May 24, 2024

The Global Refurbished Medical Equipment Market Is Propelled By Increasing Demand From Aluminum Alloys Industry

Silicon metal finds widespread applications in production of aluminum alloys used across various end-use industries such as transportation, packaging, and construction. It is primarily utilized in deoxidizing aluminum during the smelting and refining processes. Silicon metal improves fluidity, castability, and corrosion resistance of aluminum alloys. Growing aluminum consumption owing to its lightweight and recyclability properties has been augmenting the demand for silicon metal from the aluminum industry.

The global silicon metal market is estimated to be valued at US$ 6.65 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand from the aluminum alloys industry remains the key growth driver for the global silicon metal market over the forecast period. Silicon is crucial for manufacturing aluminum alloys with optimized properties for various industrial applications. Around 80% of the total silicon metal produced is consumed by the aluminum industry worldwide. Rapid infrastructure growth and rising automotive production in emerging economies of Asia Pacific and Latin America are fueling the consumption of aluminum. This in turn is boosting the demand for silicon metal from the aluminum alloys industry. The market is also benefiting from capacity expansion projects undertaken by leading players to cater to the growing needs of end-use sectors. However, volatility in prices of raw materials may pose a challenge to the silicon metal market.

SWOT Analysis
Strength: Silicon metal has many applications in various end-use industries such as aluminum, semiconductors, solar panels, etc. It serves as an important raw material in these industries.
Weakness: Availability of substitutes like polysilicon pose a threat to the silicon metal market. Production of silicon metal requires huge capital investments and operating costs.
Opportunity: Growing demand for solar photovoltaic systems due to increasing focus on renewable energy presents an opportunity. Rise in requirement for semiconductors owing to expanding electronics industry also acts as an opportunity.
Threats: Fluctuations in raw material prices affect the overall production cost of silicon metal. Stringent government regulations regarding carbon emissions during the manufacturing process.

Key Takeaways
The Global Silicon Metal Market Growth is expected to witness high growth.

Regional analysis comprises: Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Expanding electronics and semiconductor industries in countries like China, Japan, South Korea, etc. drive the demand.

Key players related content comprises: Key players operating in the silicon metal market are Olympus Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, Stryker Corporation, Medtronic plc, Ethicon (Johnson & Johnson), Braun Melsungen AG, Boston Scientific Corporation, Cook Medical, ROCAMED, Maxer Endoscopy GmbH, Vimex Endoscopy, PENTAX Medical (HOYA Corporation), Hunan Handlike Minimally Invasive Surgery Co., Ltd., Optimed Medizinische Instrumente GmbH. Key players focus on strengthening their production capabilities and geographical footprint to meet the growing demand.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it