, mainly from the automotive and transportation industries. Aluminum-silicon alloys are increasingly being used as castings for making sheets and wires for welding and brazing. Moreover, a few of the piston alloys are also extruded for forging stock. Although these castings have high mechanical properties even in segments that minimally use this material compared to castings made from higher-strength, they have low-castability. Silicon is the main alloying element as it provides increased fluidity and low shrinkage resulting in good casting ability and weldability properties.

As the markets recover, Technavio expects the silicon metal market size to grow by USD 675.35 million during the period 2020-2024.

Silicon Metal Market Segment Highlights for 2020

  • The silicon metal market is expected to post a year-over-year growth rate of 4.15%.
  • The rising demand for aluminum alloys from the transportation sector, and application of silicones in the production of numerous chemicals and materials used in personal care products, electronics, plastics, building and construction, and textiles, are likely to boost the growth of the silicon metal market during the forecast period.
  • Silicon improves the properties of aluminum alloys, such as thermal conductivity, machinability, casting ability, and corrosion resistance.
  • Therefore, the silicon metal market share growth by the aluminum alloys segment will be significant during the forecast period.

Regional Analysis

  • 44% of the growth will originate from the APAC region.
  • The high demand for aluminum alloys from the automotive industry will significantly drive silicon metal market growth in this region over the forecast period.
  • China and South Korea (Republic of Korea) are the critical markets for silicon metal in APAC. Market growth in this region will be faster than the growth of the market in regions.

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Notes:

  • The silicon metal market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
  • The silicon metal market is segmented by Application (Aluminum alloys, Silicones and silanes, Solar panels, Semiconductors, and Others) and Geography (APAC, North America, Europe, South America, and MEA).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including BlueStar Silicon Materials Co. Ltd., Elkem ASA, Ferroglobe Plc, Minasligas, RW Silicium GmBH, Simcoa Operations Pty Ltd, Dow Inc., Wacker Chemie AG, Westbrook Resources Ltd., and Zhejiang Kaihua Yuantong Silicon Industry Co. Ltd.

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