Ferroalloy market is set to record a remarkable value in coming years with the increasing demand of the material from the steel industry. As per estimation, global steel industry is expected to take a giant leap in terms of production volume from 1.5 billion tons to 2.5 billion tons by 2024, which will in a way be highly impactful on the overall ferroalloy industry share. Ferroalloys are extensively used in steel production and industrial development owing to its ability of enhancing the steel characteristics by introducing specific elements in proportional quantity. The major end-use industries of alloy steel include automotive, construction, shipbuilding, railways, springs, etc. Rapidly fueling construction spending especially across BRICS economies along with international sports events like FIFA, ICC World cup, Commonwealth games in these regions are further propelling the expansion of the market. Global Market Insights, Inc., projected that Ferroalloy market will exceed a revenue of USD 65 billion by the end of 2024, with an estimated CAGR of 6% over the coming seven years.
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Ferromanganese, ferrosilicon, and ferrochrome are the three basic products prevalent in the market. Ferromanganese is experiencing a strong market demand owing to its easy availability and comparatively lower cost. In 2015, Ferro manganese-based ferroalloy market held a revenue of USD 15 billion and is expected to grow lucratively at annual rate of 6% over the coming seven years. Ferrochrome is one of the most dominating product segments in the global market. It covered more than one-third of the market in 2015. With the escalating consumer demand for stainless steel for a variety of sectors, ferrochrome market is anticipated to grow significantly in the years ahead. Ferrosilicon is foreseen to exhibit moderate growth due to the growing health concerns related to the amorphous silica content of the alloy.
Stainless steel applications had experienced a domination over the overall ferroalloy market in 2015, by accounting for almost 75% of the total volume. It is anticipated that this application will continue its prominence in the years ahead, owing to its huge adoption in varied sectors including automobile, railways, underground piping systems as well as domestic utensils.
Asia Pacific is a major ground enhancing the ferroalloy market outlook. APAC ferroalloy industry in 2015, held a revenue of USD 25 billion and is forecast to grow significantly at a CAGR of 6% over 2016-2024. Presence of considerable number of small, medium, and large-scale steel companies along with vast iron ores is allowing the regional market to be a major player in the global landscape. China and India are expected to be the major revenue contributors owing to the increasing constructional activities and rapid industrialization in this region. Europe ferroalloy market driven by Germany, France, UK, will also register substantial growth at an annual rate of more than 5% over the coming seven years.
Ferroalloy Market to demonstrate massive growth potential with the expansion of automotive and construction industry
Prominent industry participants include Eurasian Natural Resources, ArcelorMittal, S.C. Feral, Tata Steel, Sinosteel Jilin, Jindal Group, China Minmetals, Ferro Alloys Corporation, Shanghai Shenjia, OM Holdings, Georgian American Alloys, Nikopol, MidUral Group, Sakura, LEMETCO GmbH, and Pertama Ferroalloys.
Browse key industry insights spread across 128 pages with 143 market data tables & 13 figures & charts from the report, “Ferroalloy Market Size By Product (Ferrochrome, Ferromanganese, Ferrosilicon), By Application (Carbon Steel, Alloy Steel, Stainless Steel), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
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