Ferroalloys Industry Data Book - Ferro Manganese, Ferrochrome, Silico Manganese and Ferrosilicon Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Ferroalloys Industry was valued at USD 42.7 billion in 2020 and is anticipated to increase at a significant CAGR of 7.1% from 2021 to 2028.
Grand View Research’s ferroalloys industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.
Silico Manganese Market Insights
The global silico manganese market size was valued at USD 26.74 billion in 2021 and is estimated to expand at a compounded annual growth rate (CAGR) of 6.5% in terms of revenue from 2022 to 2033.Rising demand for steel products in the construction & infrastructure industry is anticipated to drive the market growth over the forecast period. Silico manganese is used in steel manufacturing to improve its properties such as strength, ductility, and corrosion resistance. It is also used in refining, deoxidizing, modification, and control of nonmetallic inclusions. Thus, rising production and consumption of steel are likely to have a positive impact on market growth. Over the course of the projected period, it is anticipated that rising investments in steel production facilities would increase demand for silico manganese in the U.S. For instance, by the end of 2023, a sum of around USD 16.00 billion is anticipated to be invested in the U.S. steel industry for modernizing, decarbonizing, and electrifying manufacturing facilities.
In addition, rising investments in residential and non-residential construction projects are anticipated to increase steel demand in the U.S., which is therefore anticipated to positively impact the silico manganese industry across the forecast period. For instance, in April 2022, Google announced its plan to invest USD 9.5 billion in the construction of its data centers and offices across the U.S. The company is investing in Virginia, Oklahoma, Tennessee, Boulder, Pittsburgh, Cambridge, and Austin.
It has been observed that investments in the aluminum industry are growing. For instance, in February 2022, Volvo Cars announced about an investment of USD 1.1 billion in aluminum mega castings in its Torslanda production plant in Sweden, to make the production process less complex and reduce the overall environmental footprint. Consequently, this steady preference change from steel to aluminum has negatively impacted the profit margins of steel foundries serving the automotive industry.
Order your copy of the Free Sample of “Ferroalloys Industry Data Book - Ferro Manganese, Ferrochrome, Silico Manganese and Ferrosilicon Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Ferrosilicon Market Insights
The global ferrosilicon market size was valued at USD 11.25 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. The growth is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant.
The growing investments in the infrastructure have increased competition in the industry, compelling market players to indulge in mergers & acquisitions and capacity expansions. For instance, in December 2020, Cleveland-Cliffs Inc. acquired ArcelorMittal USA and its subsidiaries. The acquired assets will be combined with existing facilities, transforming the company into a vertically integrated producer of iron and steel.
Furthermore, growth in the electric vehicles (EVs) industry is benefitting market growth. For instance, in November 2021, POSCO announced to invest KRW 1 trillion (~USD 831.4 million) in building a non-oriented electrical steel plant with an annual production capacity of 300 kilotons in Gwangyang. The plant will cater to the drive motors of EVs.
Go through the table of content of Ferroalloys Industry Data Book to get a better understanding of the Coverage & Scope of the study
Ferroalloys Industry Data Book Competitive Landscape
The industry is expected to witness additional investments from established major companies in the next years owing to the competitive market outlook.
Key players operating in the Ferroalloys Industry are:
- Eurasian Resource Group
- Ferroalloys Corporation Limited
- Ferroglobe
- Finnfjord AS
- Glencore
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