In 2024, the average price of ferrosilicon with 75% silicon content came to 130 U.S. cents per pound, and silicon metal prices averaged 180 U.S. cents per pound. Silicon alloys and metals are important in various industries. Ferrosilicon is commonly used in ferrous foundries and steel industries, whereas silicon metal is often used for aluminum, aluminum alloys, and the chemical industry. Silicon is also often used for semiconductors in solar panels, computer chips, and as a part of the automotive industry. Silicon facts Pure silicon appears as a blue-grey metallic solid. Silicon is most commonly found paired with oxygen, forming silica. China produces a large percentage of the world’s silicon supply, contributing to about 7.4 million metric tons in 2024. In comparison, Russia – the second largest producer worldwide – produced about 520,000 metric tons in the same year. U.S. silicon exports and consumption About 40,000 metric tons of silicon metal and 6,000 metric tons of ferrosilicon were exported from the United States in 2023. Meanwhile, consumption of silicon in the North American country averaged roughly 495,000 metric tons in recent years. Silicon is a diverse element, accounting for about 30 percent of the Earth’s crust and is one of the most abundant elements. Its versatility affords great use from the industrial sector. It is commonly used in the electronics industry, as part of cylinder heads or machine tools. It is also used in the commercial sector, for example, as an oil in cosmetics and hair conditioners.

In the second quarter of 2024, metal silicon prices in the United States reached 2474 USD/MT in June. Stable industrial demand, particularly from the solar and automotive sectors, together with balanced supply, influenced this pricing. Year-on-year growth was remarkable, due to economic developments and advancements in technology, indicating a strong market environment.

Learn about the current market price of silicon metal and how it varies by location, purity level, and supply and demand. Keep up with the latest global economic and political developments that can impact this important material.

In the fourth quarter of 2023, the price of silicon in the USA reached 2207 USD/MT by December. Similarly, in China, the silicon prices hit 2044 USD/MT in the same month. Germany also saw silicon prices reaching 2169 USD/MT during Q4 2023.

Explore IMARC’s newly published report, titled “Silicon Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of silicon pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In 2023, overseas shipments of silicon decreased by -13.5% to 41K tons, falling for the second consecutive year after two years of growth.

During the second quarter of 2024, the silicone rubber prices in the United States reached 9463 USD/MT in June. The market for USA saw a noticeable price increase due to growing energy and output costs, alongside strong the need from the vehicle and building sectors. Despite Boeing’s distribution issues, stable inventory and robust sector performance supported the overall favorable pricing trend.

In 2023, supplies from abroad of silicon decreased by -22.9% to 173K tons, falling for the second year in a row after two years of growth.

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During the last quarter of 2024, the silica prices in the United States reached 57 USD/MT in December. Prices stayed steady after a spike in November due to robust construction demand, which was followed by a slowdown in December as a result of seasonal factors and a decline in housing activity. Stable domestic output guaranteed market balance.

Explore IMARC's latest publication, “Silica Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the silica market, providing insights into both global and regional trends that are shaping prices.

Ferro-Silicon Price in the United States - 2023. Find the latest marketing data on the IndexBox platform.

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According to Cognitive Market Research, the global metallurgical silicon market size is USD 6351.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

The global metallurgical silicon market will expand significantly by 5.00% CAGR between 2024 to 2031.
North America held the major market of around 40% of the global revenue with a market size of USD 2540.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1905.36 million and will grow at a CAGR of 3.5% from 2024 to 2031. Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1460.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 317.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 127.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 142.42 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031
The 98-99% is the fastest growing segment of the Metallurgical Grade Silicon Metal industry

MARKET DYNAMICS:

KEY DRIVERS

Increasing Industrial Activities across the World to Increase the Sales Increasing industrial activities across the world are poised to significantly bolster sales in the metallurgical silicon market. As economies continue to grow and develop, there is a rising demand for metallurgical silicon across a wide array of sectors. Industries such as construction, automotive manufacturing, electronics, and energy production heavily rely on metallurgical silicon for various applications. This demand is driven by the need for durable materials with specific properties such as high thermal conductivity, low coefficient of thermal expansion, and excellent corrosion resistance. Moreover, the expansion of infrastructure projects, particularly in developing regions, further amplifies the need for steel and other silicon-based alloys, thus contributing to the growth of the metallurgical silicon market. As industrialization progresses and new markets emerge, the demand for metallurgical silicon is expected to continue its upward trajectory, creating lucrative opportunities for market players. Continuous Innovations in Metallurgical Processes and Silicon Production Techniques to Propel the Market Continuous innovations in metallurgical processes and silicon production techniques play a pivotal role in propelling the metallurgical silicon market forward. These advancements drive efficiency improvements, cost reductions, and quality enhancements throughout the production chain. Technological breakthroughs enable the extraction of silicon with higher purity levels, meeting the stringent requirements of various industries. Additionally, innovations in refining methods contribute to minimizing impurities and optimizing material properties, making metallurgical silicon even more versatile and desirable for end-users. Furthermore, advancements in sustainable manufacturing practices, such as recycling and cleaner production methods, align with global environmental initiatives and attract environmentally conscious consumers. As research and development efforts persist, new techniques emerge, offering novel solutions and expanding the application scope of metallurgical silicon. This continuous evolution fosters market growth, as industries seek cutting-edge materials to address evolving challenges and capitalize on emerging opportunities. Fluctuations in Demand from Key Industries to Limit the Sales Fluctuations in demand from key industries pose a significant challenge, limiting sales in the metallurgical silicon market. Industries such as automotive, construction, and electronics, which are major consumers of metallurgical silicon, can experience cyclical demand patterns influenced by economic conditions, consumer preferences, and technological advancements. For example, a slowdown in automotive production or a downturn in the construction sector can lead to decrease...

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In the first half of 2023, GCL reported the lowest production cost for granular silicon in China at 35.7 thousand yuan per tonne. Tongwei also achieved a production cost below 40 thousand yuan per tonne, as silicon prices continued to decrease.

After two years of growth, the Libyan ferro-silicon market decreased by -34.7% to $6.3M in 2023. Over the period under review, consumption, however, continues to indicate a significant expansion. Ferro-silicon consumption peaked at $9.6M in 2022, and then reduced remarkably in the following year.

During the fourth quarter of 2024, the fumed silica prices in Germany reached 5412 USD/MT in December. The prices in the fourth quarter declined on account of weak demand from the construction industry and soft customer perspective against the backdrop of inflationary pressure. Moreover, a reduction in shipping container requirement reduced shipping costs and dispatch time.

Explore IMARC’s newly published report, titled “Fumed Silica Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of fumed silica pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

After two years of growth, the Indian ferro-silicon market decreased by -15.6% to $202M in 2023. Overall, consumption recorded a pronounced setback. Ferro-silicon consumption peaked at $300M in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

In 2023, shipments abroad of silicon decreased by -16.7% to 71K tons, falling for the second year in a row after two years of growth.

Learn how disruptions in the supply chain caused by the COVID-19 pandemic and growing demand for silicon metal in various industries led to a significant increase in the price of silicon metal in 2021, reaching its peak in September.