Global Ferroalloys Market

Ferroalloys Market Size, Share, Growth Analysis, By Product Type(Ferrochrome, Ferromanganese, Ferro Silicomanganese, Ferrosilicon), By Application(Carbon & Low Alloy Steel, Stainless Steel, Alloy Steel, Cast Iron), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15O2020 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 66 | Figures: 75

Ferroalloys Market Insights

Ferroalloys Market size was valued at USD 132.19 billion in 2019 and is poised to grow from USD 139.5 billion in 2023 to USD 204.2 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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.

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Ferroalloys Market size was valued at USD 132.19 billion in 2019 and is poised to grow from USD 139.5 billion in 2023 to USD 204.2 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The 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. 'Tata Steel', 'SAIL', 'Glencore', 'Vale', 'BHP Billiton', 'Rio Tinto', 'South32', 'Anglo American', 'ArcelorMittal', 'POSCO', 'Nippon Steel & Sumitomo Metal Corporation', 'ERAMET', 'China Minmetals Corporation', 'Jindal Steel & Power Ltd.', 'Assmang Limited', 'FerroAlloy Corporation Limited', 'Georgian American Alloys, Inc.', 'Elkem ASA', 'Sakura Ferroalloys SDN BHD', 'Nikopol Ferroalloy Plant'

Due to an increase in steel output, the ferroalloys market is predicted to expand. Ferrochrome, ferrosilicon, ferromanganese, and ferromolybdenum are only a few examples of the ferroalloys. Different ferroalloy varieties are used for various steel-making processes. For instance, ferrovanadium is used in the production of steel to provide the material resistance to alkalis and acids like sulfuric and hydrochloric acid. It gives casting and welding electrodes corrosion resistance and increases their tensile strength.

The greatest end-use market for steel goods is construction, where rebars, sections, channels, and angles are often employed. The construction industry is anticipated to expand considerably between 2022 and 2030. The need for ferroalloys, one of the main feedstocks used to produce steel, is anticipated to increase as a result, which will help the demand for steel products.

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.

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Global Ferroalloys Market

Product ID: SQMIG15O2020