Global Silicon Market to Grow at a CAGR of +2.1% by 2035

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The silicon market is anticipated to continue its upward consumption trend over the next decade, with a forecasted CAGR of +2.1% in volume and +2.6% in value from 2024 to 2035. This growth is expected to bring the market volume to 4.5M tons and market value to $15B by the end of 2035.

Market Forecast

Driven by increasing demand for silicon worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market volume to 4.5M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2024 to 2035, which is projected to bring the market value to $15B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Silicon

In 2024, the amount of silicon consumed worldwide contracted slightly to 3.6M tons, waning by -2.9% on the year before. The total consumption volume increased at an average annual rate of +2.7% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the maximum volume at 4M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The global silicon market revenue reduced to $11.3B in 2024, falling by -6.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $14.7B. From 2023 to 2024, the growth of the global market remained at a lower figure.

Consumption By Country

China (2M tons) constituted the country with the largest volume of silicon consumption, comprising approx. 55% of total volume. Moreover, silicon consumption in China exceeded the figures recorded by the second-largest consumer, the United States (204K tons), tenfold. The third position in this ranking was held by Germany (181K tons), with a 5.1% share.

From 2013 to 2024, the average annual growth rate of volume in China totaled +6.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-1.6% per year) and Germany (-0.5% per year).

In value terms, China ($4.6B) led the market, alone. The second position in the ranking was taken by Japan ($1.1B). It was followed by the United States.

From 2013 to 2024, the average annual growth rate of value in China totaled +6.6%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-1.9% per year) and the United States (-1.0% per year).

The countries with the highest levels of silicon per capita consumption in 2024 were Germany (2.2 kg per person), Japan (1.5 kg per person) and China (1.4 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by India (with a CAGR of +8.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Silicon

In 2024, the amount of silicon produced worldwide reached 3.7M tons, standing approx. at 2023 figures. The total output volume increased at an average annual rate of +3.2% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 12% against the previous year. Global production peaked at 3.9M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, silicon production shrank to $12.4B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 with an increase of 25%. As a result, production reached the peak level of $16B. From 2023 to 2024, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of silicon production was China (2.7M tons), comprising approx. 73% of total volume. Moreover, silicon production in China exceeded the figures recorded by the second-largest producer, Brazil (262K tons), tenfold. Norway (203K tons) ranked third in terms of total production with a 5.4% share.

In China, silicon production expanded at an average annual rate of +5.0% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: Brazil (+3.5% per year) and Norway (-1.1% per year).

Imports

World's Imports of Silicon

In 2024, global silicon imports reached 1.6M tons, picking up by 2.8% compared with the year before. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24% against the previous year. Global imports peaked at 2M tons in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In value terms, silicon imports contracted to $7.8B in 2024. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 63% against the previous year. Global imports peaked at $12.3B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

The countries with the highest levels of silicon imports in 2024 were Germany (212K tons), Japan (186K tons), the United States (150K tons), the Netherlands (124K tons), India (100K tons), Malaysia (80K tons), Thailand (78K tons), South Korea (72K tons) and China (70K tons), together amounting to 68% of total import. Italy (45K tons) took a relatively small share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Malaysia (with a CAGR of +14.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest silicon importing markets worldwide were Japan ($1B), China ($1B) and Germany ($682M), together comprising 35% of global imports. The United States, South Korea, Thailand, the Netherlands, Malaysia, India and Italy lagged somewhat behind, together accounting for a further 32%.

Thailand, with a CAGR of +13.8%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average silicon import price stood at $4,908 per ton in 2024, declining by -12.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 36%. As a result, import price reached the peak level of $6,159 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was China ($14,621 per ton), while India ($2,231 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+8.8%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Silicon

Global silicon exports rose rapidly to 1.7M tons in 2024, growing by 13% compared with 2023 figures. The total export volume increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, the global exports attained the peak figure at 1.9M tons in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

In value terms, silicon exports declined to $7.6B in 2024. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 72%. The global exports peaked at $11.8B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

China was the key exporter of silicon in the world, with the volume of exports finishing at 837K tons, which was approx. 48% of total exports in 2024. Norway (181K tons) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (9.6%) and the Netherlands (5.4%). France (64K tons), Germany (61K tons), Malaysia (58K tons), Australia (40K tons), the United States (38K tons) and South Africa (37K tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to silicon exports from China stood at +1.5%. At the same time, France (+87.5%), Malaysia (+33.2%), the Netherlands (+6.3%) and Brazil (+1.4%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +87.5% from 2013-2024. Norway, Germany, the United States and South Africa experienced a relatively flat trend pattern. By contrast, Australia (-2.1%) illustrated a downward trend over the same period. From 2013 to 2024, the share of France, Malaysia and the Netherlands increased by +3.6, +3.1 and +2.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.9B), Germany ($1.4B) and the United States ($1.1B) were the countries with the highest levels of exports in 2024, together comprising 58% of global exports. Norway, Brazil, Malaysia, the Netherlands, France, Australia and South Africa lagged somewhat behind, together comprising a further 27%.

Among the main exporting countries, France, with a CAGR of +60.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2024, the average silicon export price amounted to $4,322 per ton, reducing by -19% against the previous year. In general, the export price showed a mild decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 37%. The global export price peaked at $6,191 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($28,404 per ton), while China ($2,302 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+7.3%), while the other global leaders experienced more modest paces of growth.