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The global ferroalloys market exhibited moderate growth during 2015-2020. 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. Looking forward, IMARC Group expects the global ferroalloys market to grow at a CAGR of around 5% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global ferroalloys market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, 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, 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, SAIL, Samancore Chrome and Tata Steel Limited.
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