Booming Steel Production in India and China is helping to Push Growth of Global Noble Ferroalloys Market
In its recent research about the global noble ferroalloys market, the research analysts expect that the market will exhibit a strong CAGR of around 8% for the estimation timeframe of 2019 to 2027. With this high rate of growth, the global noble ferroalloys market is expected to touch a valuation of US$68 bn by the end of 2027.
Increasing Production of Steel across Globe is Fueling Market Development
The growth of the global noble ferroalloys market is primarily driven by the increasing focus as well as demand for these noble ferroalloys across the sector of iron and steel. Any movements in the stability and prices of iron and steel has a direct impact on the development of the noble ferroalloys market. These noble ferroalloys are primarily used in the production of superalloys, stainless steel, and steel. The steel manufacturing industry consumes around 80% of the overall noble ferroalloys across the globe.
Asia Pacific to Remain Largest Regional Segment Contributing Market Growth
The Asia Pacific segment of the global noble ferroalloys market has been a dominant one in recent years and is also expected to lead throughout the period of forecast. Emerging nations such as India and China are expected to help in the development of the regional market. One of the key contributors for the regional market has been the growing influence of China in the Asia Pacific market. China alone holds around 51% share of the global steel production. Naturally, it is the reason why the noble ferroalloys market is flourishing the fastest and most in China.
However, China recently has faced a tough competition from the US region. With these two countries engaging in a trade war, the development of the steel market was slowed down a bit. This did have a negative impact on the development of noble ferroalloys market as well. However, with the growing political talks to lift of trade sanctions coupled with ever increasing demand for steel across the globe is helping to bring the projected growth of the noble ferroalloys market back on track. India on the other hand, has now overtaken Japan in terms of production of steel and is now second in the world. With such high production of steel, naturally, the noble ferroalloys market in the country is also taking a definitive leap towards further growth.
Some of the prominent brands in the global noble ferroalloys market include names such as AMG Advanced Metallurgical Group NV, AMG Vanadium, Essel Mining & Industries Limited, DS Alloyd Pvt. Ltd., Shanghai Shenjia Ferroalloys Co. Ltd., and LekonGermess Ltd. among others.
Market Segmentation is as follows:
- Others (Ferrocobalt, Ferrozirconium, etc.)
- High Grade Steel
- Welding Electrodes
- Others (Tool Steel Structural Steels, Wire Production, etc.)
- 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
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