Transparency Market Research, Inc.

In June 2024, the U.S. Commerce Department announced preliminarily antidumping duties of 283.27% and countervailing duties of 748.58% on all imports of ferrosilicon from Russia. This announcement of substantial duties on Russian ferrosilicon imports represents a significant shift in the global silicon metal market.

WILMINGTON, Del., Aug. 5, 2024 /PRNewswire/ -- The market was valued at US$ 6.9 billion in 2022. The Silicon Metal Market Growth is estimated to reach US$ 10.7 billion by the end of 2031, reflecting a CAGR of 5.1% from 2023 to 2031, according to Transparency Market Research (TMR), a leading global market research company.

Ferrosilicon, an alloy of iron and silicon, is a key component used in the production of silicon metal. Silicon metal is employed as an alloying element with aluminum to improve the strength and heat resistance of aluminum alloys, stainless steels, and other metals. It is also used to manufacture silicones utilized in a wide range of applications including sealants, adhesives, lubricants, and medical devices.

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Silicon Metal Market Key Insights

• Import duties on Russian ferrosilicon offering opportunities to non-Russian producers
• Asia Pacific to dominate the market share during the forecast period
• Major vendors investing in low-carbon production of silicon metal

 

• • Import Duties on Russian Ferrosilicon to Significantly Impact Silicon Metal Market Growth

Global exports of >55% silicon grew by 37.6% from US$ 4.47 Bn in 2021 to US$ 6.15 Bn in 2022, according to The Observatory of Economic Complexity (OEC). Russia is one of the leading exporters of ferrosilicon to the U.S., followed by Canada and Brazil. In 2022 Japan (US$ 926 Mn), the U.S. (US$ 829 Mn), Germany (US$ 456 Mn), South Korea (US$ 410 Mn), and the Netherlands (US$ 398 Mn) were the top importers of ferrosilicon (>55% silicon), as per the OEC.