Silicon metal finds wide applications in the production of aluminum alloys, resins, and chemicals due to its conductivity and strength properties. Some key uses of silicon metal include deoxidizing agent in steel production, production of silicones, alloys such as ferrosilicon and silumin. It is also used in the manufacturing of polysilicon which is used in the solar photovoltaic and electronics industries.

 The global silicon metal market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand from the aluminum alloy industry is one of the key trends driving the growth of the silicon metal market. Silicon is added to aluminum to produce aluminum-silicon alloys with improved properties such as wear resistance, strength and castability. Around 80% of the global silicon metal supply is consumed by the aluminum alloy industry. The rising consumption of aluminum in various end-use industries such as automotive and construction has fueled the growth of the aluminum alloy industry which in turn is expected to accelerate the demand for silicon metal over the forecast period. Furthermore, silicon improves the fluidity of molten aluminum allowing the production of complex castings and thin-walled sections ideal for applications in the automotive industry.

Segment Analysis
Silicon metal finds major application in aluminum alloys, semiconductors, solar panels, chemicals and polysilicon production. The aluminum alloy segment dominates the global silicon metal market with over 60% market share. Silicon is added to aluminum to enhance strength,ductility and corrosion resistance of aluminum. This has increased the adoption of aluminum alloys in automobile, aviation and infrastructure industries. Further, increased focus on renewables has propelled the demand for silicon metal in solar panels and polysilicon production segments.

Key Takeaways
The Global Silicon Metal Market Growth is expected to witness high growth over the forecast period supported by rapid expansion of aluminum and solar industries.

Regional analysis:Asia Pacific dominates the global silicon metal market with over 50% share. China accounts for over 70% share of Asia Pacific market due to presence of major automotive hubs and aluminum smelters. Strong growth in end use industries along with government support for renewable energy industry expansion is expected to drive the China and Asia Pacific silicon metal market over the coming years.

Key players operating in the silicon metal market are Olympus Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, Stryker Corporation, Medtronic plc, Ethicon (Johnson & Johnson), Braun Melsungen AG, Boston Scientific Corporation, Cook Medical, ROCAMED, Maxer Endoscopy GmbH, Vimex Endoscopy, PENTAX Medical (HOYA Corporation), Hunan Handlike Minimally Invasive Surgery Co., Ltd., Optimed Medizinische Instrumente GmbH.

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