Solar grade polysilicon market is anticipated to grow at a CAGR of 15.8% during the forecast period (2024-2031). Globally, the solar-grade polysilicon market is growing significantly due to the growing demand for solar photovoltaic installations. According to the data from the International Energy Agency (IEA), solar PV generation increased by 270.0 terawatt-hour (TWh) (up 26.0%) in 2022, reaching almost 1,300.0?TWh from 251.0 TWH in 2015. Among the countries, China is leading the overall market with around 85.0% of global polysilicon production capacity in 2022. In 2022, global solar PV manufacturing capacity increased by over 70.0% to reach 450.0 GW for polysilicon and up to 640.0 GW for modules, with China accounting for more than 95.0% of new facilities throughout the supply chain.

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Granular polysilicon held the highest market share of 43.6% and is growing at the highest CAGR of 16.8% during the forecast period. The growth of granular polysilicon is driven by the expansion of polysilicon production capacity primarily in China. In January 2022, GCL completed its granular silicon facility. At the end of 2022, GCL's total polysilicon production capacity was 185,000 tons including 140,000 tons of granular silicon.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Solar Grade Polysilicon Market by Type

Granular Polysilicon
Polysilicon Rod
Polysilicon Chunk
Others (Polysilicon Chip and Polysilicon Fines)

Global Solar Grade Polysilicon Market by Application

Monocrystalline Ingot/Wafer and Cells
Multi Crystalline Ingot/Wafer and Cells
Novel Wafer Applications

Company Profiles 

Adani Group
Asia Silicon (Qinghai) Co., Ltd
Hanwha Group
Hemlock Semiconductor, LLC
Jiangxi Ldk Solar High-Tech Co., Ltd.
Mitsubishi Materials Trading Corp.
Rec Silicon ASA
Targray Technology International Inc.
OCI Ltd.
Yichang Csg Polysilicon Co., Ltd.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global solar grade polysilicon market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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