Global Ferroalloys Market to Grow at 7.1% During 2023-2028, Strengthened by the Expanding Automobile Industry

The latest report by IMARC Group, titled “Ferroalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global ferroalloys market is expected to exhibit a CAGR of 7.1% during 2023-2028. Ferroalloys refer to alloys of iron with a high proportion of one or more non-ferrous metals. They contain elements such as manganese, aluminum, chromium, titanium, boron, phosphorus, and silicon, which are vital additives in the production of specialty steel and superalloys. They provide distinctive qualities to steel and cast iron by serving essential functions during the production cycle. The principal ferroalloys are made of chromium, manganese, and silicon. Chromium offers corrosion resistance, manganese counteracts the harmful effects of sulfur, and silicon is primarily used for deoxidation in steel and cast iron. As a result, ferroalloys form basic raw materials in the iron and steel industries.
 

Global Ferroalloys Market Trends: 

The global ferroalloys market is primarily driven by the increasing steel production, which uses ferroalloys for improved hardness, high resistance to abrasion and corrosion, and enhanced tensile strength. Governments of various nations, especially in the emerging economies, are also extensively investing in infrastructure development. This has necessitated the development of lightweight and high-strength steel grades, thereby escalating the demand for ferroalloys. Besides this, ferroalloys find application in diverse industries. They are employed in the manufacturing of various automobile components, which optimizes the consumption of fuels and increases the overall efficiency of the vehicles. Furthermore, ferroalloys are also utilized in high-temperature applications such as power plants, turbine engines, pollution control equipment and furnaces.
 

Market Summary: 

• Based on the product, the market has been segmented into Ferrochrome, Ferromanganese, Ferro Silicomanganese, Ferrosilicon, and others.
• On the basis of the application, the market has been classified into carbon and low alloy steel, stainless steel, alloy steel, cast iron, and others.
• Region-wise, the market has been divided into 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 Middle East and Africa.
• The competitive landscape of the market has been examined, with some 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.

Report Scope:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal