Polysilicon Market Report 2026

The polysilicon market size has grown rapidly in recent years. It will grow from $11.63 billion in 2025 to $13.57 billion in 2026 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to declining solar panel costs, government incentives for solar energy, early adoption of crystalline silicon PV technology, expansion of solar manufacturing in asia pacific, increasing electricity demand.

The polysilicon market size is expected to see rapid growth in the next few years. It will grow to $25.32 billion in 2030 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to global net zero emission targets, rapid expansion of solar PV installations, increasing investments in domestic polysilicon production, technological improvements in polysilicon purification, rising adoption of renewable energy in emerging economies. Major trends in the forecast period include expansion of high purity polysilicon capacity for solar PV, rising adoption of energy efficient siemens and FBR processes, growing shift toward low carbon polysilicon manufacturing, increasing demand for solar grade polysilicon from utility scale projects, advancements in process automation and yield optimization.

The growing adoption of solar energy is projected to drive the expansion of the polysilicon market. Solar energy, derived from the sun's radiation and converted into electricity or heat through technologies such as photovoltaics (PV) or solar thermal systems, is increasingly in demand due to rising environmental awareness and regulatory incentives encouraging the use of renewable energy globally. Polysilicon is vital for solar energy as it is the primary material used in manufacturing photovoltaic cells, which convert sunlight into electricity for solar panels. For instance, in February 2025, according to the World Resources Institute, a US-based non-profit organization, solar energy set a new record in 2024 by adding an estimated 39.6 gigawatts (GW) of capacity, exceeding the 27.4 GW installed in 2023. Thus, the rising adoption of solar energy is fueling growth in the polysilicon market.

Leading companies in the polysilicon market are forming strategic partnerships to share the substantial capital costs associated with polysilicon production, which involve complex manufacturing processes and equipment. A strategic partnership involves collaboration between organizations to achieve shared objectives through combined resources, expertise, and efforts. For instance, in August 2024, REC Silicon, a Norway-based polysilicon producer, teamed up with Mississippi Silicon, a U.S.-based raw silicon metal manufacturer. Following a recent investment by Hanwha Group in REC Silicon, this partnership aims to strengthen the development of a comprehensive U.S. solar supply chain, covering raw silicon processing, polysilicon production, and the assembly of complete solar modules.

In May 2024, Elkem ASA, a Norway-based producer of silicones, alloys, carbon, microsilica, and other materials, acquired REC Solar for $22 million. This acquisition will enhance Elkem's presence in the solar energy sector, allowing it to leverage REC Solar's technology and expertise to expand its renewable energy offerings. Additionally, this move strengthens Elkem's portfolio and positions it to benefit from the growing demand for sustainable energy solutions. REC Solar is a Norway-based company specializing in various products, including polysilicon.

Major companies operating in the polysilicon market are Tongwei Co. Ltd., OCI Company Ltd., Canadian Solar Inc., Wacker Chemie AG, Asia Silicon (Qinghai) Co. Ltd., Daqo New Energy Corp., Risen Energy Co. Ltd., Xinte Energy Co. Ltd., Sino-American Silicon Products Inc., Tokuyama Corporation, Hemlock Semiconductor Operations LLC, GCL New Energy Holdings Ltd., LDK Solar Co. Ltd., Lanco Solar, ReneSola Ltd., REC Silicon ASA, Mitsubishi Polycrystalline Silicon America Corporation, TBEA Energy Private Ltd., Qatar Solar Technologies, Sichuan Yongxiang Co. Ltd., Huanghe Hydropower Development Co. Ltd., Hanwha Q Cells.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have impacted the polysilicon market by affecting cross border trade of raw silicon materials, manufacturing equipment, and intermediate products used in solar PV production. These impacts are most pronounced in asia pacific, north america, and europe, where solar supply chains are highly interconnected. Higher duties have increased production costs and influenced pricing of solar modules. At the same time, tariffs have encouraged local capacity expansion, supply chain localization, and investments in domestic polysilicon manufacturing facilities.

The polysilicon market research report is one of a series of new reports that provides polysilicon market statistics, including polysilicon industry global market size, regional shares, competitors with a polysilicon market share, detailed polysilicon market segments, market trends and opportunities, and any further data you may need to thrive in the polysilicon industry. This polysilicon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Polysilicon is a highly purified form of silicon essential for producing photovoltaic (PV) solar cells, which convert sunlight into electricity. It serves as the foundational material for manufacturing solar panels, making it crucial to the solar energy industry.

The primary technologies for polysilicon manufacturing include the Siemens process, the fluidized bed reactor (FBR) process, and the upgraded metallurgical-grade silicon process. The Siemens process involves reducing silicon tetrachloride with hydrogen gas in a high-temperature reactor, followed by purification to achieve the high purity required for industrial use. Polysilicon produced through this method comes in various forms, such as chips, chunks, and rods, and is used in applications such as solar photovoltaics and electronics.Asia-Pacific was the largest region in the polysilicon market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polysilicon market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polysilicon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The polysilicon market consists of sales of silicon wafers, silicon ingots, silane gas and silicon photomultipliers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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