Rising steel demand across the globe is boosting the growth of ferroalloys over the forecast period.
/EIN News/ — Newark, April 20, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global ferroalloys market is expected to grow from USD 41.58 billion in 2020 to USD 74.92 billion by 2030, at a CAGR of 7.46% during the forecast period 2021-2030.
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The ferroalloys market has been grown at a substantial rate over the past few years. The growth of the construction industry in the emerging economies of the Asia Pacific region is one of the key factors that is driving the demand for steel, which led to an increasing growth of the ferroalloys market. The rising population, along with the urbanization and infrastructure development, helped the growth of the construction industry. The construction industry accounts for almost half of the steel consumption. With the improving construction method, the steel products consumption is rising rapidly in the developing countries.
The ferroalloy is the alloy of iron that contains a significant portion of one or more elements like manganese, silicon, aluminum, chromium, or titanium. There are a number of ferroalloys present in the market, such as ferromanganese, ferrosilicon, ferrochrome, etc. The ferroalloys industry is mainly associated with the steel and iron industry. Ferroalloys are the integral components of steel making business, as they are highly used material for refining, desulphurization, and deoxidation to achieve the desired physical and chemical properties in the steel. They serve an important function during the steel production and iron production cycles. The principal ferroalloys are those of chromium, silicon, and manganese. Chromium offers corrosion resistance to the steel. Manganese is an important element to counteract the harmful impact of sulfur in the production of cast iron and steel. Silicon is an alloying agent in cast iron and is primarily used for the deoxidation of steel. A variety of furnaces such as exothermic (metallothermic) reaction furnaces, submerged electric arc furnaces, and electrolyte cells are used for the production of the ferroalloys.
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The ferroalloys market is experiencing high growth; owing to rising steel demand in various end-use industries such as construction, automotive, shipbuilding, and other sectors is one of the key factors which is propelling the growth of the ferroalloys market. Increasing government initiatives across the globe to boost the manufacturing sector is further propelling the growth of the market. However, the production of ferroalloys is a highly energy-intensive process, which could hinder the growth of the market over the forecast period. In addition to this, rising raw material prices are also hampering the market’s growth in the upcoming years. However, rising automobile production is boosting the demand for steel, leading to the growth of the ferroalloys market.
Major players in the global ferroalloys market are S.C. Feral S.R.L, Samancore Chrome, Jindal Group, Gulf Ferroalloys, Arcelor Mittal, Tata Steel Limited- Tata Ferro Alloys and Minerals Division , SAIL, Shanghai Shenjia Ferroalloys Co. Ltd, Glencore, China Minmetals, OM Holdings, and Brahm Group among others. The key players of the global ferroalloys market are majorly focusing on the adoption of various strategies such as product innovations, geographical expansion, mergers & acquisitions, forming a strong distribution network, and widening the product portfolio to gain a significant market share in the industry.
• In April 2021, Tata Steel Mining Limited (TSML), a subsidiary of Tata Steel announced the plan to double its ferrochrome manufacturing capacity to 900,000 tonnes a year in India. This capacity expansion is mainly due to growing domestic and global customer base for the ferrochrome for making stainless steel.
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The ferromanganese segment accounted for the major market share of 24.69% and was valued at USD 10.26 billion in the year 2020
The material type segment is divided into ferrochrome, ferromanganese, ferro silico manganese, and ferrosilicon. The ferromanganese segment accounted for the major market share of 24.69% and was valued at USD 10.26 billion in the year 2020. The ferromanganese, also known as high-carbon ferromanganese, is a manganese alloy smelted directly from the manganese ore. It contains 70-80 wt% manganese and carbon content from 6-7 wt%. It is the most used ferroalloys in terms of quantity and has wide application in steel production and foundries.
The stainless steel segment accounted for the largest market share of 33.25% in the year 2020
The application segment is divided into carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. The stainless steel segment accounted for the largest market share of 33.25% in the year 2020. The ferroalloys are used for refining and alloying stainless steel. The rising stainless demand across a wide range of industries is driving the demand for more ferroalloys in the market.
Regional Segment Analysis of the Ferroalloys Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region dominated the global ferroalloys market and valued at USD 31.84 billion in the year 2020. The factors such as rising urbanization, increasing populations, and industrialization across the countries such as India, China, Thailand, and other Asian countries are creating the lucrative demand for ferroalloys in the Asia Pacific region. In addition, India’s booming real estate sector has gained considerable importance in recent years, boosting the market growth. Increasing steel and iron production in the region is also contributing to the market’s growth. Besides, the Europe region held the second largest market share in 2020 in the global ferroalloys market. High steel consumption by automotive manufacturers present in the European region is mainly driving the growth of the market.
About the report:
The global ferroalloys market is analyzed on the basis of value (USD Billion) and Volume (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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