SILICON TETRACHLORIDE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global silicon tetrachloride market is facing significant challenges due to rising competition from alternative materials and stringent environmental regulations. Strict environmental norms around the world are compelling manufacturers to reduce their dependence on chlorine-based chemicals and shift towards more eco-friendly green alternatives. Silicon tetrachloride is a chlorine-based compound that is used as a raw material in the production of polysilicon, which is further used in the manufacturing of semiconductors, solar photovoltaic cells and optical fibers. However, it is considered toxic in nature and its production and use releases harmful hydrochloric acid and silicon tetrachloride gas into the environment.

Opportunities: Growing demand for solar photovoltaic products and semiconductors

The demand for renewable and clean energy is rising globally as various countries aim to reduce their carbon footprint and dependence on fossil fuels. Solar energy has emerged as one of the most viable and affordable clean energy solution. Solar photovoltaic installations across the world have grown exponentially over the past decade and this trend is projected to continue into the future. For example, according to the International Renewable Energy Agency (IRENA), the total solar PV capacity addition was over 140 GW in 2021 alone. This massive scale up of solar PV manufacturing will depend considerably on the availability of key raw materials.