Ferroalloy Market is Set to Hit USD 114 billion by 2030 - IndexBox

2022-12-02 20:50:36 By : Ms. Susie Wei

NEW YORK, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Ferroalloy is experiencing a period of significant growth and this new report from IndexBox includes insights into the key trends we're seeing in the market.

Ferroalloys are a group of iron alloys that contain large amounts of one or more other elements, so they can be used as deoxidizers or alloying elements in steelmaking and cast iron production. The most common ferroalloys include ferromanganese, silicomanganese, ferrosilicon, chromium iron alloys, and silicon-chromium-aluminum alloys. These products are mainly used as a steel and cast iron additions to improve certain properties such as mechanical strength, corrosion resistance, abrasive resistance, etc. Aluminum Die Casting Alloys

Ferroalloy Market is Set to Hit USD 114 billion by 2030 - IndexBox

The ferroalloy market size was valued at USD 95 billion in 2021 and is expected to reach USD 114 billion by 2030, growing at a CAGR of 1.8% over the forecast period (2020-2030). The rising demand for steel from various end-use industries is the major factor driving the growth of the ferroalloy market. Ferroalloys are used in steelmaking as they are effective in improving the strength, hardness, and resistance of steel.

Asia-Pacific accounted for the largest share of the global ferroalloy market, followed by Europe and North America. The large share of Asia-Pacific can be attributed to the presence of a large number of steel-producing countries in the region, such as China, India, and Japan. The global ferroalloy market is highly fragmented with a large number of small-scale producers. The top five producers accounted for only 25% of global production.

The ferroalloy market faces several challenges that may hinder its growth in the coming years.

One of the major challenges is the fluctuating prices of raw materials. The prices of iron ore, coal, and other raw materials used to produce ferroalloys can vary considerably, making it difficult for producers to forecast costs and plan long-term investments.

Another challenge is environmental regulations. Stringent environmental regulations in some countries have forced ferroalloy producers to invest in costly pollution control equipment and technologies. In addition, these regulations often limit or prohibit the use of certain production processes, which can further increase costs.

Finally, the ferroalloy market is also challenged by competition from substitutes, such as stainless steel and aluminum alloys. These substitutes are often used in applications where ferroalloys would traditionally be used, which can erode demand for ferroalloys.

The global ferroalloy market is classified into eight types: manganese, chromium, vanadium, titanium, zirconium, silicon, cobalt, and others.

The global ferroalloy market is segmented by type into manganese, chromium, silicon, and others. Manganese ferroalloys are further segmented into silicomanganese, high carbon ferromanganese, and medium carbon ferromanganese. The chromium ferroalloys market is classified into high carbon ferrochrome, charge chrome, and others. Silicon ferroalloys are sub-segmented into silicon metal, calcium silicon, and Ferrosilicon. The other types of ferroalloys include vanadium and titanium.

Manganese holds the dominant position in the global ferroalloy market owing to its widespread applications in the steel industry as a deoxidizer and desulfurizer. Chromium is the second-largest market for ferroalloys led by its applications in the stainless steel industry. Silicon alloys play an important role in several industries such as solar energy, aluminum production, electronics, etc., which is expected to fuel their demand over the forecast period.

The global ferroalloy market is expected to grow at a moderate pace in the coming years. The rising demand for steel and iron ore in construction and infrastructure projects is one of the key factors driving the market growth. Additionally, the rapid industrialization and urbanization in emerging economies are fuelling the demand for ferroalloys. However, the volatile prices of raw materials are restraining market growth to some extent. Nevertheless, the growing production of stainless steel in developed, as well as developing countries, is anticipated to create lucrative opportunities for market expansion over the forecast period.

IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.

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Companies Mentioned in the Report

Ferroglobe PLC, POSCO, Outokumpu Oyj, Vale S.A., and ArcelorMittal S.A., United Steel Corporation, JSW Steel Ltd., Steel Authority of India Limited (SAIL), Jindal Steel & Power Limited (JSPL), OM Holdings Limited, Glencore plc, Nippon Steel & Sumitomo Metal Corporation, Tata Steel Limited, JFE Holdings Inc., Essar Steel India Limited, and others.

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