New York, NY -- (SBWire) -- 11/15/2018 --The global polysilicon market generated USD 5.11 billion in 2017 and is anticipated to grow at a CAGR of 10.9% during the forecast period.

Polysilicon is also known as poly-Si or polycrystalline silicon, and is a polycrystalline form of silicon with high purity. It is obtained from metallurgical grade silicon via chemical purification process. Silicon has abundant availability from which polysilicon is manufactured via three commercial processes.

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Polysilicon is used as a raw material by electronics and photovoltaics industry. Both these end-use industries have significantly driven the demand for polysilicon and are among some of the largest end-use industries around the globe. In the photovoltaics (PV) sector, polysilicon is used in the manufacturing of solar cells or wafers. Poly-Si is a unit building block for PV cells as it has excellent properties similar to a semiconductor-like materials.

The global solar installations in 2017 surpassed 100 GW for the first time ever. This phenomenon has raised the polysilicon and wafer manufacturing ranking. Though the solar installation has grown globally on account of higher demand for the renewable energy, the polysilicon market witnessed over supply in 2017. This weak demand came through China due to the feed-in tariff deadline and lack of transmission line in Western part of China from the sunnier regions.

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Change in consumer preference and awareness for a cleaner and sustainable environment has led to strong adoption of the solar technology from the residential to industrial sector. Such trends have strongly driven the demand in solar sector and the raw material industry such as that of polysilicon.

Polysilicon is also widely used in the electronics industry for the manufacturing of different electronics components. Electronics & semiconductor industry is among the top five end-use industries for many countries in the world. Technical developments & rapidly rising consumer demand has made electronic manufacturing industry more lucrative than ever.

Competitive Landscape and Key Vendors

Asia Pacific is the largest regional segment for the polysilicon market with China as the major contributor. China is the largest national player in the global solar segment and accounted for over 30 GW of PV capacity in 2017. Other significant countries in the region include Japan, India, South Korea, and Taiwan. These countries have advanced end-use industries for consumption of polysilicon or are witnessing rapid growth in the same currently.

The global polysilicon market comprises of large multinational and domestic companies. The industry is moderately consolidated and highly competitive. Some of the major polysilicon market players include REC Silicon, Wacker Chemie, LDK Solar Company Ltd., Tokuyama Corporation, CSG Holdings Co., Ltd., Mitsubishi Materials Corporation, and GCL-Poly Energy Holdings Ltd.

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