USD 132.19 billion
Report ID: SQSG15O2002 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 66 | Figures: 75
Global Ferroalloys Market size was valued at USD 132.19 billion in 2021 and is poised to grow from USD 139.5 billion in 2022 to USD 204.2 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Ferroalloys (and master alloys in general) were created to enhance the qualities of steels and alloys by adding certain alloying elements in the most practical, technically, and economically advantageous manner. In order to incorporate chemical ingredients into molten metal, ferroalloys, or alloys comprising iron and one or more alloying elements, are used. No grade of steel is made without ferroalloys.
The use of metallic addition agents to add an alloying element to molten steel or refine steel, in which ferroalloys play a significant part, is being considered by the industrial sector. Several international organizations provide poor nations money so they may use ferroalloys more frequently. Governments in several nations are focusing on the usage of ferroalloys as a result of the growth in environmental concerns. For example, a ferroalloy used in the foundry and steel mill industries was manufactured by Elkem Métal Canada Inc., which received a CAD 5 million funding announcement from the federal government. The Government of Quebec contributes an additional CAD 11.95 million to accomplish this. The money will go toward the production of biocarbon briquettes, a sustainable substitute for metallurgical coal that can lessen foundries' and steelworks' negative environmental effects. In order to potentially cut 100,000 tonnes of CO2 equivalent per year for Elkem Métal Canada, the company plans to replace the 43,000 tonnes of metallurgical coal used at its Chicoutimi facility in Quebec with 37,000 tonnes of bio-briquette (biocarbon).
Ferroalloys offer greater tensile strength and endurance. As a result, stakeholders in the automotive and transportation industries are more drawn to ferroalloy products. To resurrect market growth following the COVID-19 epidemic, businesses are developing balanced relationships with their suppliers and ecosystem partners.
US Ferroalloys Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 132.19 billion
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Global ferroalloys market is segmented based on the Product, End User, and region. Based on the product type the global ferroalloys market is segmented into ferrochrome, ferromanganese, ferro silicomanganese, and ferrosilicon. Based on application the global ferroalloys market is segmented into carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product Type
The ferromanganese sector held the largest share of more than 20.0 percent in the global ferroalloys market in 2021. The steelmaking and foundry industries are the main industries that use ferromanganese. Due to its employment as a desulphurizing agent in the production of steel and other materials, ferromanganese demand is primarily driven by its sulfide and deoxidant former characteristics. Iron sulfide, which may cause cracking, cannot develop when manganese and sulfur interact. Furthermore, it is the most popular ferroalloy and contains between 70 and 80 weight percent manganese and between 6 and 8 weight percent carbon. Most FeMn is marketed in its high carbon form, which ranges in carbon content from 2 to 7.5 percent. The manufacturing of flat carbon steel goods often uses it. The Mn recovery is impacted by factors including time, charge basicity, and temperature during the high carbon synthesis. The extent of the carbothermal reduction processes often rises with an increase in these parameters, which enhances the Mn recovery from charge.
From 2022 to 2028, the ferrosilicon market is anticipated to grow at a CAGR of 8.1% in terms of value. Metals are reduced from their oxides using this technique, such as when deoxidizing steel. Additionally, it offers resistance to corrosion and raises the standard and durability of items made of iron and steel. Stainless steel, alloy steel, carbon steel, electrical steel, and cast irons are all made from ferrosilicon.
Analysis by Application
With a market share of more than 34.0 percent in 2021, the stainless-steel sector led the industry. Over the projection period, the category is anticipated to see a profitable CAGR. International Stainless Steel Forum statistics issued on March 14 show that the global output of stainless steel increased 10.6% from the previous year to 56.3 million mt in 2021. In 2021, China produced 30.6 million mt, or 54.4 percent of the world's output, up 1.6 percent a year. Double-digit year-over-year growth was also observed in the US, up 10.4% to 2.4 million mt, and Europe, up 13.6% to 7.2 million mt. A 42 percent boost in output was also seen in the "others" category, which includes Brazil, Russia, South Africa, South Korea, and Indonesia.
Over the course of the projection, cast iron is expected to continue to grow at the quickest rate in the industry. A minor amount of manganese, chromium, nickel, tungsten, and molybdenum are included in cast iron, a ferrous alloy. The category is expected to increase as a result of benefits such as the cheap cost of component manufacture, superior casting characteristics, better compression strength, durability, and resistance to deformation.
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In terms of both volume and revenue, the Asia Pacific region led the market in 2021, accounting for over 61 percent of worldwide revenue. As a major producer and consumer of ferroalloys, China is expected to continue to dominate the market in the years to come. India, Indonesia, Malaysia, and Vietnam are the newly developing regional markets for ferroalloys in the Asia Pacific area. In the years to come, significant development is anticipated in China and the aforementioned emerging markets. China imported 43.44 mnt of ferrosilicon in calendar year 21, an increase of 89 percent year over year from 22.96 mnt in calendar year 20. North Korea was the leading exporter with 37.09 mnt (up 141%), followed by South Africa with 0.31 mnt and Norway with 4.49 mint (down 13% each) (21 percent). Lower domestic output of ferrosilicon and increased imports of ferrosilicon last year were mostly caused by the rigorous limitations imposed by China's dual control policy. Power consumption restrictions increased energy prices, and production restrictions for crude steel all continued to have an influence on domestic output. According to figures compiled by SteelMint, China's total imports of chrome ore were at 14.95 mnt in January through December of this year, a modest 4 percent increase from 1.32 mnt the year before.
Because so much steel is produced in the U.S. compared to Canada and Mexico, the market for ferroalloys in this country is substantially greater. A crucial element driving the market expansion for ferroalloys is the rising domestic steel manufacture in the area. The demand for ferroalloys in the region fell precipitously in 2020 as steel output fell by more than 17 percent. Leading market players like Volkswagen, Ford, and BMW announced the temporary closure of their production facilities amid the spread of COVID-19 in 2020; however, production resumed in the second half of that year. As a result, the well-established automotive sector in Germany has seen sluggish growth. In 2020, Volkswagen will temporarily close its factories in Slovakia, Germany, Italy, Spain, and Portugal.
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The global ferroalloys market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Ferroalloys Market
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According to our global ferroalloys market analysis, in terms of product type, the ferromanganese segment held the largest share in the market. The steelmaking and foundry industries are the main industries that use ferromanganese. Due to its employment as a desulphurizing agent in the production of steel and other materials, ferromanganese demand is primarily driven by its sulfide and deoxidant former characteristics. Based on application, the largest share in the market was held by the stainless-steel segment due to the rise in production of stainless steel worldwide. And by region, the Asia Pacific region dominated the market due to the presence of large ferroalloy producers in the region like China, North Korea, and India, etc.
|Market size value in 2021||USD 132.19 billion|
|Market size value in 2030||USD 139.5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Ferroalloys Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ferroalloys Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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