New York, United States , July 01, 2024 (GLOBE NEWSWIRE) -- The Global Ferroalloy Market Size is to Grow from USD 52.7 Billion in 2023 to USD 98.10 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.40% during the projected period.
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Ferroalloys are a crucial component used in the production of special steel and alloys. They are utilized in the production of steel as alloy additives and deoxidizers. The alloys give enhanced tensile strength and hardness at elevated temperatures, improve resistance to wear and abrasion, and boost creep strength, among other benefits. Accordingly, the development of the iron and steel industry, foundry industry, and to some extent the electrode industry are all related to the expansion of the ferroalloys industry. A major element boosting the steel demand is the increase in manufacturing activity across the world. The primary purpose of ferroalloys in the steel industry is to impart the unique qualities of steel. Consequently, throughout the course of the projection period, ferroalloy growth will be aided by the global increase in steel demand. The market is expanding as a result of steel's rising appeal across a range of end-use industries. However, throughout the course of the projection period, the market's expansion may be hampered by the lack of raw materials needed to produce ferroalloys.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Ferroalloy Market Size, Share, and COVID-19 Impact Analysis, By Product (Ferrochrome, Ferromanganese, Ferro Silico Manganese, Ferrosilicon), By Application (Carbon & Low Alloy Steel, Stainless Steel, Alloy Steel, Cast Iron, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The ferromanganese segment is anticipated to hold the greatest share of the global ferroalloy market during the projected timeframe.
Based on the product, the global ferroalloy market is divided into ferrochrome, ferromanganese, ferro silico manganese, and ferrosilicon. Among these, the ferromanganese segment is anticipated to hold the greatest share of the global ferroalloy market during the projected timeframe. Ferromanganese finds primary application in steel-making and foundry industries. The key driver for the demand for ferromanganese in steel making is its use as a desulphurizing agent owing to properties such as sulfide and deoxidant. Manganese combines with sulfur to avoid the formation of iron sulfide, which can result in cracking.
The stainless-steel segment is anticipated to hold the greatest share of the global ferroalloy market during the projected timeframe.
Based on the application, the global ferroalloy market is divided into carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. Among these, the stainless-steel segment is anticipated to hold the greatest share of the global ferroalloy market during the projected timeframe. As stainless steel resists corrosion and is aesthetically pleasing and durable, it is the primary product that drives demand in this market. To provide stainless steel with the appropriate properties for a variety of uses, such as cooking utensils, medical equipment, building materials, and automobile parts, ferrochrome and ferromanganese are essential. The market is supported by the ongoing worldwide growth of these industries, particularly in emerging nations, which is driving up demand for stainless steel.
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Asia Pacific is expected to hold the largest share of the global ferroalloy market over the forecast period.
Asia Pacific is expected to hold the largest share of the global Ferroalloy market over the forecast period. As the Asia Pacific area produces a lot of steel and cast iron, it is the region that uses ferroalloys the most. Ferroalloy use worldwide is highest in the Asia Pacific region, which is characterized by high levels of production for both steel and cast iron. A further factor in the market's growth is the number of companies operating in the Asia Pacific region. Due to the government's strong support of industrial growth, the availability of labor and raw materials, and the accessibility of both, this region functions as a hub for industry and consumption. Due to the continued urbanization and development efforts of these emerging nations, there will be a robust and growing demand for their products, which will ensure the region's leadership position in the global market.
North America is predicted to grow at the fastest pace in the global ferroalloy market during the projected timeframe. Canada, the United States, and North America are the major participants in the industry because of their thriving energy, building, and automobile industries. The region's well-established steel industry, which needs a variety for the manufacture of both standard and specialist steel grades, is strongly related to demand in the area. The market is significantly shaped by North America's emphasis on infrastructural development and technology innovation. The demand for stainless steel in the area is being driven by high disposable income and increased spending capacity, which is propelling the expansion of the ferroalloys market. Furthermore, rising stainless steel production to meet the demands of the automotive industry is expected to fuel market expansion throughout the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global ferroalloy market include Arcelor Mittal S.A., Brahm Group, China Minmetals Group Co. Ltd., Glencore plc, Gulf Ferro Alloys Company (SABAYEK), Jindal Group, Nikopol Ferroalloy Plant, OM Holdings Ltd., SC Feral Srl, Chandrapur Ferro Alloy Plant (CFP) (SAIL), Samancore Chrome Limited, Tata Steel Limited, Others.
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Recent Developments
- In April 2022, Tata Steel successfully acquired the share in S&T Mining held by the Steel Authority of India (SAIL). The transaction is a component of the portfolio simplification and restructuring plan of Tata Steel Group. This is probably going to assist the corporation in obtaining coal blocks, conducting exploration, obtaining permits and permissions from regulatory bodies, developing mines, and extracting and mining coal from designated blocks.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global ferroalloy market based on the below-mentioned segments:
Global Ferroalloy Market, By Product
- Ferrochrome
- Ferromanganese
- Ferro Silico Manganese
- Ferrosilicon
Global Ferroalloy Market, By Application
- Carbon & Low Alloy steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
Global Ferroalloy Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
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