Ferroalloys Industry | Forecast 2030

Ferroalloys Industry Data Book - Ferro Manganese, Ferrochrome, Silico Manganese and Ferrosilicon Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030

The ferroalloys market is anticipated to grow significantly owing to the increasing steel production around the globe. Ferrochrome, ferrosilicon, ferromanganese, and silico manganese are included in ferroalloys.

Access the Global Ferroalloys Industry Data Book, 2023 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies

Ferro Manganese Market Growth Trends

The global ferro manganese market size is expected to reach USD 19.4 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2020 to 2027. The increasing popularity of cast iron cookware is projected to aid market growth over the forecast period.

Ferro manganese is widely used as a sulfur counterpart in the production of cast iron. The ability of the product to remove sulfur contaminants by forming manganese sulfide offers a great advantage as it can easily be removed as slag. The cast iron production historically has observed tremendous growth, for instance, global cast iron production has grown from nearly 54 million tons to approximately 96 million tons from 2000 to 2019. The use of cast iron, especially in cookware, has witnessed a steady climb owing to its ability to offer non-sticky, anti-rust, and durable quality utensils. Thus, the rising production of cast iron is projected to remain a key driver for the market over the forecast period.

However, with the breakout of the COVID-19 pandemic, the dynamics of the ferro manganese industry evolved rapidly and stronger demand for the product was observed in European countries amid the fear of complete lockdown. Many European suppliers of the product stated the greater stocking of ferro manganese by still mills in the Northern Italy region. Although this trend was short lived as the downstream demand for steel products declined rapidly. As per the stats released by the World Steel Association, the global steel demand is estimated to contract by nearly 6.4% in FY 2020. The downward sentiments in the global steel marketspace are anticipated to affect the growth of the ferro manganese sector over the short-term period.

Ferrochrome Market Growth Trends

The global ferrochrome market size is anticipated to reach USD 28.83 billion by 2030,expanding at a 4.6% CAGR during the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by demand from booming stainless steel industry especially in Asia. Stainless steel industry accounts for roughly more than 75% of the FeCr consumption in the globe. China, being the largest stainless steel producer is therefore also the biggest consumer of FeCr.

The global stainless steel production is predicted to witness considerable growth over the coming years owing to strong demand from building construction industry. Stainless steel is largely consumed in building construction industry due to its aesthetic appearance and corrosion resistance properties. Moreover, a variety of stainless steel products are easily fabricated and therefore, preferred by architects and building contractors.

Majority of chromite ore suppliers in these regions are integrated in nature as they are also involved with manufacturing of ferrochrome. Glencore and Samancor Chrome are some of the major players in South Africa that produce ferrochrome by extracting chromite from their own operating mines situated in South Africa. The chromite ore suppliers are concentrated in South Africa, Kazakhstan, India, Turkey, and Zimbabwe, as these countries are host to enormous amount of chromite ore reserves.

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

Silico Manganese Market Growth Trends

The global silico manganese market size is expected to reach USD 57.19 billion by 2033, according to a new report by Grand View Research, Inc, expanding at a CAGR of 6.5% over the forecast period. Increasing investments in construction activities across the globe are expected to boost the demand for steel, which is anticipated to positively influence the market growth of silico manganese over the forecast period.

For instance, In November 2021, Bahrain announced plans to invest USD 30.00 billion for the creation of five new cities on its manmade islands. The project is a part of the government’s efforts to boost its economy post-pandemic. In addition, the governments of different countries across the Middle East Africa are investing in tourism and hotel development projects.

Silico manganese is a type of ferroalloy that is made up of alloys of manganese, silicon, iron, and a small amount of carbon and other elements. It finds application in steel making, where it is used as a deoxidizer, and to increase the manganese content to improve steel strength. Thus, the rising production of steel is expected to drive the demand for the product.

Ferrosilicon Market Growth Trends

The global ferrosilicon market size is expected to reach USD 13.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.4% from 2022 to 2030. Rising demand for ferrosilicon in the steel and cast iron industries is anticipated to contribute to market growth over the forecast period. Ferrosilicon is used as a deoxidizer in the steel industry to prevent the loss of carbon during the production process. As a result, rising investment in the steel industry is anticipated to augment the market growth. For instance, in January 2022, POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which is jointly owned by HBIS Group.

The USD 600 million plants are anticipated to have an annual production capacity of 900 kilotons and will supply galvanized steel sheets to the automotive industry. Furthermore, due to their long life span and good compressive strength, cast iron pipes are widely used in plumbing applications. Companies involved in cast iron pipe production are expanding their capacity, thereby fueling ferrosilicon consumption. For instance, in December 2021, AMERICAN SpiralWeld Pipe Company, a producer of cast iron pipe, announced its decision to invest USD 40 million to expand its operation in Richland County, U.S. Furthermore, rising investments in China’s construction industry are expected to benefit market growth.

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

Grand View Research’s ferroalloys Industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

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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.