The latest report by IMARC Group, titled "Ferromanganese Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global ferromanganese market size is expected to exhibit a CAGR of 4.4% during 2022-2027. Ferromanganese is an iron alloy with high manganese content. It is produced by heating a mixture of the oxides MnO? and Fe?O? with carbon in a blast furnace or a submerged arc furnace. It is commonly available in high, medium, and low-carbon variants and is widely used as a deoxidizer and desulfurizer in steel and iron production. It also exhibits high durability, tensile strength, heat resistance, and antioxidant properties and is used for countering the effects of sulfur. As a result, ferromanganese finds extensive applications across the automotive, construction, aerospace, and defense industries.
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Global Ferromanganese Market Trends:
The market is primarily driven by rapid industrialization across the globe. In addition, the increasing demand for stainless steel across industries represents another major growth-inducing factor. Ferromanganese is widely used as a substitute for nickel to manufacture stainless steel with tensile strength, improved workability, toughness, and abrasion resistance. Besides this, the rising product adoption across metallurgy and chemical industries as heat-resistant antioxidants and desulphurizing agents is positively influencing the market growth. Moreover, the market is further propelled by the increasing utilization of low-carbon ferromanganese in the welding industry. Other factors, including extensive infrastructural developments, especially in developing economies, the escalating demand for high and medium-carbon ferromanganese, and the increasing research and development (R&D) activities conducted by key players to introduce various innovations in the manufacturing, processing, and refining processes of ferromanganese, are also creating a favorable market outlook across the globe.
- Based on the grade, the market has been bifurcated into high-carbon and refined ferromanganese.
- On the basis of the application, the market has been segmented into carbon steel, stainless steel, alloy steel, cast iron, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being China Minmetals Group Co. Ltd., Eramet Group, Eurasian Resources Group, Ferroglobe (Grupo Villar Mir, S.A.U.), Gulf Manganese Corporation Limited, Jiaocheng Yiwang Ferroalloy Co Ltd., OM Holdings Ltd., Sakura Ferroalloys Sdn. Bhd. (Assmang Proprietary Limited), South32, Tata Steel Ltd., and Vale S.A.
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