Ferroalloys Market 2022-2027: Current Trends, Industry Size, Share, Growth Factors and Business Opportunities
According to IMARC Group latest report titled “Ferroalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on ferroalloys market demand. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global ferroalloys market reached a value of US$ 71 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 105 Billion by 2027, exhibiting a CAGR of 7.3% during 2022-2027.
Ferroalloys represent iron-based alloys formed by the carbothermic reaction process. Some of the generally used ferroalloys include ferromanganese, ferrochromium, ferromolybdenum, ferrovanadium, ferrotitanium, ferroboron, ferrophosphorus, etc. They are utilized as additives to enhance functional properties, such as resistance to abrasion, oxidation, and erosion, and the improving durability, tensile strength, and magnetism of various metals. In line with this, ferroalloys are used in the manufacturing of switches, wires, automobile radiators, water heaters, refrigerators, metal casings, chemical processing equipment, etc. Consequently, they find wide-ranging applications in several industries, including automotive, residential, commercial, steel, transportation, etc., across the globe.
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Market Trends:
The growing utilization of ferrochromium for the fabrication of stainless steel is primarily augmenting the ferroalloys market. Furthermore, the escalating demand for these alloys as a desulfurizing and deoxidizing agent to increase the hardenability of the steel and promote solid-solution strengthening is also bolstering the market growth. Apart from this, the rising popularity of ferrosilicon for the production of cast iron, which is used for numerous industrial applications, is acting as another significant growth-inducing factor. Moreover, the widespread adoption of electric arc furnaces (EAFs) from blast furnaces for the processing of ferroalloys is further catalyzing the market growth. Besides this, EAFs are highly cost effective and require minimal power requirements to produce steel from metal feedstock, which is positively influencing the global market. Additionally, the increasing infrastructural development projects, particularly in emerging economies, and the elevating investments in construction activities by government bodies are anticipated to fuel the ferroalloys market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some 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
- Tata Steel Limited
Ferroalloys Market Segmentation:
Our report has categorized the market based on region, product and application.
Breakup by Product:
- Ferrochrome
- Ferromanganese
- Ferro Silicomanganese
- Ferrosilicon
- Others
Breakup by Application:
- Carbon and Low Alloy Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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