The latest report by IMARC Group, titled “Ferroalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, finds that the global ferroalloys market size exhibited moderate growth during 2015-2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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. On account of these factors, the market is expected to continue its moderate growth, exhibiting a CAGR of 5% during the forecast period (2021-2026).
- 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.
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