Polysilicon Market to Reach USD 8.90 Billion By 2021 Globally at a CAGR of 13.00%: MarketsandMarkets

MarketsandMarkets in its latest report”Rapid growth in solar PV and electronics industries drives the polysilicon market” has revealed that polysilicon market will reach USD 8.90 billion by 2021 at a CAGR of 13.00% globally.

The report states that increase in consumer awareness and government initiatives is driving the growth of solar PV installation across the world and therefore the fuelling the demand for polysilicon which is the building block for more than 90% of the photovoltaic solar panels globally. Polysilicon is also used as a key raw material to manufacture electronic chips. Hence, the increasing demand for semiconductors in data processing and communication devices, such as tablets and smartphones is also driving the demand for polysilicon.

The requirement of high capital expenditure for the establishment of polysilicon production plants, creates high entry barriers for the smaller players, which in turn discourages market growth.

The research firm notes that rising demand for solar PV installation in the emerging markets of the Asia-Pacific region is one of the major drivers of the polysilicon market.

In 2015, the Asia-Pacific region accounted for the largest market share, and is estimated to remain the market leader during the forecast period, 2016 to 2021. High growth in both, the solar PV and electronics wafer manufacturing industries in China, Japan, India, and South Korea, is increasing the demand for polysilicon in both, the solar PV and semiconductor industries.

MarketsandMarkets determined and verified the market size for several segments and sub-segments through secondary research and extensive primary interviews.

The key companies profiled in this market research report are GCL-Poly Energy Holdings Limited (Hong Kong), Wacker Chemie AG (Germany), OCI Company Ltd. (Korea), REC Silicon ASA (Norway), Daqo New Energy Corp. (China) Tokuyama Corporation (Japan), Hemlock Semiconductor Corp. (U.S.), SunEdison, Inc. (U.S.), Woongjin polysilicon Co. Ltd. (Korea) and Activ Solar Gmbh (Austria).