Global Ferrochromium Alloys Market: Introduction
Ferrochrome (FeCr) is an alloy of chromium and iron containing 50% to 70% chromium by weight.
It is produced by electric arc carbothermic reduction of chromite. Around 900 kilo tons of ferrochrome was produced across the globe in 2018. Most of the ferrochrome is produced in South Africa, Kazakhstan, and India. These countries have large domestic chromite resources.
Global Ferrochromium Alloys Market: Trends
Ferrochrome and chrome industries have been suffering from continued low demand since last few years. This has created price disadvantage for most suppliers. The recent regulation measures in aluminum and steel industries have created additional uncertainty in development of various end-use markets for ferrochrome alloys. In South Africa, the traditional stronghold with 80% of global chrome ore reserves, manufacturers of ferroalloys are facing a few challenges due to the power shortage. Ecological trends and antidumping regulations enacted in 2018 have negatively affected the ferroalloys market in China. These factors are expected to restrain the global ferrochrome alloys market during the forecast period.
Global Ferrochromium Alloys Market: Segmentation
Based on grade, the global ferrochromium alloys market can be divided into high carbon, medium carbon, low carbon, and micro-carbon. Based on end-use industry, the market can be divided into metallurgical, refractories & foundry, and chemical. The metallurgical segment can be further segmented to stainless steel production, carbon steel production, and production of non-ferrous alloys. High carbon ferrochrome, commonly designated as charge chrome, remains the most widely used chromium addition in the production of stainless and alloy steels. The steel industry has developed a large number of specialty compositions to meet the needs of various applications. For instance, low carbon ferrochrome can be supplied in a range of carbon grades from 0.010% minimum to 0.25% maximum.
Global Ferrochromium Alloys Market: Regional Outlook
Based on region, the market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for dominant share of the global ferrochromium alloys market in 2018 Europe and North America cumulatively accounted for more than 30% share of the global market in 2017. In terms of value and volume, the market in Asia Pacific is estimated to expand at a rapid pace during forecast period owing to the rise in production of stainless steels in major economies such as China, Japan, and India. China became the largest producer of ferrochrome in the world in 2018, surpassing South Africa, despite not having its own chrome ore reserves. China has been driving the production of stainless steel since the last decade. The country accounted for more than 50% share of global ferrochromium alloys market in 2018. China has tapped into the easily accessible chrome ore imports to increase the production of ferrochrome in order to meet the domestic demand for stainless steel, which is mainly driven by the construction industry. Rise in production of ferrochrome has been achieved by building new furnaces and switching furnaces previously used for other alloys. High grade (70 wt% Cr) high carbon ferrochrome is majorly produced in Albania, Kazakhstan, Russia, Sweden, and Turkey. The production volume of these countries stood at more than 2000 kilo tons in 2018. Low carbon ferrochrome is primarily produced in China, India, Iran, and Zimbabwe. These countries constitute 50% share of the global ferrochromium alloys market. Charge chrome or high carbon grade ferrochromium alloys are majorly produced in Brazil, Finland, and South Africa. Glencore-Merafe and Samancor were the largest ferrochrome producers in South Africa in 2018.
Global Ferrochromium Alloys Market: Key Players
Key companies operating in the global ferrochromium alloys market include Glencore International AG, Balasore Alloys Limited, Mintal Group, Ferro Alloys Corporation Limited (FACOR Group), and ArcelorMittal.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.