Global Silicon Market Poised for Steady Growth with 2.3% CAGR Through 2035

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The global silicon market experienced a slight consumption reduction to 3.7M tons in 2024, with China accounting for 55% of total consumption. Market value declined to $11.7B. Production reached 3.8M tons, led by China's 72% share of global output. The market is forecast to grow with a CAGR of +2.3% in volume terms, reaching 4.7M tons by 2035, and a CAGR of +3.5% in value terms, reaching $17B by 2035. International trade showed recovery with imports growing 7.9% to 1.7M tons, while exports increased 15% to 1.7M tons, though both trade values declined due to lower prices.

Key Findings

• China dominates global silicon market with 55% consumption share and 72% production share
• Market forecast shows steady growth with +2.3% volume CAGR and +3.5% value CAGR through 2035
• Germany leads per capita consumption at 2.4 kg per person, followed by South Korea and Japan
• Import prices varied significantly by country, from $14,557/ton in China to $2,035/ton in India
• France emerged as fastest-growing exporter with remarkable +91.3% volume growth from 2013-2024

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 +2.3% for the period from 2024 to 2035, which is projected to bring the market volume to 4.7M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2024 to 2035, which is projected to bring the market value to $17B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Silicon

Global silicon consumption reduced slightly to 3.7M tons in 2024, approximately reflecting the previous year's figure. The total consumption volume increased at an average annual rate of +2.9% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 3.9M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The global silicon market revenue declined to $11.7B in 2024, waning by -5.3% 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 +1.7% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $14.8B. From 2023 to 2024, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

China (2M tons) constituted the country with the largest volume of silicon consumption, accounting for 55% of total volume. Moreover, silicon consumption in China exceeded the figures recorded by the second-largest consumer, Germany (201K tons), tenfold. The United States (199K tons) ranked third in terms of total consumption with a 5.4% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China stood at +6.9%. In the other countries, the average annual rates were as follows: Germany (+0.4% per year) and the United States (-1.8% per year).

In value terms, China ($5B) led the market, alone. The second position in the ranking was held by Japan ($1.1B). It was followed by the United States.

From 2013 to 2024, the average annual rate of growth in terms of value in China totaled +7.3%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-1.9% per year) and the United States (-1.3% per year).

The countries with the highest levels of silicon per capita consumption in 2024 were Germany (2.4 kg per person), South Korea (1.7 kg per person) and Japan (1.5 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +7.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Silicon

In 2024, global production of silicon reached 3.8M tons, increasing by 1.8% on 2023. The total output volume increased at an average annual rate of +3.2% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2022 when the production volume increased by 8.7% against the previous year. As a result, production reached the peak volume of 3.9M tons. From 2023 to 2024, global production growth failed to regain momentum.

In value terms, silicon production reduced to $12.7B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.3% 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 26%. As a result, production attained the peak level of $16.1B. From 2023 to 2024, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of silicon production was China (2.7M tons), comprising approx. 72% 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.

From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to +5.0%. 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, after two years of decline, there was significant growth in overseas purchases of silicon, when their volume increased by 7.9% to 1.7M tons. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 24%. As a result, imports reached the peak of 2M tons. From 2022 to 2024, the growth of global imports failed to regain momentum.

In value terms, silicon imports declined to $7.7B in 2024. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 63%. Global imports peaked at $12.3B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

The purchases of the nine major importers of silicon, namely Germany, Japan, the United States, the Netherlands, South Korea, India, Thailand, Malaysia and China, represented more than two-thirds of total import. Italy (51K tons) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for Malaysia (with a CAGR of +14.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($1B), China ($1B) and Germany ($727M) were the countries with the highest levels of imports in 2024, together comprising 36% of global imports. The United States, South Korea, Thailand, the Netherlands, Malaysia, India and Italy lagged somewhat behind, together accounting for a further 31%.

In terms of the main importing countries, Thailand, with a CAGR of +13.6%, saw the highest growth rate of the value of imports, 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 $4,646 per ton in 2024, reducing by -17.3% against the previous year. Overall, the import price saw a mild decline. The pace of growth was the most pronounced in 2022 an increase of 43%. As a result, import price attained the peak level of $6,469 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($14,557 per ton), while India ($2,035 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Silicon

In 2024, global silicon exports amounted to 1.7M tons, picking up by 15% on the previous year. The total export volume increased at an average annual rate of +1.3% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. The global exports peaked at 1.9M tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In value terms, silicon exports shrank to $7.6B in 2024. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 72%. Over the period under review, the global exports attained the peak figure at $11.8B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

China represented the largest exporter of silicon in the world, with the volume of exports resulting at 773K tons, which was near 44% of total exports in 2024. Norway (181K tons) held the second position in the ranking, followed by Brazil (168K tons), the Netherlands (125K tons) and France (81K tons). All these countries together took approx. 32% share of total exports. Germany (64K tons), Malaysia (58K tons), the United States (42K tons), Australia (40K tons) and South Africa (37K tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of silicon. At the same time, France (+91.3%), Malaysia (+33.2%), the Netherlands (+9.1%) 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 +91.3% from 2013-2024. The United States, Germany, Norway and South Africa experienced a relatively flat trend pattern. By contrast, Australia (-2.1%) illustrated a downward trend over the same period. While the share of France (+4.7 p.p.), the Netherlands (+4 p.p.) and Malaysia (+3.2 p.p.) increased significantly in terms of the global exports from 2013-2024, the share of China (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.9B), Germany ($1.3B) and the United States ($1.1B) appeared to be the countries with the highest levels of exports in 2024, together comprising 57% of global exports. Norway, Brazil, Malaysia, the Netherlands, France, Australia and South Africa lagged somewhat behind, together accounting for a further 29%.

France, with a CAGR of +64.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average silicon export price stood at $4,352 per ton in 2024, dropping by -20% against the previous year. Overall, the export price saw a mild contraction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices attained the peak figure at $6,221 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was the United States ($25,885 per ton), while China ($2,492 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.