Dublin, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The "North America and EMEA Ferrosilicon Market Size, Share & Trends Analysis Report by Application (Carbon & Alloy Steel, Stainless Steel, Cast Iron), by Region (North America, EMEA), and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The North America and EMEA ferrosilicon market size is expected to reach USD 3.81 billion by 2028, growing at a CAGR of 2.6%
Increasing demand for ferrosilicon as inoculant and deoxidizer in industries including steel and iron casting is anticipated to propel the market growth over the coming years.
Rising demand for electrical steel in the production of motors, transformers, and amplifiers owing to its properties that improve the electrical resistivity is the major factor fueling the market growth. Moreover, increasing demand from applications, such as electricity transmission and distribution, power generation, automobiles, renewable energy, industrial machines, and home appliances, is further expected to drive the market over the forecast period.
The industry is facing strict government mandates and ups and downs in the raw material supply chain. These are some prime challenges that companies need to work upon. Manufacturers are investing in developing technologies to curb CO2 emissions and lower the energy consumption in the production of ferrosilicon by opting for biochar pellets and charcoal.
Established market players are opting for sustainable methods for manufacturing steel, which is one of the key applications of the market. For instance, in October 2020, ArcelorMittal Europe announced to produce green steel using CO2 technology, which enables to offer green solutions to the consumers. The company's target is to reduce carbon footprints by 30% by 2030.
Ferrosilicon acts as a manufacturing additive in the production of steel and its products. Many key players of the steel industry are investing in mergers & acquisitions for product advancement.
For instance, in January 2021, United States Steel Corp. acquired Big River Steel for approximately USD 774 million on account of manufacturing sustainable and high-strength steel. The steelmakers have collaborated to produce low-cost mini-mill technologies and focus on product innovation.
North America And EMEA Ferrosilicon Market Report Highlights
- The stainless steel application segment led the market in 2020 due to the high consumption of stainless steel in the production of utensils and surgical instruments
- Cast iron is expected to register a growth rate of 2.5%, in terms of revenue, from 2021 to 2028 owing to its growing deployment in various applications
- Growing emphasis on creating differentiation in cookware products and the making of machines & automotive parts has led to the growth of the cast iron market
- Europe dominated the market with more than 63% share of the total revenue in 2020. Growing business opportunities in the ferroalloys and steel industry coupled with rising emphasis on crude steel production in Europe is anticipated to drive the product demand over the forecast period
- Middle East and Africa are expected to exhibit a CAGR of 2.3%, in terms of revenue, from 2021 to 2028. The demand for the machinery of the oil & gas industry is high in the region for carrying out exploration & production activities, which, in turn, is expected to drive the market
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. North America & EMEA Ferrosilicon Market Variables, Trends & Scope
Chapter 4. North America & EMEA Ferrosilicon Market: Application Estimates & Trend Analysis
Chapter 5. North America & EMEA Ferrosilicon Market: Regional Estimates & Trend Analysis
Chapter 6. Competitive Analysis
Chapter 7. Company Profiles
- Efaco
- Elkem Asa.
- Eti Elektrometalurji As
- Eurasian Resources Group
- Ferroglobe
- Finnfjord As.
- Huta Laziska Sa
- Iran Ferroalloys Co.
- Metalleghe Group
- Thyssenkrupp Materials Trading Gmbh
For more information about this report visit https://www.researchandmarkets.com/r/580qyo
