Bernreuter Research, a German market intelligence firm, reported that nine of the world’s top ten polysilicon manufacturers were based in China in 2024, reaching a 93.5% share of global output. Tongwei, GCL Technology, Daqo New Energy and Xinte Energy held the top four positions and accounted for 65% of market share as well as most new capacity added between 2020 and 2024. These four companies also held two thirds of the inventories accumulated by Chinese producers by the end of 2024. Wacker remained the only non-Chinese company in the top ten and moved from fifth place in 2022 to eighth place in 2024. Bernreuter Research said Wacker could stay in the ranking through 2027 depending on demand for non-Chinese polysilicon, particularly in the USA. The EU’s forced labor regulation from December 2027 was expected to raise European demand for non-Chinese polysilicon. Hemlock Semiconductor and OCI fell out of the top ten in 2023 after new Chinese entrants, Qinghai Lihao and Hongyuan Energy, surpassed them. Lihao reached fifth place in 2024, and Hongyuan ranked ninth.