New York, USA, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global ferrosilicon market size was estimated at USD 10.54 billion in 2023 and is projected to hit USD 13.62 billion by 2032. The market is likely to record a compound annual growth rate (CAGR) of 2.9% during the forecast period (2024 - 2032).
Ferrosilicon Market?
Ferrosilicon (FeSi) is an alloy of iron and silicon with an average silicon content between 15-90%. It comes in shiny, metallic-grey lumps forms and is commonly used as an alloying element in steelmaking for deoxidation. Improved quality, energy cost reduction, slag reduction, and enhanced product performance can be obtained with ferro silicon (FeSi).
This iron-silicon alloy can be utilized for manufacturing other ferroalloys as well as silicon steel and ferrous silicon alloys resistant to corrosion and high temperatures. Also, in the production of cast iron, ferrosilicon is used to inoculate the iron, accelerating the graphitization process. Additionally, in arc welding, ferrosilicon is present in some electrode coatings.
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Ferrosilicon Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 10.54 billion |
| Market value in 2032 | USD 13.62 billion |
| CAGR | 2.9% from 2024 – 2032 |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast Period | 2024 – 2032 |
Key Highlights of the Report
- Various factors, including increasing infrastructural developments, increased global population, and rising investments in infrastructural projects, are driving market growth. Surged demand for ferrosilicon for modernization and expansion of infrastructure further fuels the market expansion.
- The market segmentations include type, application, end-use, and by region.
- Based on geography, North America held the highest revenue share in 2023.
Ferrosilicon Market Key Players
- Anyang Jinfang Metallurgy Co., Ltd.
- Anyang Yuneng Metallurgy Refractory Co., Ltd.
- DMS Powders
- Elkem ASA
- Eurasian Resources Group
- Ferroglobe
- FINNFJORD AS
- OM Holdings Ltd.
- RFA International
- SINOGU INDUSTRY CO., LTD
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Top Market Developments
- Growth Drivers and Trends:
- Investments in Infrastructural Projects: The increasing focus on upgrading and expanding infrastructure is directly proportional to the demand for ferrosilicon. Thus, meeting this demand and investing in infrastructure projects drive ferrosilicon market growth.
- Growing Automobile Production: Modern automobile developments require advanced steel types with integrated elements like body panels, engine parts, and chassis to assure safety, performance, and fuel efficiency, which can all be achieved with ferrosilicon. Thus, developing automobile production is anticipated to foster ferrosilicon market demand.
- Increased Production Capacity of Ferrosilicon: Manufacturers and governments are increasingly focusing on leveraging advanced technologies and developing production facilities. This growth in production capacity fuels the demand for ferrosilicon and accelerates market expansion.
- The Surge in Steel Production: Ferrosilicon is a key component of the steel production process, where it is used as an alloying agent and a deoxidizer to enhance the steel’s quality, strength, and durability. Therefore, the global demand for steel production across various sectors, including automotive, oil and gas, construction, and construction, augments the market growth.
Which Region Leads the Ferro silicon?
- North America: By region, The North America ferrosilicon market obtained the highest revenue share owing to the presence of a well-developed steel industry. The advanced production capabilities and technological innovations in the region are fueling the demand for ferrosilicon as a deoxidizer and alloying agent.
- Asia Pacific: Over the forecast period, Asia Pacific is anticipated to register a significant CAGR in the global market. This expansion can be attributed to the rapid industrialization in nations such as China and India. In addition, increasing investments by these countries in infrastructure projects, such as commercial buildings and manufacturing facilities, boost the demand for ferrosilicon.
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Segmental Overview
Ferrosilicon Type Outlook
- Atomized Ferrosilicon
- Milled Ferrosilicon
Ferrosilicon Application Outlook
- Deoxidizer
- Inoculants
- Others
Ferrosilicon, End-Use Outlook
- Carbon & Other Alloy Steel
- Cast Iron
- Electric Steel
- Stainless Steel
- Others
Ferrosilicon Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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