Wilmington, Delaware, Sept. 08, 2023 (GLOBE NEWSWIRE) — Global Ferroalloys Market is valued at US$ 48.1 billion in 2022 and is expected to grow at a significant CAGR of over 7.1% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Ferroalloys are a group of iron alloys that contain a high percentage of one or more other elements, typically including metals such as manganese (Mn), silicon (Si), chromium (Cr), and others. These alloys are used as additives in the production of steel and other iron-based alloys to impart specific properties or characteristics.
The steel sector consumes the most ferroalloys. Steel demand for construction, infrastructure development, and production of goods and equipment has increased as urbanization and industrialization continue to spread internationally. This necessitates the use of ferroalloys to improve the characteristics of steel.
- According to a deep-dive market assessment by RationalStat, the global Ferroalloys market has been analyzed on the basis of market segments, including on type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Ferroalloys market covers market sizes on the basis of market value (US$/EUR Million) and volume (Tons) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Ferroalloys market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Ferroalloys Market: Segmental and Market Share Analysis
- On the basis of type, in 2020, the ferromanganese segment had a market share of more than 17%. In terms of volume in the ferroalloy market. Ferromanganese is primarily used in the steel and foundry sectors.
- On the basis of application, in 2020, the stainless-steel category dominated the market, accounting for more than 32% of the total market share. Over the forecast period, the segment is expected to grow at a profitable CAGR.
|Base Year Market Size||US$ 48.1 billion|
|Market Size Forecast||US$ 83.2 billion|
|Key Market Drivers||
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global ferroalloys market include,
- In April 2021, Tata Steel Mining (TSML) has confirmed its plan to double its Ferrochrome capacity to 9 lakh tons per annum in India. TSML has already become the largest chrome ore mining company in India after the acquisition of Karmada, Saruabli, and Sukinda mines.
Some of the prominent players and suppliers operating and contributing significantly to the global ferroalloys market growth include Glencore, Samancore Chrome, Shanghai Shenjia Ferroalloys Co. Ltd, Ferro Alloys Corporation Limited., C. Feral S.R.L, Tata Steel Limited – Ferro Alloys & Minerals Division, Arcelor Mittal, China Minmetals, SAIL, and Jindal Group, among others.
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RationalStat has segmented the global ferroalloys market based on type, application and region
- Global Ferroalloys Market Value (US$ Million), Volume (Tons), and Market Share (2019-2030) Analysis by Type
- Ferro Silico Manganese
- Global Ferroalloys Market Value (US$ Million), Volume (Tons), and Market Share (2019-2030) Analysis by Application
- Carbon & Low Alloy steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Global Ferroalloys Market Value (US$ Million), Volume (Tons), and Market Share (2019-2030) Analysis by Region
- North America FerroalloysMarket
- Latin America FerroalloysMarket
- Rest of Latin America
- Western Europe FerroalloysMarket
- Rest of Western Europe
- Eastern Europe FerroalloysMarket
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific FerroalloysMarket
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa FerroalloysMarket
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
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Key Questions Answered in the Ferroalloys Report:
- What will be the market value of the global ferroalloys market by 2030?
- What is the market size of the global ferroalloys market?
- What are the market drivers of the global ferroalloys market?
- What are the key trends in the global ferroalloys market?
- Which is the leading region in the global ferroalloys market?
- What are the major companies operating in the global ferroalloys market?
- What are the market shares by key segments in the global ferroalloys market?
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