Global Ferrosilicon Market: Introduction
- Ferrosilicon is an alloy of iron, silicon, coal, and coke. Ferrosilicon typically has silicon content ranging between 15 wt% and 90 wt%.
- Ferrosilicon is primarily used for steel and cast iron applications, as it offers superior properties such as high strength, hardness, and resistance to corrosion and high temperatures. Around 90% of ferrosilicon is consumed in the production of iron and steel.
- Raw materials used for the production of ferrosilicon include charcoal, quartz, and mill scale. Ferrosilicon is produced by reducing quartzite with coke, charcoal, etc. A very high consumption power of 9,000 KWh – 10,000 KWh is required to produce one ton of ferrosilicon.
- Ferrosilicon is used for the inoculation of iron to accelerate graphitization in the manufacture of cast iron. Ferrosilicon can be employed in electrode coatings that are used in arc welding. Ferrosilicon is used for the production of ductile iron also.
Is something restraining your company’s growth in the Ferrosilicon Market? Ask for the report brochure here
Rise in Demand for Production of Steel and Metal Alloys to Drive Market
- Growing adoption of ferrosilicon in the manufacture of steel and metal alloys is likely to drive the global ferrosilicon market during the forecast period
- Ferrosilicon provides increased resistance to corrosion and improves hardness and tensile strength of steel. Demand for steel is high in industries such as automotive, construction, and manufacturing.
- Rising investments in the steel sector is one of the major factors driving the global ferrosilicon market. SAIL (Steel Authority of India Limited) is planning to increase its production capacity from 13 MTPA to 50 MTPA by 2025.
- Similarly, strategic alliances among key manufacturers and the entry of international companies into steel manufacture are anticipated to fuel the global ferrosilicon market during the forecast period
- Rising demand for renewable energy is another major factor driving the global ferrosilicon market. Steel plays a remarkable role in developing infrastructure for generation of electricity from renewable energy, such as solar, tidal, and wind energy.
Availability of Substitute Ferroalloys to Hamper Market
- Alternative products, such as ferroaluminum, ferrochromium, and ferro magnesium, are preferred over ferro silicone in the steel industry, owing to their easy availability. This factor is likely to hamper the global ferrosilicon market during the forecast period.
- Continuous exposure to ferrosilicon has reportedly caused cancer among workers carrying out mining activities. This is another factor restraining the global ferrosilicon market.
Asia Pacific to Lead Global Ferrosilicon Market
- In terms of region, the global ferrosilicon market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounts for a significant share of the global ferrosilicon market. Presence of a highly attractive building & construction industry, advancements made in infrastructure development, and rising investments in the steel industry are anticipated to augment the demand for ferrosilicon in Asia Pacific during the forecast period.
- The highly attractive steel industry in China and India is anticipated to offer lucrative opportunities to the ferrosilicon market in Asia Pacific in the next few years. In terms of production, China dominates the global ferrosilicon market. In 2017, in terms of production, it accounted for 66% share of the global ferrosilicon market.
- Presence of a highly attractive electronics & semiconductor industry and increasing demand from South Korea and ASEAN are likely to fuel the demand for ferrosilicon in Asia Pacific during the forecast period
To Get a Bird’s Eye View of Ferrosilicon Market Forecast, Ask for a Custom Report
Key Players Operating in Global Ferrosilicon Market
The global ferrosilicon market is moderately fragmented, with top manufacturers accounting for a major market share. Prominent players operating in the global market are entering into partnerships for the development of highly advanced ferrosilicon.
Key players operating in the global ferrosilicon market are:
- Dow Corning
- Mitsubishi Polycrystalline Silicon
- Hemlock Semiconductor Operations LLC
- Advanced Metallurgical Group
- Ferro Alloys Corporation Limited,
- China National Bluestar (Group) Co, Ltd.
- OM Holdings Ltd.
Global Ferrosilicon Market: Research Scope
Global Ferrosilicon Market, by Application
- Steel & Metallurgy
- Ferrous Foundry
- Others (Heavy Media Separation, Atomization)
Global Ferrosilicon Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.