Solar grade polysilicon market is anticipated to grow at a CAGR of 15.8% during the forecast period (2024-2031). Globally, the solar-grade polysilicon market is growing significantly due to the growing demand for solar photovoltaic installations. According to the data from the International Energy Agency (IEA), solar PV generation increased by 270.0 terawatt-hour (TWh) (up 26.0%) in 2022, reaching almost 1,300.0?TWh from 251.0 TWH in 2015. Among the countries, China is leading the overall market with around 85.0% of global polysilicon production capacity in 2022. In 2022, global solar PV manufacturing capacity increased by over 70.0% to reach 450.0 GW for polysilicon and up to 640.0 GW for modules, with China accounting for more than 95.0% of new facilities throughout the supply chain.
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Additionally, increasing awareness of renewable energy, advancements in solar technology, and increasing government support via policies particularly in the Asia-Pacific region through investments, regulations, and policies are driving overall market growth. For instance, in December 2023, OCI Holdings secured a supply contract of $1.0 billion from CubicPV, the US solar panel manufacturer. The chemical and solar power company announced that its Malaysian subsidiary, OCI will provide polysilicon for solar panels to CubicPV from 2025 to 2033. CubicPV, headquartered in Massachusetts, intends to commence the production of solar wafers at its plant in Texas, utilizing OCIM’s polysilicon starting in 2025.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Grade Polysilicon Market by Type
- Granular Polysilicon
- Polysilicon Rod
- Polysilicon Chunk
- Others (Polysilicon Chip and Polysilicon Fines)
Global Solar Grade Polysilicon Market by Application
- Monocrystalline Ingot/Wafer and Cells
- Multi Crystalline Ingot/Wafer and Cells
- Novel Wafer Applications
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Adani Group
- Asia Silicon (Qinghai) Co., Ltd
- Hanwha Group
- Hemlock Semiconductor, LLC
- Jiangxi Ldk Solar High-Tech Co., Ltd.
- Mitsubishi Materials Trading Corp.
- Rec Silicon ASA
- Targray Technology International Inc.
- OCI Ltd.
- Yichang Csg Polysilicon Co., Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global solar grade polysilicon market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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