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The global ferroalloys market reached a value of US$ 71 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 105 Billion by 2027, exhibiting a CAGR of 7.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Ferroalloys refer to iron-based alloys formed by the carbothermic reaction process. Some of the commonly used ferroalloys include ferromanganese, ferrochromium, ferromolybdenum, ferrovanadium, ferrotitanium, ferroboron and ferrophosphorus. They are used as additives for enhancing the functional properties, such as resistance to abrasion, oxidation and erosion the improving tensile strength, durability and magnetism, of various metals. It is also in the manufacturing of switches, wires, automobile radiators, water heaters, refrigerators, metal casings and chemical processing equipment. As a result, they find extensive applications across various industries, such as automotive, residential, commercial and transportation.
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Ferroalloys are used for the manufacturing of various automobile components to optimize fuel consumption and increase the overall efficiency of the vehicle. Furthermore, widespread utilization of ferrochromium for the fabrication of stainless steel is providing a thrust to the market growth. Ferroalloys acts as a desulfurizing and deoxidizing agent to increase the hardenability of the steel and promote solid-solution strengthening. In line with this, ferrosilicon is also used for the production of cast iron, which is further used for various industrial applications. Additionally, the adoption of electric arc furnaces (EAF) from blast furnaces for the processing of ferroalloys is acting as another growth-inducing factor. EAFs are highly cost-effective and require minimal power requirements to produce steel from the metal feedstock. Other factors, including extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global ferroalloys market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product and application.
Breakup by Product:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Tata Steel Limited.
|Base Year of the Analysis||2021|
|Segment Coverage||Product, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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 and Tata Steel Limited|
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The global ferroalloys market was valued at US$ 71 Billion in 2021.
We expect the global ferroalloys market to exhibit a CAGR of 7.3% during 2022-2027.
The growing utilization of ferroalloys as additives for enhancing the functional properties of metals,
such as resistance to abrasion, durability, magnetism, etc., is primarily driving the global ferroalloys
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations, resulting in the temporary closure of numerous sectors,
such as automotive, residential, commercial, transportation, etc., for ferroalloys.
Based on the product, the global ferroalloys market has been segmented into ferrochrome,
ferromanganese, ferro silicomanganese, ferrosilicon, and others. Among these, ferromanganese
represents the largest market share.
Based on the application, the global ferroalloys market can be bifurcated into carbon and low alloy
steel, stainless steel, alloy steel, cast iron, and others. Currently, stainless steel accounts for the
majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global ferroalloys 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, and Tata Steel Limited.
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