Wilmington, Delaware, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global ferrosilicon market stood at US$ 11.3 Bn. The global market is projected to develop at 2.5% CAGR during the forecast period, from 2022 to 2031. It is estimated that by 2031 the global ferrosilicon market is likely to touch value of US$ 15.1 Bn. Industries are exploring options in metallic addition agents that are utilized in the production of steel and iron to add an alloying element to refined steel or molten metal. In the manufacturing of iron and steel ferrosilicon is utilized as a master alloy.
In order to reduce release of harmful particles into the environment, businesses are expected to take additional precautions, such as storing ferroalloys in watertight containers and isolating equipment and machinery utilized for handling raw materials. Due to the fact that steel is a crucial raw material for the majority of end-use sectors, Leading players in ferrosilicon market have been creating steady income streams in the steel sector since COVID-19 outbreak.
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The main application of ferrosilicon in steel mills is the production of steel. Ferrosilicon has advantages such as high strength, high temperature resistance, high magnetism & hardness, and high specific gravity. It is also resistant to corrosion and abrasion. As a result, a number of businesses are investing in the manufacture of ferrosilicon, which is estimated to as one of the key recent developments in ferrosilicon market.
Key Findings of Market Report
- As more electrical steel is needed for the manufacture of transformers, motors, and other power generation equipment, there is likely to be a rise in the demand for ferrosilicon. Ferrosilicon, a component of electrical steel, is used in magnetic motor cores. This increases range, reduces the required battery capacity, and enhances motor efficacy.
- In the construction and automotive industries, there is a rising need for corrosion-resistant materials. Long-lasting, corrosion-free construction is necessary for automobile components, bridges, and building supplies. As a result of these desirable qualities, ferrosilicon is utilized in both constructions and automobiles. The future market demand for ferrosilicon is likely to benefit from the expanding automotive and construction sectors.
- The carbon & other alloy steel category held a 46.7% share of the global ferrosilicon market in 2021, depending on end-use. The rising use of cast iron and alloy steel in the construction and automotive sectors is likely to drive up demand for ferrosilicon.
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Global Ferrosilicon Market: Growth Drivers
- In 2021, the Asia Pacific region held a significant portion of the global market with 74.7% of the market share. In Asia Pacific, China accounts for roughly one-third of the regional ferrosilicon market and is the fastest growing market for ferrosilicon. This can be attributed to the region's increasing investment in the building and automotive industries as well as the industry's phenomenal growth.
Global Ferrosilicon Market: Key Competitors
- SC Feral Srl
- DMS Powders (Pty) Ltd
- Singhania International Limited
- Ferroglobe OM Holdings Limited
- Hindustan Alloys Private Limited
- Eurasian Resources Group
- Finnfjord AS
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Global Ferrosilicon Market: Segmentation
Type
- Atomized Ferrosilicon
- Milled Ferrosilicon
End Use
- Carbon & Other Alloy Steel
- Stainless Steel
- Electrical Steel
- Cast Iron
- Magnesium
- Others
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