Continuous Advances in Metal Forming Technologies support Strides of Silicon Alloys Market
The silicon alloys market has evolved rapidly on the back of the fact that silicon imparts substantial tribological properties to its alloys, particularly when mixed with iron and aluminum. Extensive utilization of ferrosilicon alloys in various forms such as steel alloys has helped market players reap substantial, consistent revenue gains. Continuous advances made in refining silicon alloys have led to plethora of materials with desired structural properties, thereby expanding the scope of competition in the silicon alloys market. Growing adoption of advanced metal forming technologies will likely keep the landscape increasingly competitive. Some of the well-entrenched players in the silicon alloys market are Georgian American Alloys, Jindal Stainless Ltd., SKP Group, Alkem ASA, Tata Steel Ltd., and OM Holdings Ltd.
Growing utilization of silicon alloys in the automotive industry has helped the market expand over the past few years. Proliferating demands for iron and steel in numerous end-use industries have kept the market increasingly competitive. The global silicon alloys market stood at a whopping US$8.40 bn in 2018 and the revenues are expected to rise at the CAGR of 5% during 2019 – 2027.
Emerging Economies of World Seeing Extensive Utilization in Making Automotive
Strides made by production of cast iron and steel in industrialized nations are key factors propelling the expansion of the silicon alloys market. Sheer pace of industrialization has spurred the demands. Numerous rapidly emerging regions, notably ASEAN, Brazil, and Brazil have seen surge in infrastructural development propelling the uptake of silicon alloys. The markets in these regions have also benefitted from the growing production of industrial machinery.
Over the past few years, new methods have come to the fore for metal matrix composite formation, thereby opening new avenues in the silicon alloys market. Prominently, the result of several of these advances have been witnessed in the making of automotive components. Hence regions such as Asia Pacific has been showing a substantial potential in reinforcing prospects of the silicon alloys market in the next few years. The region in the recent years has seen vast strides made by automotive manufacturing. The silicon alloys market has been witnessing considerable opportunities in the making of high impact strength materials for automotive industry.
Demands for Corrosion Resistant Steel-Based Materials Add Momentum to Growth
Growing usage of silicon alloys as corrosion resistant steel-based materials for infrastructure building is propelling advances in the market. Advances in manufacturing techniques have enabled the production of corrosion-resistant materials with high durability and strength. Among the various key applications, carbon steel and other alloy segment is expected to rise at a promising pace. The application segment accounted for a share of more than 45% of the global steel alloys market in 2018. The extensive demands in oil and gas and chemicals industries will the keep the demand lucrative.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Silicon Alloys Market (Type – Ferrosilicon (Deoxidizers, Inoculants, and Nodulizers); Application – Carbon Steel and Other Alloy Steel, Stainless Steel, Electrical Steel, and Cast Iron- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027”
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