The global ferroalloys market size is expected to be worth around US$ 80.9 billion by 2030, according to a new report by Vision Research Reports.
The global ferroalloys market size was valued at US$ 43.7 billion in 2020 and is anticipated to grow at a CAGR of 8.1% during forecast period 2021 to 2030.
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Ferroalloys Market (By Product: Ferrochrome, Ferromanganese, Ferro Silico Manganese, Ferrosilicon; By Application: Carbon & Low Alloy steel, Stainless Steel, Alloy Steel, Cast Iron) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 80.9 Bn by 2030|
|Growth Rate||CAGR of 8.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Jindal Group; Glencore; Samancore Chrome; Shanghai Shenjia Ferroalloys Co. Ltd.; Ferro Alloys Corporation Limited; S.C. Feral S.R.L; China Minmetals; S.C. Feral S.R.L; China Minmetals|
Incessant production of steel around the world is projected to benefit market growth. Ferroalloys are a group of materials consisting of iron and different alloying elements which are normally used for the production of steel. Ferroalloys are used in steelmaking to improve the specific properties of steel products. The properties such as fatigue strength, tensile strength, corrosion resistance, and ductility are improved through the addition of ferroalloys.
By Product Analysis
The ferromanganese segment accounted for a share of over 17.0% in 2020, in terms of volume in the market for ferroalloys. Ferromanganese finds primary application in steelmaking and foundry industries.
Silicomanganese is a ferroalloy containing 65 to 68% of manganese, 1.5 to 2% of carbon, and 16 to 21% of silicon and is manufactured using smelting of slag from high carbon ferromanganese.
The ferrosilicon segment is projected to witness a CAGR of 7.10% from 2021 to 2030 in terms of revenue. It is used to reduce the metals from their oxides such as the deoxidization of steel.
By Application Analysis
The stainless steel segment dominated the market and accounted for the largest revenue share of over 32.0% in 2020. The segment is projected to witness a lucrative CAGR over the forecast period.
Cast iron is projected to remain the fastest-growing segment in the market over the forecast period. Cast iron is a ferrous alloy with a small percentage of manganese, chromium, nickel, tungsten, and molybdenum among others.
By Regional Analysis
Asia Pacific held the highest volume share of around 78.0% in the market in 2020. The growth of the region is attributed to high volume steel and cast iron production in the region.
Europe was the second-largest region in the ferroalloys market in 2020, in terms of volume. European Union countries play a significant role in the global steel demand owing to the large production of industrial components and parts in these countries.
Middle East and Africa accounted for a smaller share in terms of volume in 2020 in the market; however, is projected to depict lucrative growth over the coming years.
- Samancore Chrome
- Shanghai Shenjia Ferroalloys Co. Ltd
- Ferro Alloys Corporation Limited.
- S.C. Feral S.R.L
- Tata Steel Limited – Ferro Alloys & Minerals Division
- Arcelor Mittal
- China Minmetals
- Jindal Group
- By Product
- Ferro Silico Manganese
- By Application
- Carbon & Low Alloy steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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