Global Ferrosilicon Alloy Materials Market

Global Ferrosilicon Alloy Materials Market Size, Share, Growth Analysis, By Application(Deoxidize, Inoculant), By End-use(Carbon & other alloy steel, Stainless Steel) - Industry Forecast 2024-2031

Report ID: SQSG15J2005 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 65 | Figures: 70

Global Ferrosilicon Alloy Materials Market News

  • In July 2022, Ferroglobe PLC, has announced a new phase in its silicon metal powder project for batteries and other advanced technologies, achieving a high purity production of 99.99% in micrometer and sub-micrometer sizes.
  • In June 2022, Elkem ASA announced that it acquires KeyVest Belgium S.A., a producer of metal powders for the refractory industry and other segments, including advanced ceramics. This will expand Elkem's product line and provide a foundation for future expansion.
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Global Ferrosilicon Alloy Materials Market size was valued at USD  5.51 billion in 2019 and is poised to grow from USD 6.09 billion in 2023 to USD 13.5 billion by 2031, at a CAGR of 10.47% during the forecast period (2024-2031).

The ferrosilicon alloy materials market is relatively fragmented, with a high level of competition. Few large players, like Ferroglobe Plc, Chemalloy Company LLC, and Finnfjord AS, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Ferroglobe Plc (UK)', 'Chemalloy Company LLC (US)', 'Crown Ferro Alloys Pvt. Ltd (India)', 'DMS Powder (South Africa)', 'Finnfjord AS (Norway)', 'FW Winter Inc (US)', 'Reade Advanced Materials (US)', 'Stanford Advanced Materials (US)', 'Elkem ASA (Norway)', 'Eurasian Resources Group (Luxembourg)', 'Ferro Alloys Corporation Ltd. (India)', 'Indian Metals & Ferro Alloys Ltd. (India)', 'OM Holdings Ltd. (Singapore).', 'Sinogu Ferroalloys (China)', 'VBC Ferro Alloys Ltd. (India)'

Increasing investment in the field of infrastructure and house development projects around the world is driving the demand for market growth. This is pushing investors to invest in this sector to expand production capacity to meet the increasing demand which is driving the global market growth during the analysis period.

Ferrosilicon is widely used in the casting industries for inoculation, graphitization, and modification. Consequently, the rising demand for steel and iron from various end-use industries is the primary factor driving market expansion. In addition, the increasing use of semiconductors in electronic devices increases the demand for ferrosilicon in the semiconductor industry. In addition, the growing demand for electric steel to produce motors, transformers, and other power generation devices is accelerating the product adoption rate. In addition, ferrosilicon is widely used in the production of electric steel to increase the material's electrical resistivity. Moreover, government agencies in several nations are taking favorable initiatives for infrastructure development and investing heavily in the steel industry, which is driving market expansion. Other factors, such as rapid urbanization and industrialization, soaring sales of luxury vehicles, rising construction activity, and rising demand for consumer electronics, also contribute to the market's optimistic outlook.

Asia-Pacific dominated the ferrosilicon market in 2021, accounting for over 66.0% of total revenue. The high potential for infrastructure development and ongoing investment in the automobile industry is driving steel production, thereby boosting the ferrosilicon alloy materials market's growth. China, India, and Japan were the major steel producers in the world in 2021, as per the World Steel Association. The region is witnessing huge investments in the expansion of steel capacity in various countries, which is anticipated to contribute to the region's ferrosilicon alloy materials market growth over the forecast period.

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