Global Silicon Metal Market Is Estimated To Witness High Growth Owing To Increasing Demand in Construction and Automotive Industries

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Global Silicon Metal Market Is Estimated To
Witness High Growth Owing To Increasing
Demand in Construction and Automotive
Industries
Silicon Metal Market The global Silicon Metal
Market is estimated to be valued at US6.1
billion in 2020 and is expected to exhibit a
CAGR of 4.4 over the forecast period
(2021-2028), as highlighted in a new report
published by Coherent Market Insights. A) Market
Overview Silicon metal is a key raw material
used in several industries, including
construction, automotive, electronics, and solar
energy. It is primarily used as an alloying agent
in the production of aluminum alloys, steel, and
cast iron. Silicon metal also finds extensive
application in the production of silicones,
polysilicon, and semiconductors. The increasing
demand for lightweight materials in the
automotive and construction industries is driving
the growth of the silicon metal market.
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• B) Market Dynamics
• The Silicon Metal Market is driven by two major
  factors - the construction industry and the
  automotive industry.
• Driver One Construction Industry
• The construction industry is a major consumer of
  silicon metal. It is extensively used in the
  production of aluminum alloys, which are used in
  building facades, window frames, doors, and
  roofing. Silicone sealants,
• made from silicon metal, are used for bonding and
  sealing applications in the construction sector.
  The growing construction activities in emerging
• economies, such as China, India, and Brazil, are
  fueling the demand for silicon metal.
• Driver Two Automotive Industry
• The automotive industry is another key driver for
  the silicon metal market. Silicon metal is used
  in the production of aluminum-silicon alloys,
  which are used in engine blocks, cylinder heads,
  and pistons. The lightweight nature of these
  alloys provides better fuel efficiency and
  reduces carbon emissions.
• With the increasing focus on electric vehicles
  and stringent emission regulations, the demand
  for silicon metal in the automotive sector is
• expected to grow significantly.
• C) SWOT Analysis Strengths
• Growing demand from the construction and
  automotive industries
• Wide range of applications in various industries
• Weaknesses
• Volatile prices of raw materials

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• Intense competition from substitute materials
• Fluctuating global economic conditions
• D) Key Takeaways
• - The global silicon metal market is expected to
  witness high growth, exhibiting a CAGR of 4.4
  over the forecast period, due to increasing
  demand from the construction and automotive
  industries.
• - Asia Pacific is expected to be the
  fastest-growing and dominating region in the
  Silicon Metal Market, driven by rapid
  urbanization, infrastructure
• development, and automotive production in
  countries like China and India.
• - Key players operating in the global silicon
  metal market include Ferroglobe PLC, Elkem,
  Liasa, Mississippi Silicon, RIMA Industrial,
  Rusal, Zhejiang Kaihua Yuantong Silicon Industry
  Co. Ltd, PCC SE, Hoshine Silicon Industry Co.
  Ltd, Anyang Huatuo Metallurgy, Minasligas, Wacker
  Chemie AG, Shin-Etsu Chemical Co. Ltd, and Dow.
  These companies are focusing on
• strategic initiatives such as mergers and
  acquisitions, partnerships, and new product
  launches to expand their market presence.
• In conclusion, the global silicon metal market is
  expected to witness significant growth in the
  coming years, driven by the increasing demand in
  the construction and automotive industries. The
  use of silicon metal in lightweight materials and
  the growing adoption of solar energy are also
  contributing to market growth. However, the
  market faces challenges such as price volatility
  and environmental concerns. Overall, the market
  presents lucrative opportunities for key players
  to expand their presence and cater to the
  evolving needs of various industries.