The global ferroalloys market size is poised to expand at a substantial CAGR over the study period.
Ferroalloys consist of iron and alloying elements such as manganese, chromium, and silicon, which contribute to their valuable traits, such as corrosion resistance and high tensile strength.
The surging demand for stainless steel across automotive, construction, and architectural sectors acts as a primary catalyst for the ferroalloys market. Ferroalloys play a pivotal role in stainless steel manufacturing, making them indispensable in meeting the growing needs of these industries.
Fortune Business Insights™ provides this information in its research report, titled “Ferroalloys Market, 2024-2032”.
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COVID-19 Impact:
Decreased Steel Industry Demand during the Pandemic Affected Industry Growth
The COVID-19 outbreak severely disrupted the mining industry’s supply chain due to import-export restrictions and logistical challenges. These disruptions resulted in delays and increased costs, hindering market growth. The decline in the steel industry’s demand, particularly in India, a significant exporter of ferroalloys, adversely affected the market. The reduced demand for ferroalloys due to the pandemic-induced economic uncertainties posed a significant hindrance to market expansion.
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Segmentation:
On the basis of type, the market is divided into ferrosilicon, ferromanganese, ferrochromium, and others.
The principal ferroalloys consist of chromium, manganese, and silicon. Manganese reduces the harmful effects of sulfur during steel and cast iron production whereas chromium enables corrosion resistance. Ferrochromium contains 12% or more chromium and is widely used in producing stainless steel. Therefore, using these alloys in stainless steel production is touted to drive the growth of the market.
Based on geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides an in-depth analysis of the key trends boosting the global business scenario. It further delves into the major factors driving the market growth over the coming years. Additional components include an account of the vital strategies adopted by key players for strengthening their industry positions.
Drivers and Restraints:
Expanding Construction Industry to Boost Industry Growth
The construction sector’s significant role, accounting for approximately 52% of steel usage, plays a pivotal role in driving the demand for stainless steel. This heightened demand for stainless steel, in turn, spurs the requirement for ferroalloys, particularly in applications such as canopies, handrails, and atriums. This factor is likely to spur ferroalloys market growth.
Regional Insights:
Asia Pacific Captured the Key Share Due to Growing Population And Urbanization
Asia Pacific market held the largest ethylene carbonate market share. The region’s dominance in the ferroalloys market is supported by its rapidly increasing population and urbanization. Moreover, countries such as China and India, major players in the Asian market, are significant producers of manganese alloys. These alloying materials are vital in various industries, including construction, contributing to market growth in the region.
North America’s favorable growth in the ferroalloys market is driven by the region’s greater spending capacity and high disposable income among consumers.
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Competitive Landscape:
Prominent Firms Ink New Strategies to Expand their Product Reach
Key industry participants emphasize on adopting various strategic initiatives for expanding the reach of their products and increasing their geographical footprints. These steps comprise mergers, acquisitions, the launch of new products, and partnership deals. Several companies are depicting a greater interest in research activities for consolidating their positions.
Key Industry Development:
May 2021 –Maithan Alloys Limited successfully acquired Implex Metals & Ferro Alloys. This strategic acquisition was aimed at substantially increasing the company’s production capacity by an additional 70,335 tons per annum of ferromanganese.
July 2021 – Salasar Techno Engineering Limited unveiled its state-of-the-art manufacturing plant in Hapur, India. This modern facility boasts a total annual production capacity of 15,000 tons.
List of Key Players Mentioned in the Report:
- JAYESH
- Tata Steel Ltd
- Ferro Alloys Corporation Limited
- Gulf Ferro Alloys Company
- Nikopol Ferroalloy Plant
- Sakura Ferroalloys SDN BHD
- OM Holdings Limited
- Brahm Group
- Mortex Group
- SAIL
- Maithan Alloys Limited
- Salasar Techno Engineering Limited