Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Ferrosilicon - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Ferrosilicon Market to Reach $10.8 Billion by 2026
Ferrosilicon is an alloy of silicon, iron, coke, and coal. It is primarily used in cast iron and steel applications owing to its superior properties such as hardness, high strength, and resistance to high temperatures and corrosion. Close to 90% of ferrosilicon is used in producing steel and iron. Growth in the global market is set to be driven by growing demand for ferrosilicon as an inoculant and deoxidizer across several end-use industries.
Electrical steel, which is also known as silicon steel, utilizes considerable amount of ferrosilicon and silicon to enhance steel`s electrical properties such as resistivity. Increasing demand for electrical steel in manufacturing motors, transformers and other power generating devices is expected to boost the demand for ferrosilicon. Automotive bodies, structural supports and bridges are required to last long without undergoing corrosion.
Hence, several companies have been preferring ferrosilicon in automobile and construction for long lasting quality. Alloying ferrosilicon with other metals makes it useful in producing semiconductors, which are in great demand by the electronics industry.
Amid the COVID-19 crisis, the global market for Ferrosilicon estimated at US$9 Billion in the year 2020, is projected to reach a revised size of US$10.8 Billion by 2026, growing at a CAGR of 3.1% over the analysis period. Deoxidizer, one of the segments analyzed in the report, is projected to grow at a 3% CAGR to reach US$8.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inoculants segment is readjusted to a revised 3.5% CAGR for the next 7-year period. This segment currently accounts for a 17.9% share of the global Ferrosilicon market.
The growing need for deoxidization of various ferrous alloys in steel manufacturing process, as well as in the processing industry is expected to favor growth prospects for Deoxidizer segment. By adding inoculants to iron, the risk of gas formation, dross formation tendency, metal interface defects and micro shrinkage is reduced, which in turn contributes to high demand of inoculants in the manufacture of gray as well as duct iron.
The U.S. Market is Estimated at $450.8 Million in 2021, While China is Forecast to Reach $6.5 Billion by 2026
The Ferrosilicon market in the U.S. is estimated at US$450.8 Million in the year 2021. The country currently accounts for a 4.87% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.5 Billion in the year 2026 trailing a CAGR of 3.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.5% CAGR while Rest of European market (as defined in the study) will reach US$6.7 Billion by the end of the analysis period. Asia-Pacific represents the leading market for ferrosilicon riding on its status as the leading producer of steel across the world. Growth is being driven by the construction and automotive industries across Asia-Pacific specifically in India and China.
By End-Use, Carbon & Alloy Steel Segment to Reach $5.6 Billion by 2026
Globally, manufacturers of alloyed, stainless steel and carbon steel represent the major buyers of ferrosilicon. The rising demand for ferrosilicon as oxidizer in carbon as well as other alloy steel production activities is expected to fuel market growth. In the global Carbon & Alloy Steel (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 2.4% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$3.8 Billion in the year 2020 will reach a projected size of US$4.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$714.4 Million by the year 2026, while Latin America will expand at a 2.9% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Outbreak Hampers Ferrosilicon Demand
- COVID-19 Crisis Induced Demand Erosion Hampers World Steel Industry
- A Prelude to Ferrosilicon
- Global Market Prospects & Outlook
- Deoxidizer in Steel Production and Inoculant in Casting Industry: Key Application Areas
- Asia-Pacific Spearheads Long-term Growth in Ferrosilicon Market
- Ferrosilicon Production: An Overview
- Import-Export Statistics
- Competition
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
- China National BlueStar (Group) Co., Ltd.
- Elkem AS
- Ferroglobe PLC
- The Rima Group
- M & M Alloys Limited
- Imexsar
- Sinoferro Dense Medium Powders Limited
- Anyang Xinchuang Metallurgy Material Co., Ltd.
- DMS Powders (Pty) Ltd
- Westbrook Resources Ltd
- Eurasian Resources Group
- Ferro Alloys Corporation Limited (FACOR)
- Mechel PAO
- Finnfjord AS
3. MARKET TRENDS & DRIVERS
- Demand for Ferrosilicon as Deoxidizer in Steel Industry Fuels Market Prospects
- Impact of COVID-19 Pandemic on Steel Markets in Select Regions
- Steel Production & Trade: Statistical Insights
- Electrical Steel Production Emerges as a Major Opportunity for Ferrosilicon
- Global Construction Industry Scenario Influences Demand for Ferrosilicon
- Despite the Depressed Short-term Outlook, Long-term Prospects in Construction Industry Remain Promising
- Current Prospects Remain Lackluster for Ferrosilicon in Depressed Automotive Industry
- Shift towards Lighter Weight Vehicles to Drive Future Demand for Automotive Steel
- Emissions Regulations Landscape in Major Countries/Regions
- Steel Vs Aluminum: The Dilemma Continues for Better Lightweight Automotive Material
- Demand Growth for Stainless Steel to Fuel Prospects in Ferrosilicon Market
- Stainless Steel Continues to Reign Appliances Market
- Growing Use Case in Diverse Applications Widens Future Prospects
- Growing Use of Ferrosilicon as Inoculant in Casting Industry to Drive Market Gains
- Magnesium Production Emerges as a Major End-Use market for Ferrosilicon
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/37voke
