The global ferroalloys market is expected to exhibit a growth rate (CAGR) of 7.1% during 2023-2028. The growing purchase of personal cars, rising demand for sustainable and recyclable building materials, and increasing employment in the production of low-carbon steel and high-speed cutting tools represent some of the key factors driving the market.
Ferroalloys refer to various alloys of iron containing significant proportions of one or more other elements like silicon, manganese, chromium, aluminum, and titanium. They comprise a wide variety of elements, such as ferromanganese, ferrochromium, ferromolybdenum, ferrotitanium, ferrovanadium, ferrosilicon, ferroboron, and ferrophosphorus. They are manufactured from charges of the nonferrous metal ore, coke, coal, iron ore, and iron by treatment at high temperatures in submerged-arc electric furnaces (SAF), electric-arc furnaces (EAF), and refining furnace (RF). They are also commercially produced by carbothermic and aluminothermic reduction processes. They offer improved corrosion and wear resistance and weldability. They possess lower melting ranges as compared to pure elements and can be readily incorporated into molten steel to achieve a specific chemical composition. They are used in manufacturing numerous other variants of steel, such as plain carbon, stainless, alloy, electrical, and tool steels. Ferroalloys are also employed in refining, deoxidation, modification, and control of nonmetallic inclusions and precipitates. Furthermore, they are utilized in the production of machine tools and equipment, military hardware, and superalloys.
Ferroalloys Market Trends:
At present, the increasing demand for ferroalloys, as they are resistant to abrasion, oxidation, and erosion, represents one of the primary factors influencing the market positively. Besides this, the rising utilization of ferroalloys to produce switches, wires, and metal casings is propelling the growth of the market. In addition, the growing purchase of personal cars to travel comfortably and heavy-duty vehicles for industrial purposes is offering a favorable market outlook. Apart from this, governing agencies of various countries are investing in steel industries to increase production and improve supply in various sectors, such as infrastructure and armaments. They are also encouraging the usage of ferroalloys as they are environment friendly and provide higher durability. Additionally, the rising demand for sustainable and recyclable building materials to minimize pollution and boost resource efficiency is contributing to the growth of the market. Moreover, there is an increase in the employment of ferronickel and ferromanganese in the production of low-carbon steel and high-speed cutting tools. This, coupled with the rising adoption of ferroalloys in the automobile industry to manufacture radiator grills, ball bearings, and plating bumpers, is supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ferroalloys market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and application.
- Ferro Silicomanganese
The report has provided a detailed breakup and analysis of the ferroalloys market based on the product. This includes ferrochrome, ferromanganese, ferro silicomanganese, ferrosilicon, and others. According to the report, ferromanganese represented the largest segment.
- Carbon and Low Alloy Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
A detailed breakup and analysis of the ferroalloys market based on the application has also been provided in the report. This includes carbon and low alloy steel, stainless steel, alloy steel, cast iron, and others. According to the report, stainless steel accounted for the largest market share.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for ferroalloys. Some of the factors driving the Asia Pacific ferroalloys market included the growing construction and infrastructure development activities, increasing demand for sustainable construction materials, rising utilization of heavy-duty vehicles in industrial applications, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global ferroalloys market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered 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, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Product, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the ferroalloys market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global ferroalloys market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the ferroalloys industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.