A new Transparency Market Research report states that the global ferroalloy market was valued at US$37.2 bn in 2013 and is expected to reach US$53.5 bn by 2020, by expanding at a 5.40% CAGR between 2014 and 2020. The title of the report is “Global Ferroalloy Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
Browse the ful Ferroalloy (Ferrochrome, Ferromanganese, Ferrosilicon and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at https://www.transparencymarketresearch.com/ferroalloy-market.html
Ferroalloy refers to a number of alloys of iron having a high percentage of one or more elements including aluminum, silicon, and manganese. Ferroalloy is made by using the carbothermic reaction process and is primarily utilized in the production of other alloys and steel including carbon steel, alloy steel, and stainless steel. The stainless steel industry is the top application segment of the market for ferroalloys. Ferroalloys are majorly of two main types: Bulk ferroalloys and other ferroalloys. Bulk ferroalloys include ferrochrome, ferrosilicon, and ferromanganese. On the other hand, other ferroalloys include ferrouranium, ferrotitanium, ferrocerium, ferrovanadium, and ferromolybdenum.
As per the report, the expansion in the global steel industry is a key growth driver for the market for ferroalloy. In addition, the rising construction industry within Brazil, Russia, India, China, and South Africa (BRICS) will also stimulate the development of the market. Furthermore, the advancement of high strength and lightweight steel grades will bring in new growth opportunities in the ferroalloy market. However, the strict environmental regulations enforced by the governments of various nations and the soaring operational costs associated with ferroalloys may impede the development of the market.
On the basis of product, the report segments the ferroalloy market into ferrochrome, ferrosilicon, ferromanganese, and others including ferronickel, ferrotungsten, and ferroboron. Amongst these, in 2013, ferromanganese led the market with a share of more than 37%. This is owing to the fact that ferromanganese is majorly utilized in foundry activities and steelmaking and is amongst the cheapest alloys utilized globally. By volume, the market for ferromanganese is predicted to expand at a 4.50% CAGR from 2014 to 2020. On the other hand, the market for ferrochrome is also rising exponentially owing to its growing utilization in stainless steel manufacturing. In addition, the increasing demand for anticorrosive steel from the automotive industry is also augmenting the growth of the ferrochrome market.
Geographically, the market is segmented into China, Europe, North America, Rest of Asia Pacific, and Rest of the World (RoW). Amongst these, China led the market in 2013 owing to the presence of a number of steel manufacturers within this country. By volume, China constituted a share of 46.6% in the market for ferroalloy in the same year. Europe trailed China and held the second-largest share in the market owing to the development of the automotive industry in this region. Rest of Asia Pacific is predicted to be one of the most promising ferroalloy markets due to the expansion of the steel industry here, particularly within Japan and India. On the other hand, Rest of the World and North America are poised to register a slow growth rate on the basis of demand for ferroalloys during the forecast horizon.
Ferro Alloys Corporation Limited (FACOR), Georgian American Alloys, Nikopol Ferroalloy Plant, S.C. Feral S.R.L., China Minmetals Corporation, Sinosteel Jilin Ferroalloy Corporation Limited, and OM Holdings Ltd., among others, are the chief players dominant in the market, as per this study.
The global ferroalloy market is segmented as given below:
- Ferroalloy Market - Product Segment Analysis
- Others (Ferrotungsten, ferronickel, ferroboron, etc)
- Ferroalloy Market - Regional Analysis
- North America
- Rest of Asia Pacific
- Rest of the World
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