New York, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global ferrochrome market size is expected to expand at ~5% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of ~USD 18 billion in the year 2022.The rising production of steel followed by higher investment to recover the steel production is the major factor that is boosting the market growth. The EU is currently working on a USD 2.19 trillion restoration plan to assist the region, in the steel industry.
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A USD 1.9 billion investment is anticipated in 55 rail infrastructure projects. Even after the major hit by the COVID-19 pandemic, when all the businesses suffered losses, the steel industry continued to grow by 4.8% during that period. In the steel industry, ferrochrome is an important element since it improves the appearance of the steel and also makes it resistant to corrosion.
Industry is to Boost the Growth of the Ferrochrome Market
Ferrochrome is widely used in the construction industry, it is utilized in brick manufacturing, as an aggregate concrete material mixture in cement, and in the construction of pavement. The use of ferrochrome ash in concrete making is beneficial in reducing the production of regular Portland cement, cutting energy consumption, managing environmental burdens, and safeguarding renewable resources. Ferrochrome and fly ash are used in percentages of 3% and 30% respectively, as a partial replacement for cement. Since the beam using fly ash and ferrochrome ash has greater ductility than standard concrete.
Ferrochrome Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Production of Steel is to Elevate the Growth of the Market in the Asia Pacific Region
The ferrochrome market in the Asia Pacific region is set to hold the largest share by the end of 2035. Global crude steel production capacity has roughly doubled in the last two decades, with China accounting for three-quarters of the increase. Moreover, domestic demand for steel is likely to climb rapidly in the next decades as the economy grows. To address this need, the Ministry of Steel in India has set an ambitious goal of 300 MTPA capacity / 255 MTPA production by 2030 under the National Steel Policy (NSP). Demand is expected to triple or quadruple by 2040, from current levels. On the other hand, the Asia Pacific region is also the hub for manufacturing automobiles and is heavily dependent on ferrochrome to boost the strength of the steel to be employed in the automotive.
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Presence of Huge Production Facility of Stainless Steel is to Elevate Market Growth in North America
The ferrochrome market in North America is projected to show a significant share of 24 % by the end of 2035. Presently the steel sector in the United States comprises over 100 supply and production facilities, utilizes nearly 400,000 workers, and provides a living for millions of Americans. Moreover, steel is also among the most recyclable materials in the world, with a total of over sixty million tonnes recycled annually. That is more than the total weight of aluminum, copper, paper, glass, and plastic. Ferrochrome is incorporated into the recycling process of steel to augment its resistance to rust and oxidation. It also improves the hardness of steel and its strength in extremely high temperatures
Ferrochrome, Segmentation by Product Type
- High Carbon
- Medium Carbon
- Low Carbon
The high carbon segment is to garner the largest market share over the forecast period. High carbon ferrochrome is a class of alloys with chromium contents ranging from 60% to 70% and carbon contents ranging from 4% to 6%. High carbon ferrochrome is the most common ferroalloy that is nearly entirely employed in the production of stainless steel and high chromium steels. Manufacturing occurs mostly in countries with a large supply of chromite ore. In the world, around 11 billion chromite ore is present, out of which around 90% is present in Zimbabwe and South Africa.
Ferrochrome, Segmentation by Application
- Stainless Steel
- Specialty Steel
Stainless steel is the primary user of ferrochrome in order to enhance its quality. Therefore, the production of stainless steel will significantly drive the use of ferrochrome. In 2022, around 59 million tons of stainless steel were reduced in the world which was about 4% higher than the previous year. Moreover, it is forecasted that the production of global stainless steel will likely touch 60 million tonnes by the end of 2023. The major contributors will be Indonesia and China. China is likely to manufacture aournd 34 million tonnes out of the total 60 million tonnes.
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A few of the well-known market leaders in the global ferrochrome market that are profiled by Research Nester are Ironveld Plc, Tata Steel Mining Limited (Tata Steel Limited), Samancor Chrome Limited, Ferro Alloys Corporation Limited, Eurasian Resources Group S.a.r.l., Hernic Ferrochrome (Pty) Ltd., Sanvik AB, Daido Steel Co., Ltd., China Baowu Steel Group Corp., Ltd., and Merafe Resources.
Recent Developments in the Ferrochrome Market
March 2022, Indian Metal and Ferro Alloys Ltd. has recently announced the investment of USD 60 million cap-ex plan to boost the production capacity of ferrochrome up to 35% by the financial year 2026. The facility will have a production capacity of 100,000 tonnes per annum in the existing capacity of ferrochrome.
- December 2022, Ironeveld Plc, a South Africa-focussed company has announced the acquisition of 100% shares of Ferrochrome Furnaces Limited. Ferrochrome Furnaces will offer Ironveld an established smelting facility as well as the ability to begin mining and processing operations. The deal has been completed by the sum of USD 797,000.
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