Polysilicon Market Projected to Reach 8.90 Billion USD by 2021

The report "Polysilicon Market by End-use industry (Solar PV (Monocrystalline Solar Panel and Multicrystalline Solar Panel) and Electronics), and Region (Asia-Pacific, North America, Europe and Middle East & South America) - Global Forecast to 2021", The polysilicon market is estimated to grow from USD 4.71 Billion in 2015 to USD 8.90 Billion by 2021, at a CAGR of 13.0%, in terms of value.

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The market is driven by the rapid growth in key end-use industries, such as solar PV and electronics.

Solar PV industry accounted for the highest demand in the polysilicon market

The solar PV segment has been witnessing significant demand in recent years due to increasing awareness and the adoption of sustainable energy sources among consumers. Moreover, governments of various countries are offering several subsidies, tax exemptions to both, manufacturers and end-users of the solar PV market. Governments are focused on reducing emissions from power plants by switching to cleaner solar energy which is driving the growth of the solar PV market.

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The Asia-Pacific region is the largest market for polysilicon

The Asia-Pacific region is currently the largest market for polysilicon. Significant growth in solar PV and electronics industry in China, Japan and India are driving the demand for polysilicon in this region. North America is the second largest market for polysilicon, both, in terms of volume and value. The increasing number of solar photovoltaic installations in the U.S. and Canada drives polysilicon consumption in the North American market.

The key players in the polysilicon market are GCL-Poly Energy Holdings Limited (Hong Kong), Wacker Chemie AG (Germany), OCI Company Ltd. (Korea), REC Silicon ASA (Norway), Daqo New Energy Corp. (China) Tokuyama Corporation (Japan), Hemlock Semiconductor Corp. (U.S.), SunEdison, Inc. (U.S.), Woongjin polysilicon Co. Ltd. (Korea), Activ Solar Gmbh (Austria) and others.

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