Gallium Market Size and Forecast 2024-2033|ArcelorMittal SA, BHP Group Limited, Rio Tinto Corp., Thermo Fisher Scientific Inc., Vale SA

99.99% fine gallium isolated on white background

Overview and Scope

Gallium is a chemical element that is a soft, silvery metal with a melting point that is slightly above room temperature. Its characteristics make it useful in a variety of applications, including semiconductors and light-emitting diodes in the electronics sector, photovoltaic cells for solar panels and heat management systems.

Sizing and Forecast

The gallium market size has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to electronics industry, medical applications, solar energy, aerospace and defense.

The gallium market size is expected to see exponential growth in the next few years. It will grow to $5.38 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to renewable energy, electric vehicles, advanced materials, nanotechnology. Major trends in the forecast period include gallium nitride (gan) dominance, recycling and sustainability, hybrid solar cells, healthcare innovations.

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Segmentation & Regional Insights

The gallium market covered in this report is segmented –

1) By Product: Gallium Nitride (GaN) Radio Frequency Devices; Opto-Semiconductors; Power Semiconductors

2) By Component: Transistors; Diodes; Rectifiers; Power Integrated Circuits; Other Components

3) By Wafer Size: 2-Inch; 4-Inch; 6-Inch; 8-Inch

4) By End-User: Automotive; Consumer Electronics; Defense And Aerospace; Healthcare; Industrial And Power; Information And Communication Technology; Other End-Users

North America was the largest region in the gallium market in 2023. The regions covered in gallium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increasing adoption of solar panels is expected to propel the growth of the gallium market going forward. Solar panels, also known as photovoltaic (PV) panels, convert sunlight into energy via a process known as the photovoltaic effect that generates electricity directly from sunlight. Gallium is an essential element in manufacturing thin-film solar panels, which convert a more significant proportion of the sun into energy than other solar cells and provide a flexible and lightweight alternative to standard silicon-based solar panels. For instance, in September 2021, according to the Energy Information Administration, a US-based energy organization, the United States added 13.2 gigawatts (GW) of utility-scale solar power in 2021, an annual record and 25% higher than the 10.6 GW added in 2020. Furthermore, small-scale solar capacity installation in the United States climbed by 5.4 GW in 2021, a 23% increase over 2020 (4.4 GW). Therefore, the increasing adoption of solar panels will drive the gallium market.

Key Industry Players

Major players in the gallium market are ArcelorMittal SA, BHP Group Limited, Rio Tinto Corp., Thermo Fisher Scientific Inc., Vale SA, Aluminium Corp of China Ltd., Glencore PLC, Sharp Corporation, CMOC Group Limited, Sigma-Aldrich Corporation, Materion Corporation, Nalco Chemical Company, DOWA HOLDINGS CO. Ltd., Indium Corporation, Umicore N.V., China Minmetals Rare Earth Co. Ltd., 5N Plus Inc., Nanjing Jinmei Gallium Co. Ltd., Strem Chemicals Inc., GEO Specialty Chemicals, American Elements Corporation, Zhuzhou Keneng New Material Co. Ltd. Inc., SMI Ltd., Fortis Metals Ltd., Nippon Rare Metal Inc.

The gallium market report table of contents includes:

1. Executive Summary

2. Gallium Market Characteristics

3. Gallium Market Trends And Strategies

4. Gallium Market – Macro Economic Scenario

5. Global Gallium Market Size and Growth

26. South America Gallium Market

27. Brazil Gallium Market

28. Middle East Gallium Market

29. Africa Gallium Market

30. Gallium Market Competitive Landscape And Company Profiles

Top Major Players: