Metallurgical grade silicon dominated in 2019 and is poised to sustain its market leadership, driven by its application in aluminum alloys.

WILMINGTON, DELAWARE, UNITED STATES, July 8, 2024 /EINPresswire.com/ -- The global silicon metal market, as reported by Allied Market Research, achieved $6.3 billion in 2019 and is anticipated to reach $8.9 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027. Factors driving this growth include increased demand for aluminum silicon alloys, versatility in silicone applications, and expanded use in semiconductors. Challenges such as high production costs have tempered market expansion, though innovations in technology present future opportunities.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/9627

Key drivers of market growth include increasing demand for aluminum silicon alloys, the versatile applications of silicones, and rising usage in semiconductor manufacturing. However, high production costs pose a challenge to market expansion, which is offset by ongoing technological innovations.

Metallurgical grade silicon dominated in 2019 and is poised to sustain its market leadership, driven by its application in aluminum alloys. Chemical grade silicon is also analyzed in the report. The aluminum alloys segment accounted for a significant market share in 2019, while semiconductors are expected to exhibit the highest growth rate through 2027.

The market is segmented by type, with metallurgical grade silicon dominating in 2019 and expected to maintain its leadership with a projected CAGR of 5.9% through 2027. Application-wise, aluminum alloys led the market in 2019, while semiconductors are anticipated to grow the fastest, with a CAGR of 6.2% during the forecast period.

Geographically, Asia-Pacific held the largest market share in 2019 and is projected to continue leading, driven by rapid industrialization and a CAGR of 6.4% from 2020 to 2027. The report also covers North America, Europe, and LAMEA regions.

Key players in the global silicon metal market analyzed in the report include Anyang Wanhua Metal Material Co. Ltd., Elkem ASA, Dow Inc., and others.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/silicon-metal-market/purchase-options

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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