Ferroalloys Industry To Grow Significantly Owing To The Increasing Steel Production Around The Globe

Ferroalloys industry data book covers ferro manganese, ferrochrome, silico manganese and ferrosilicon market.

Global 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.

The global ferroalloys market size was valued at USD 42.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028.

Ferro Manganese Market Analysis & Forecast

The global ferro manganese market size was valued at USD 14.2 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2020 to 2027. The rising demand for the grade in stainless steel production is projected to aid market growth over the forecast period. Demand for stainless steel from various industrial sectors observed steady growth over the past few years, which positively influenced the production dynamics. The use of ferro manganese to substitute nickel in stainless steel production has widely gained popularity around the globe. Thus, the market for ferro manganese is projected to be driven by a steady production of stainless steel over the forecast period.

Asia Pacific dominated the market and accounted for over 51.0% share of the global revenue in 2019. China, which is the largest steel producer and consumer, is projected to remain a key market in the region over the forecast period. The emerging markets for ferro manganese in Asia Pacific are India, Vietnam, Malaysia, and Indonesia. These emerging markets, coupled with China, are projected to generate lucrative opportunities for the vendors of ferro manganese in the region. Europe emerged as the second-largest regional market in 2019. North America is projected to exhibit a volume based CAGR of 2.0% from 2020 to 2027. The Middle East and Africa region is projected to witness slow growth as compared to its counterparts.

Ferrochrome Market Analysis & Forecast

The global ferrochrome market size was valued at USD 16.77 billion in 2018 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.6% from 2019 to 2030. Increasing stainless steel production around the globe is a significant factor driving the market growth. Ferrochrome (FeCr) is added to stainless steel to enhance its appearance and impart corrosion resistance. The minimum FeCr content in stainless steel is 10%, while the average content is 18%. The dynamics of the stainless steel industry play a crucial role in influencing FeCr supply and demand, as it accounts for the majority of ferrochrome consumption. Growing manufacturing activities and increasing foreign investments are some of the major factors driving the stainless steel market in the region. Foreign investments help to boost the growth of manufacturing sectors such as construction, heavy machinery, consumer goods, and automotive. As per the United Nations Conference on Trade and Development, the inward foreign direct investment (FDI) rate for Asia was 9.1% in 2017, the highest of all regions.

Asia Pacific dominated the global ferrochrome market and accounted for the largest revenue share of 61.8% in 2022. This dominance can be attributed to significant stainless steel production in the region. China, known as the largest producer and consumer of stainless steel globally, observed a 1.64 percent year-on-year increase in its stainless-steel output, surpassing 30.6 million tons in 2021. Europe is expected to grow at a CAGR of 6.4% during the forecast period. Europe is characterized by the presence of a large number of automakers and auto component manufacturers in Germany and a massive aerospace manufacturing sector in France. In North America, the U.S. is a considerably larger market for ferrochrome when compared to Canada and Mexico. The Central & South American market is mainly driven by the rising production of specialty and stainless steel in Brazil.

Order Free Sample Copy of Ferroalloys Industry Data Book, published by Grand View Research

Silico Manganese Market Analysis & Forecast

The global silico manganese market size was valued at USD 26.74 billion in 2021 and is estimated to expand at a compounded annual growth rate (CAGR) of 6.5% in terms of revenue from 2022 to 2033. Rising demand for steel products in the construction & infrastructure industry is anticipated to drive the market growth over the forecast period. Silico manganese is used in steel manufacturing to improve its properties such as strength, ductility, and corrosion resistance. It is also used in refining, deoxidizing, modification, and control of nonmetallic inclusions. Thus, rising production and consumption of steel are likely to have a positive impact on market growth.

Over the course of the projected period, it is anticipated that rising investments in steel production facilities would increase demand for silico manganese in the U.S. For instance, by the end of 2023, a sum of around USD 16.00 billion is anticipated to be invested in the U.S. steel industry for modernizing, decarbonizing, and electrifying manufacturing facilities. Rising investments in residential and non-residential construction projects are anticipated to increase steel demand in the U.S., which is therefore anticipated to positively impact the silico manganese industry across the forecast period.

Asia pacific dominated the market and accounted for over 73.0% share of global revenue in 2021. Over the forecast period, the Middle East & Africa is anticipated to register a CAGR of 5.8%, in terms of revenue. Central & South America is likely to witness a CAGR of 4.9%, in terms of revenue, over the forecast period.

Ferrosilicon Market Analysis & Forecast

The global ferrosilicon market size was valued at USD 11.25 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. The growth is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant.

The growing investments in the infrastructure have increased competition in the industry, compelling market players to indulge in mergers & acquisitions and capacity expansions. For instance, in December 2020, Cleveland-Cliffs Inc. acquired ArcelorMittal USA and its subsidiaries. The acquired assets will be combined with existing facilities, transforming the company into a vertically integrated producer of iron and steel. Furthermore, growth in the electric vehicles (EVs) industry is benefitting market growth. For instance, in November 2021, POSCO announced to invest KRW 1 trillion (~USD 831.4 million) in building a non-oriented electrical steel plant with an annual production capacity of 300 kilotons in Gwangyang. The plant will cater to the drive motors of EVs.

Asia Pacific held the largest revenue share of over 66.0% in 2022. According to the World Steel Association, China, India, and Japan were the top three crude steel producers in the world in 2021. Although China and Japan reported a decline in their production, India reported an increase of 4.7% from 2020 to 2021. North America is anticipated to register a CAGR of 2.2%, in terms of revenue, over the forecast period. In Europe, EV sales rose by 66%, reaching 2,332,000 units in 2021. Increasing sales are encouraging manufacturers to expand EV production.

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

Ferroalloys Industry Data Book Competitive Landscape

The industry is expected to witness additional investments from established major companies in the next years owing to the competitive market outlook. For instance, Zimasco, a Sinosteel Corporation affiliate, has announced an investment of USD 35.0 million for the expansion of ferrochrome manufacturing capacity. A new project with an increased capacity of 72 kilotons per year is planned to start at the Kwekwe ferrochrome smelting plant. The market is expected to see more competitive rivalry as production capacities rise to fulfil the demand for steel.

#ferroalloys #ferromanganese #ferrochrome #silicomanganese market #ferrosilicon

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 • Jindal Group • Monet Group • NIPPON DENKO CO., LTD • OM Holdings Ltd. • Russian Ferro-Alloys Inc. • S.C. Feral S.R.L • Sabayek • SAIL • SAKURA FERROALLOYS • Samancore Chrome • Shanghai Shenjia Ferroalloys Co. Ltd • SINOGU CHINA • South32 • Steelforce • Tata Steel • TNC Kazhachrome JSC • Vale • VBC Ferroalloys Limited