Ferroalloys Industry Is Estimated To Expand Further At A CAGR Of 4.90% By 2028

Posted by rahul nikade on March 15th, 2023

Ferroalloys Industry Data Book Covers Ferro Manganese, Ferrochrome, Silico Manganese and Ferrosilicon Markets.

The global ferroalloys industry size was estimated at USD 42.7 billion in 2020. The market is expected to expand at a CAGR of 4.9% CAGR (2021-2028).

Ferro Manganese Market Report Highlights

The global ferro manganese market size was valued at USD 270.18 billion in 2021, and it is expected to reach USD 19.4 billion by 2027. It is expected to expand at a CAGR of 3.1% CAGR (2022-2030).

• By grade, refined ferro manganese is expected to expand at the fastest revenue-based CAGR of 4.3% from 2020 to 2027 as global steel production moves toward electric arc furnace systems
• High carbon ferro manganese emerged as the dominant grade category with a volume share of 70.2% in 2019. The use of the product in economical steel processing has observed greater penetration over the last few years
• The cast iron application segment is estimated to expand at the fastest CAGR of 4.8% in terms of revenue from 2020 to 2027. The rising popularity of cast iron cookware is projected to positively aid the production, thereby indirectly augmenting demand for ferro manganese
• Carbon steel is likely to remain the dominant application category in terms of revenue as well as volume over the forecast period. The wider use of the product in manufacturing carbon steel is the key factor assisting segment growth
• Asia Pacific is estimated to expand at the highest CAGR in terms of volume over the forecast period. With the presence of leading steel-producing nations, such as China, India, South Korea, and Japan, the demand for ferro manganese is projected to remain stable over the coming years

Ferrochrome Market Report Highlights

The global ferrochrome market size was valued at USD 6.84 billion in 2021, and it is anticipated to reach USD 28.83 billion by 2030,expanding at a 4.7% CAGR (2022-2030).

• High carbon ferrochrome dominated market in 2018 with a volume share of 85.7% in 2018. It is expected to maintain its dominance over the forecast period owing to abundant reserves available of high carbon chromite ore as compared to other products.
• Stainless steel application is predicted to grow the fastest with a CAGR of 4.9% from 2019 to 2030, in terms of revenue. As ferrochrome currently has no substitute for stainless steel, it is poised to witness lucrative growth.
• In terms of volume, Asia Pacific acquired the highest share of 78.5% in 2018. This is mainly attributed to the dominant position of China in terms of stainless steel production.
• North America is projected to grow at a CAGR of 2.1% from 2019 to 2025, in terms of volume. The protectionist policies currently implemented by the U.S. government are expected to propel domestic steel production and thereby propel ferrochrome demand.
• In August 2019, Glencore, one of the major FeCr manufacturer of South Africa announced a cut in its ferrochrome production by 10% for 2019. This decision was taken owing to the electricity concerns in South Africa.

Access the Global Ferroalloys Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Silico Manganese Market Report Highlights

The global silico manganese market size was valued at USD 142.4 billion in 2021, and it is expected to reach USD 57.19 billion by 2033, expanding at a CAGR of 6.2% CAGR (2020-2027).

• The increase in production cost of silico manganese is attributed to the hike in the prices of energy and raw materials along with labor shortage and logistics challenges. The energy price rise in 2021-22 primarily occurred due to the low base price in 2020. The transition toward clean energy caused prices to remain high. In addition, the geo-political tensions caused due to the Russia-Ukraine war in 2022 are expected to further contribute to the price hike
• Based on product, medium carbon is likely to register the fastest CAGR of 6.8% in terms of revenue across the forecast period. The segment's growth can be ascribed to rising global stainless steel production. For instance, global stainless steel melt shop production increased by 12.5% from 2020 to 2021 to reach 58.3 kilotons
• Based on region, in 2021, Asia Pacific held a revenue share of nearly 74.0% of the global market. The consumption of silico manganese in the region is being driven by rising investments in the building & construction industry by the governments of the region. For instance, in November 2021, the Government of Malaysia announced its plans to construct approximately 500,000 affordable houses under the 12^th Malaysia Plan
• Based on application, stainless steel held the largest share of over 43.0% of the market, in terms of revenue, in 2021. Increasing penetration of electric vehicles is expected to propel the demand for the segment

Ferrosilicon Market Report Highlights

The global ferrosilicon market size was valued at USD 102.98 billion in 2021, and it is expected to reach USD 13.7 billion by 2030. The market is expected to expand at a CAGR of 4.7% CAGR (2022-2030).

• The deoxidizer segment accounted for the largest revenue share of over 69.0% in 2021, and this trend is expected to continue across the predicted timeline owing to the rising production of steel. For instance, crude steel production increased to 3.7% from 2020 to 2021 reaching 1,950.5 million tons, according to a report by World Steel Association
• The cast iron segment is anticipated to register the fastest CAGR of 3.4%, in terms of revenue, across the forecast period, owing to the use of ferrosilicon as an inoculant in the industry
• The shifting trend from non-stick cookware to those made up of cast iron, owing to growing concerns about potential health risks, is projected to emerge as the key driver for cast iron end-use segment growth over the forecast period
• Asia Pacific dominated the market and accounted for a revenue share of 66.8% in 2021. The rising production of automobiles and investments in the construction industry are influencing the demand for ferrosilicon in the region
• In North America, the market is projected to witness a CAGR of 2.2%, in terms of revenue, over the forecast period. The U.S. is anticipated to be the major market of the North American region over the forecast period

Order your copy of the Free Sample of “Ferroalloys Industry Data Book - Ferro Manganese, Ferrochrome, Silico Manganese and Ferrosilicon Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Competitive Landscape

Key players operating in the ferroalloys industry are –

• Arcelor Mittal
• Brahm Group
• China Minmetals Group Co., Ltd.
• Elkem ASA
• EMCO
• Eramet Group
• Eurasian Resource Group
• Ferroalloys Corporation Limited
• Ferroglobe
• FINNFJORD AS
• Glencore
• Gulf Manganese Corporation Limited
• IMFA

Grand View Research’s Ferroalloys industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.

Go through the table of content of Ferroalloys Industry Data Book to get a better understanding of the Coverage & Scope of the study

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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