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Polysilicon Market - Global Outlook & Forecast 2022-2027

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  • 232 Pages
  • November 2022
  • Region: Global
  • Arizton
  • ID: 5692403
1h Free Analyst Time

Quick Summary:

In an increasingly sustainable and technology-driven world, various industries are experiencing high demand for high-purity forms of silicon, particularly, in the form of polysilicon. Featuring prominently in the manufacturing of solar modules and semiconductor chips, the polysilicon market has strategic importance in an age where the adoption of renewable energy resources and technological advancements take center stage. The world's sustainable rejection of carbon-based energy sources has spurred exponential growth in the polysilicon market, particularly within the Americas and Asia Pacific regions.

Resource sustainability and semiconductor technology, both driven by the utilization of polysilicon, are clearly the future of our global energy and technology sectors respectively. With the North American solar energy industry experiencing significant growth and the Asia Pacific region leading the global polysilicon market share, this is a space poised for continual expansion. Despite potential regulatory factors within certain regions, the polysilicon market represents a compelling investment for those seeking benefits from a sustainable, economically dominant and tech-forward future.

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The polysilicon market is classified into three segments based on forms: wafers, granules, and rods. And on the basics of end use, it is classified into two types: solar panel and electronic type polysilicon. The U.S. is the most significant contributor to the North American polysilicon market, accounting for 89.21% of the share. The U.S., major solar energy and electric appliance manufacturer, has a high demand for polysilicon in solar PV and semiconductor manufacturing due to well-developed infrastructure, increased investment in R&D, and global economic dominance.

Polysilicon or polycrystalline silicon is a high-purity form of silicon consisting of several smaller crystals or crystallites. It is a key raw material used in manufacturing solar modules and semiconductor chips. It is used as a semimetal layer in transferring signals in electronic devices and has similar properties as that of single-crystal silicon. It is a key raw material used in manufacturing solar modules and semiconductor chips. It is used for a wide range of applications in these end uses.

Due to increased pollution, it has been observed that there is growth in the adoption of renewable energy production. Hence there is high growth in the solar PV industry as the solar energy market is growing, resulting in high demand for polysilicon in the global polysilicon market. Further growth in the semiconductor industry has dramatically impacted increased demand for polysilicon as it is highly used in manufacturing semiconductor chips. Various governments have imposed anti-dumping policies on polycrystalline silicon, which can be a restraining factor for the industry.

Technological advancement in production can be a good growth opportunity for manufacturers. Growth in renewable energy sources is expected to increase industry share over the forecasted period as it will increase the manufacturing of solar cells. Further, the Asia Pacific region currently holds the largest share of the global polysilicon market, with 37.25%. The vast industry size, emerging economies, and high adoption of renewable energy are the main reason for the high industry share of polysilicon.


Focus on Renewable Energy Sources

The global economy focuses on energy generation from renewable sources. Due to environmental and climatic changes, there is a shift from carbon-based petroleum derivatives to cleaner alternative energy sources. Renewable energy sources, such as solar, wind, and hydroelectric energy, currently generate about a quarter of the electricity supplied by the power sector. Focusing on renewable energy is an excellent opportunity for the polysilicon market to grow. The global renewable energy generation industry evolved over the past decade, and the electricity-generation capacity grew roughly 8.0% annually, per the IEA. This is due to government strategies and aggressive clean energy objectives reported previously and at the 2021 Climate Change Conference (COP26). Low GHG emissions, low air pollution, low operating expenses, and system resilience lead to sustainable energy industry development.

High Growth in The Solar PV Industry

The global economy focuses on energy generation from renewable sources. Due to environmental and climatic changes, there is a shift from carbon-based petroleum derivatives to cleaner alternative energy sources. Over the past few years, owing to the growing population, economic development, and infrastructure development. In addition, increasing pollution levels, the decline in the price of solar technologies by more than 52% between 2010 and 2020, and the government provision of offering incentives & tax rebates for installing solar panels are contributing to the soaring demand for solar panels, which are a significant contributor to the global polysilicon market.


Anti-Dumping Policies Related to Polysilicon Market

Dumping is a terminology used in situations where the price of a commodity when sold in an importing country is lower than that commodity's price in the exporting country's market. Antidumping laws prevent products manufactured overseas from being sold by foreign firms in the country at less than upright value. There are four types of dumping in international trade: sporadic dumping, predatory dumping, persistent dumping, and reverse dumping. The world's top organizations, such as World Trade Organisation (WTO) and European Union (EU), are continuously taking measures to discourage countries from dumping by imposing tariffs and taxes.



The wafer form polysilicon is the largest segment in the global polysilicon market, with a market value of USD 5.67 in 2021. The global industry is classified based on form as wafers, granules, and rods. Wafers are used to manufacture solar PV materials. This is because the wafers are generally p-type doped and act as an array of small round cells, and the n-type dopants are applied on the surface to form a p-n junction just below the surface. This p-n junction is usually a few hundred nanometers below the surface. Granular polysilicon is a medium-sized particle generally having an irregular shape. Granular typically contains more hydrogen as compared to rod polysilicon.

Segmentation by Forms

  • Wafers
  • Granules
  • Rods


The solar segment is the largest end-use and fastest-growing segment of the global polysilicon market and is estimated to grow at a CAGR of 7.25% during the forecast period. Polysilicon is mainly used in the manufacture of solar panels. Solar panels are classified into two types based monocrystalline & polycrystalline panels. The main difference between the two types of solar panels is the crystalline purity of the panel cells. Monocrystalline solar panels consist of solar cells, which are manufactured by using a single crystal of silicon.

Segmentation by End-Use

  • Solar
  • Electronics


APAC holds the largest and fastest growing global polysilicon market share during the forecast period. The major countries in APAC, such as China, Japan, India, Vietnam, and South Korea, have a high demand for polycrystalline silicon. Various factors, such as rapid urbanization, rising disposable income, and rapid industrialization, have fueled the growth of the automotive, power generation, and manufacturing industries. China is one of the largest industries for polycrystalline silicon in the world. China’s industrial and innovation policies focus on increasing solar panel production. In addition, Japan is one of the world’s largest renewable energy industries. The country has good long-term growth potential.

The North American region is the second largest polysilicon market, and it is expected to grow at a considerable rate of 6.16% during the forecasted period. The United States is the largest contributor to the industry, accounting for 89.21% of the North American industry. The solar energy industry has grown hugely in the U.S. with an increased demand for electricity. Also, the demand for polycrystalline silicon is expected to increase owing to the high demand for semiconductors used in various end-use segments such as computer, communications, consumer, industrial and automotive.

Segmentation by Geography

  • APAC
  • China
  • South Korea
  • Japan
  • India
  • Vietnam
  • Rest of APAC
  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • Spain
  • France
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
  • Latin America
  • Brazil
  • Mexico
  • Rest of LA
  • Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of the Middle East & Africa


The global polysilicon market is characterized by the presence of specific international & regional vendors; as international players increase their footprint in the industry, regional vendors will find it increasingly difficult to compete with them. However, some global players in the industry such as Tongwei Group Co., ltd (China), GCL Tech (China), Wacker Chemie AG (Germany), Hemlock Semiconductor LLC (US), OCI Company ltd (South Korea), and many more have developed a complete product portfolio for polycrystalline silicon.

Several players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in APAC, to gain more industry share. One such prominent player, Daqo New Energy Corp, started constructing their new plant in the APAC region. The plant is expected to produce around 35,000 tons of polysilicon annually and then gradually ramp to 105,000 tons yearly.

Key Vendors

  • GCL Technology
  • Hemlock Semiconductor LLC
  • OCI Company Limited
  • Tongwei Group
  • Wacker Chemie AG

Other Prominent Vendors

  • AE Polysilicon
  • Asia Silicon (Qinghai) Co., Ltd.
  • Daqo New Energy Corp
  • East Hope Group
  • Mitsubishi Polycrystalline Silicon America Corporation
  • REC Silicon ASA
  • TBEA
  • Tokuyama Corporation
  • Shaanxi Non-ferrous Tian Hong REC Silicon Materials Co., Ltd


1. What is the global polysilicon market revenue in 2021?
2. What is the projected global polysilicon market size by 2027?
3. What is the growth rate of the polysilicon market?
4. Which region dominates the global Polysilicon Market?
5. What are the key growth driving factors in the global Polysilicon Market?
Frequently Asked Questions about the Polysilicon Market

What is the estimated value of the Polysilicon Market?

The Polysilicon Market was estimated to be valued at $9141.78 Million in 2021.

What is the growth rate of the Polysilicon Market?

The growth rate of the Polysilicon Market is 7.3%, with an estimated value of $13952.19 Million by 2027.

What is the forecasted size of the Polysilicon Market?

The Polysilicon Market is estimated to be worth $13952.19 Million by 2027.

Who are the key companies in the Polysilicon Market?

Key companies in the Polysilicon Market include GCL Technology, Hemlock Semiconductor LLC, OCI Company Limited, Tongwei Group, Wacker Chemie AG, AE Polysilicon, Asia Silicon (Qinghai) Co., Ltd., Daqo New Energy Corp, East Hope Group and Mitsubishi Polycrystalline Silicon America Corporation.

Table of Contents

1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Polysilicon Market - Global Forecast (2022-2027)
6.1.1 Market Overview
6.2 Market Synopsis
6.2.1 Opportunities & Trends
6.2.2 Drivers
6.2.3 Restraints
6.3 Segment Review
6.3.1 Companies & Strategies
7 Market at a Glance
8 Introduction
8.1 Overview
9 Market Opportunities & Trends
9.1 Technological Advances in Production Process
9.2 Focus on Renewable Energy Sources
10 Market Growth Enablers
10.1 High Growth in Solar Pv Market
10.2 Growing Semiconductor Industry
10.3 High Growth in Ev Market
11 Market Restraints
11.1 Anti-Dumping Policies Related to Polysilicon
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Forms
13.1 Market Snapshot & Growth Engine (Revenue)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Wafers
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Granules
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Rods
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
14 End-Use
14.1 Market Snapshot & Growth Engine (Revenue)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Solar
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 Electronics
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
16 North America
16.1 Market Overview
16.2 Market Size & Forecast
16.3 Form
16.3.1 Market Size & Forecast
16.4 End-Use
16.4.1 Market Size & Forecast
16.5 Key Countries
16.6 US
16.6.1 Us: Market Size & Forecast
16.7 Canada
16.7.1 Canada: Market Size & Forecast
17 Latin America
17.1 Market Overview
17.2 Market Size & Forecast
17.3 Form
17.3.1 Market Size & Forecast
17.4 End-Use
17.4.1 Market Size & Forecast
17.5 Key Countries
17.6 Brazil
17.6.1 Brazil: Market Size & Forecast
17.7 Mexico
17.7.1 Mexico: Market Size & Forecast
17.8 Rest of Latin America
17.8.1 Rest of Latin America: Market Size & Forecast
18.1 Market Overview
18.2 Market Size & Forecast
18.3 Form
18.3.1 Market Size & Forecast
18.4 End-Use
18.4.1 Market Size & Forecast
18.5 Key Countries
18.6 China
18.6.1 China: Market Size & Forecast
18.7 Japan
18.7.1 Japan: Market Size & Forecast
18.8 India
18.8.1 India: Market Size & Forecast
18.9 Vietnam
18.9.1 Vietnam: Market Size & Forecast
18.10 South Korea
18.10.1 South Korea: Market Size & Forecast
18.11 Rest of APAC
18.11.1 Rest of APAC: Market Size & Forecast
19 Middle East & Africa
19.1 Market Overview
19.2 Market Size & Forecast
19.3 Form
19.3.1 Market Size & Forecast
19.4 End-Use
19.4.1 Market Size & Forecast
19.5 Key Countries
19.6 Saudi Arabia
19.6.1 Saudi Arabia: Market Size & Forecast
19.7 Uae
19.7.1 Uae: Market Size & Forecast
19.8 South Africa
19.8.1 South Africa: Market Size & Forecast
19.9 Rest of Middle East & Africa
19.9.1 Rest of Middle East & Africa: Market Size & Forecast
20 Europe
20.1 Market Overview
20.2 Market Size & Forecast
20.3 Form
20.3.1 Market Size & Forecast
20.4 End-Use
20.4.1 Market Size & Forecast
20.5 Key Countries
20.6 Germany
20.6.1 Germany: Market Size & Forecast
20.7 Spain
20.7.1 Spain: Market Size & Forecast
20.8 France
20.8.1 France: Market Size & Forecast
20.9 Italy
20.9.1 Italy: Market Size & Forecast
20.10 Russia
20.10.1 Russia: Market Size & Forecast
20.11 Netherlands
20.11.1 Netherlands: Market Size & Forecast
20.12 Rest of Europe
20.12.1 Rest of Europe: Market Size & Forecast
21 Competitive Landscape
21.1 Competition Overview
21.2 Recent Developments
22 Key Company Profiles
22.1 Gcl Tech
22.1.1 Business Overview
22.1.2 Financial Overview
22.1.3 Product Offerings
22.1.4 Key Strategies
22.1.5 Key Strengths
22.1.6 Key Opportunities
22.2 Hemlock Semiconductor LLC
22.2.1 Business Overview
22.2.2 Product Offerings
22.2.3 Key Strategies
22.2.4 Key Strengths
22.2.5 Key Opportunities
22.3 Oci Company Limited
22.3.1 Business Overview
22.3.2 Financial Overview
22.3.3 Product Offerings
22.3.4 Key Strategies
22.3.5 Key Strengths
22.3.6 Key Opportunities
22.4 Tongwei Group Co. Ltd
22.4.1 Business Overview
22.4.2 Product Offerings
22.4.3 Key Strategies
22.4.4 Key Strengths
22.4.5 Key Opportunities
22.5 Wacker Chemie AG
22.5.1 Business Overview
22.5.2 Financial Overview
22.5.3 Product Offerings
22.5.4 Key Strategies
22.5.5 Key Strengths
22.5.6 Key Opportunities
23 Other Prominent Vendors
23.1 Ae Polysilicon
23.1.1 Business Overview
23.1.2 Product Offerings
23.2 Asia Silicon (Qinghai) Co. Ltd
23.2.1 Business Overview
23.2.2 Product Offerings
23.3 Daqo New Energy Corporation
23.3.1 Business Overview
23.3.2 Product Offerings
23.4 East Hope Group
23.4.1 Business Overview
23.4.2 Business & Financial Overview
23.4.3 Product Offerings
23.5 Mitsubishi Polycrystalline Silicon America Corporation
23.5.1 Business Overview
23.5.2 Product Offerings
23.6 Rec Silicon Asa
23.6.1 Business Overview
23.6.2 Product Offerings
23.7 Tbea
23.7.1 Business Overview
23.7.2 Business & Financial Overview
23.7.3 Product Offerings
23.8 Tokuyama Corporation
23.8.1 Business Overview
23.8.2 Product Offerings
23.9 Shaanxi Non-Ferrous Tian Hong Rec Silicon Materials Co. Ltd.
23.9.1 Business Overview
23.9.2 Product Offerings
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Market by Form
25.1.1 Wafers (Value)
25.1.2 Wafers (Volume)
25.1.3 Granules (Value)
25.1.4 Granules (Volume)
25.1.5 Rods (Value)
25.1.6 Rods (Volume)
25.2 Market by End-Use
25.2.1 Solar (Value)
25.2.2 Solar (Volume)
25.2.3 Electronics (Value)
25.2.4 Electronics (Volume)
25.3 Market by Geography
25.4 North America
25.4.1 Form (Value)
25.4.2 Form (Volume)
25.4.3 End-Use (Value)
25.4.4 End-Use (Volume)
25.5 Europe
25.5.1 Form (Value)
25.5.2 Form (Volume)
25.5.3 End-Use (Value)
25.5.4 End-Use (Volume)
25.6 APAC
25.6.1 Form (Value)
25.6.2 Form (Volume)
25.6.3 End-Use (Value)
25.6.4 End-Use (Volume)
25.7 Latin America
25.7.1 Form (Value)
25.7.2 Form (Volume)
25.7.3 End-Use (Value)
25.7.4 End-Use (Volume)
25.8 Middle East & Africa
25.8.1 Form (Value)
25.8.2 Form (Volume)
25.8.3 End-Use (Value)
25.8.4 End-Use (Volume)
26 Appendix
26.1 Abbreviations

Companies Mentioned

  • GCL Technology
  • Hemlock Semiconductor LLC
  • OCI Company Limited
  • Tongwei Group
  • Wacker Chemie AG
  • AE Polysilicon
  • Asia Silicon (Qinghai) Co., Ltd.
  • Daqo New Energy Corp
  • East Hope Group
  • Mitsubishi Polycrystalline Silicon America Corporation
  • REC Silicon ASA
  • TBEA
  • Tokuyama Corporation
  • Shaanxi Non-ferrous Tian Hong REC Silicon Materials Co., Ltd


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.