Selbyville, Delaware , Sept. 02, 2024 (GLOBE NEWSWIRE) -- Ferro Silicon Market is set to reach USD 15.97 billion by 2032, according to the latest report by Global Market Insights Inc.
Rising demand for steel and cast-iron production, coupled with advancements in alloying techniques, will drive the industry’s expansion from 2024 to 2032. As the global construction and automotive sectors continue to expand, the need for high-performance materials like ferro silicon will further fuel market growth, underscoring its critical role in enhancing the quality and durability of steel products. The increasing production facilities and quantities globally also support the market.
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For instance, in December 2023, Kazakhstan announced its plan to construct a new ferroalloy plant in Ekibastuz, with an annual production capacity of 80,000 tons of ferrosilicon. The plant is scheduled to be commissioned in 2025, with its products slated for export to Japan, South Korea, the United States, Turkey, and Europe. Furthermore, the increasing adoption of ferro silicon in various industrial applications, including welding, foundry, and refractories, highlights its versatility and importance in modern manufacturing.
Milled Ferrosilicon to Witness Robust Growth
The ferro silicon market size from milled ferrosilicon segment will experience substantial growth between 2024 and 2032, driven by its critical role in dense media separation (DMS) processes in the mining industry. Milled ferrosilicon’s fine particle size and magnetic properties make it ideal for separating valuable minerals from waste material, particularly in coal and diamond mining. The growing need for efficient mineral processing techniques in developing economies is expected to propel the demand for milled ferrosilicon, reinforcing its importance in the global market.
Inoculant Application to Drive Market Expansion
The inoculant application segment will see significant growth over the forecast period, fueled by the increasing use of ferro silicon inoculants in the foundry industry to improve the quality and consistency of cast iron. Inoculants are essential in refining the microstructure of cast iron, enhancing its mechanical properties, and reducing casting defects. As the demand for high-performance cast iron components rises in industries such as automotive, machinery, and construction, the need for effective inoculants like ferro silicon will drive market expansion. The inoculant segment’s growth underscores the critical role of ferro silicon in achieving high-quality cast iron production.
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Europe to Lead Market Growth
Europe ferro silicon market will register a notable CAGR from 2024 to 2032, driven by the region’s well-established steel and automotive industries. Countries like Germany, France, and Italy lead the demand for ferro silicon due to their strong manufacturing bases and focus on innovation in metal production technologies. Additionally, Europe’s emphasis on sustainability and energy efficiency in industrial processes is expected to drive the adoption of ferro silicon as a crucial additive in steel production. The region’s leadership in ferro silicon consumption underscores its pivotal role in the global metal manufacturing landscape.
Ferro Silicon Market Players
The ferro silicon industry including Jiangsu Delong Nickel Industry Co., Ltd., Ferro Alloys Corporation Limited, Tata Steel Limited, Sheng Yan Group, Erdos Xijin Kuangye Co., Ltd., Elkem ASA, Sinosteel Jilin Ferroalloy Corporation Limited, Anyang Wanhua Metal Material Co., Ltd., OM Holdings Ltd., Jinzhou Ferro Alloy Co., Ltd., Fengzhen Fengyu Company Limited, Khumani Ferroalloyss Private Limited, Ferroglobe PLC, OFZ, a.s., and Ferroatlantica Group.
These companies invest in research and development to introduce high-quality ferro silicon products that meet the evolving needs of the steel and foundry industries. Collaborations with steel manufacturers and foundries enhance their market penetration, ensuring access to new opportunities in both developed and emerging markets.
In August 2024, SIMPAC Inc., a South Korean ferroalloy producer, announced its plan to establish a joint venture with Brazilian silicon alloy manufacturer RIMA Industrial SA to produce ferrosilicon.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
