Ferroalloys Industry Overview
The global ferroalloys market size was valued at USD 42.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. Incessant production of steel around the world is projected to benefit market growth. Ferroalloys are a group of materials consisting of iron and different alloying elements which are normally used for the production of steel. Ferroalloys are used in steelmaking to improve the specific properties of steel products. The properties such as fatigue strength, tensile strength, corrosion resistance, and ductility are improved through the addition of ferroalloys.
The U.S. market for ferroalloys is supported by the expansion of the steel sector in the country. For instance, in September 2021, United States Steel Corporation has announced an investment of USD 3.0 billion for the construction of a mini-mill for flat steel production. The mill is likely to have 2 modern electric arc furnaces and is likely to produce sustainable steel solutions such as Advanced High Strength Steel (AHSS).
Gather more insights about the market drivers, restraints, and growth of the Global Ferroalloys market
Similarly, Nucor Steel has started constructing a steel plant in Brandenburg, Kentucky. This boom in the U.S. steel industry is mainly benefited by steel tariffs imposed by Trump Administration. In 2018, the Trump government imposed steel tariffs under section 232 of U.S. trade law. The government is focused to improve steel supply for industries such as infrastructure, armaments, and advanced military equipment.
In the recent past, steel companies have started investing in the country to explore the opportunities in the country. Companies like Ak Steel, CMC, Steel Dynamics, and Cleveland-Cliffs have invested huge amounts in 16 major projects across the nation. Most of the projects will use the electric arc furnace method to produce the steel. Thus, the expansion of the steel industry in the U.S. is likely to attract significant steel demand over the coming years.
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Ferroalloys Market Segmentation
Grand View Research has segmented the global ferroalloys market on the basis of product, application, and region:
Ferroalloys Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Ferrochrome
- Ferromanganese
- Ferro Silico Manganese
- Ferrosilicon
Ferroalloys Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Carbon & Low Alloy steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
Ferroalloys Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights:
April 2021: Tata Steel Mining (TSML) has confirmed its plans 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.
Key Companies profiled:
Some prominent players in the global Ferroalloys market include
- Jindal Group
- Glencore
- Samancore Chrome
- Shanghai Shenjia Ferroalloys Co. Ltd
- Ferro Alloys Corporation Limited.
- C. Feral S.R.L
- China Minmetals
- Tata Steel Limited
- Arcelor Mittal
- SAIL
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