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Description
Silicon Alloys Market was valued at USD 6.4 billion in 2021 and expected to reach USD 9.2 billion by the end of 2028, recording a CAGR of 5.3% during the forecast period 2022-2028. Automobile production has increased significantly after the liberalization of the economy. A rise in the sales of automobiles, especially in emerging countries such as China and India, due to an increase in purchasing power and disposable income is expected to drive the silicon alloys market. Expansion of the automotive additive industry is likely to result in a rise in demand for silicon alloys for manufacturing steel and cast iron. This is anticipated to propel the market in the near future. Therefore, increase in production of automobiles and rise in automotive sales is fueling the market growth. In the total production cost of ferrosilicon or silicon alloys electricity has the major contribution. The production of silicon alloys is an energy-intensive process. Any upsurge in electricity prices can harmfully affect the production cost of silicon alloys which is the major restraint for the market. Moreover, emerging countries like India and China have power cuts and power shortages which is the key problem for the production of silicon alloy in these countries.
