Wilmington, Delaware, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ferroalloys market is prognosticated to grow at a CAGR of 5.9% during the forecast period from 2022 to 2031, notes a report by Transparency Market Research (TMR). Moreover, the global market for ferroalloys is expected to gain a valuation of more than US$ 266.1 Bn by 2031.
The TMR research report on ferroalloys market offers in-depth analysis of major factors impacting the market growth. Hence, the study provides access to the growth drivers, challenges, growth restraints, and recent developments in ferroalloys market. In addition, it sheds light on key marketing strategy for ferroalloys utilized by leading companies in the market.
Ferroalloys are considered one of the key additives in the steelmaking. In the recent years, ferroalloys are being increasingly utilized in the production of high strength steel. This factor is boosting the sales growth in the global ferroalloys market. Noble alloys and bulk alloys are the two product types available in the global ferroalloys market. Of them, the demand for bulk alloys is being increasing in the iron and steel making industry in order to improve the properties of steel. Moreover, noble ferroalloys are being used in the manufacturing of special steels and alloy steels. Hence, rise in the demand for different types of steels is estimated to lead to revenue-generation opportunities in the global ferroalloys market during the forecast period.
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Ferroalloys Market: Key Findings
- Different ferroalloys such as ferromanganese and ferronickel are being utilized by manufacturers in order to achieve improved quality of low-carbon steel and high-speed cutting tools at extreme temperatures. Moreover, the demand for ferroalloys including ferrochrome is being increasing for use in the automobile industry for manufacturing of car fittings, radiator grills, plating bumpers, and ball bearings. Hence, rise in the sales of different cars is expected to boost the future market demand for ferroalloys.
- Regulatory authorities of several nations across the globe are taking initiatives in order to promote the use of steel in a wide range of industries and decrease the level of carbon footprint. This factor is creating prominent business opportunities in the ferroalloys market. In order to cater to the rising product demand, players are increasing investments for the launch of ferroalloys plants and boosting their manufacturing capabilities in the ferroalloy metals. Such factors are propelling the global ferroalloys market.
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Ferroalloys Market: Growth Boosters
- Surge in the use of bulk alloys in different end-use industries is propelling the ferroalloys market
- Rise in the utilization of steel in the construction and automotive industries is bolstering the market
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Ferroalloys Market: Regional Analysis
- The ferroalloys market in Asia Pacific is estimated to maintain its dominating position during the forecast period. Moreover, the ferromanganese segment is estimated to be key contributor in the regional market growth owing to rise in the steel use in different end-use industries.
- The market for ferroalloys is projected to gain sizable growth opportunities in Latin America and Europe owing to rise in the production of wires and welding electrodes in these regions
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Ferroalloys Market: Key Players
Some of the key players profiled in the report are:
- Om Holdings Ltd
- ArcelorMittal
- Pertama Ferroalloys Sdn. Bhd.
- Sakura Ferroalloys SDN BHD
- Nikopol Ferroalloy Plant
- Tata Steel Ltd
- Bahrain Ferro Alloys BSC (c)
- Gulf Ferro Alloys Company (Sabayek)
- China Minmetals Corporation
- Brahm Group
- Ferroalloy Corporation Limited
- Shanghai Shenjia Ferroalloys Co. Ltd
- Georgian American Alloys
- Mortex Group
- OFZ, a. s.
- SAIL
- Vale S.A.
Ferroalloys Market Segmentation
Type
- Bulk Alloys
- Ferroalloys
- Ferromanganese
- Ferrochromium
- Others
- Noble Alloys
- Ferromolybdenum
- Ferronickel
- Ferrotungsten
- Ferrovanadium
- Ferrotitanium
- Others
Application
- Steel
- Superalloys & Alloys (Excl. Steel)
- Wire Production
- Welding Electrodes
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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