Ferroalloys Market: Cast Iron Is Projected To Remain The Fastest-Growing Segment Over The Forecast Period
Ferroalloys Industry Overview
The global ferroalloys market size is expected to reach USD 73.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.1% from 2021 to 2028. Products such as ferrochrome are projected to attract significant demand on the account of rising stainless steel usage in the building and construction sector.
Stainless steel facilitates strength and support to the building structure owing to its high durability. Adequate support structures such as lintels, wind posts, wall starters, and masonry are manufactured from stainless steel during the construction of a building. Primary stainless steel products used in the building and construction industry are plates, sheets and strips, and wires. In addition to its structural application, stainless steel imparts an aesthetic feel to the building to create a pleasing visual appearance.
The U.S. construction industry is projected to ascend at a CAGR of 5.0% by 2030. A significant upgrade in infrastructure is anticipated to emerge as a key factor contributing to the growth of the U.S construction output. European countries are also registering progress in the construction industry. The U.K. is anticipated to emerge as the largest construction market in Europe and is expected to overtake Germany by 2030. Several mega projects undertaken by the U.K. government are anticipated to fuel the construction industry in the country.
A decline in ferroalloy production in some regions such as North America is projected to create a critical impact on the expansion of the market. Factors such as higher environmental and labor costs, the shift of production plants in other countries, low-priced imports, and power supply costs have hampered North American ferroalloy production in the recent past.
Investments in ferroalloy production plants are projected to benefit market growth. For instance, in September 2020, Indian company MOIL announced an investment of USD 57.0 million for the construction of a ferroalloy production plant at its sites. The project is likely to construct in Balaghat, Madhya Pradesh, India with an estimated output of 50,000 metric Kilotons per year.
Ferroalloys Market Segmentation
Grand View Research has segmented the global ferroalloys market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Ferrochrome, Ferromanganese, Ferro Silico Manganese, and Ferrosilicon.
- Silicomanganese is a ferroalloy containing 65 to 68% of manganese, 1.5 to 2% of carbon, and 16 to 21% of silicon and is manufactured using smelting of slag from high carbon ferromanganese. It also has a smaller quantity of elements such as sulfur, phosphorous, and carbon. Silicomanganese is used to add both manganese and silicon as ladle addition during steelmaking owing to its lower carbon content.
- The ferrosiliconsegment is projected to witness a CAGR of 7.7% from 2021 to 2028 in terms of revenue. It is used to reduce the metals from their oxides such as the deoxidization of steel. It also provides corrosion resistance, improves the quality and strength of iron and steel products.
Based on the Application Insights, the market is segmented into Carbon & Low Alloy steel, Stainless Steel, Alloy Steel, Cast Iron, and Others.
- The stainless steel segment dominated the market and accounted for the largest revenue share of over 32.0% in 2020. The segment is projected to witness a lucrative CAGR over the forecast period. As per The International Stainless Steel Forum (ISSF), China was the largest stainless steel producing country with a share of around 59% in 2020.
- Cast iron is projected to remain the fastest-growing segment in the market over the forecast period. Cast iron is a ferrous alloy with a small percentage of manganese, chromium, nickel, tungsten, and molybdenum among others. Advantages such as the low cost involved in the production of parts, good casting properties, higher compression strength, durability, and resistance to deformation are projected to contribute to the growth of the segment.
Ferroalloys Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is competitive in nature and is likely to observe new investments from existing large players over the coming years. For instance, Zimasco, a subsidiary of Sinosteel Corporation has announced an investment of USD 35.0 million for ferrochrome production capacity addition. A new project is likely to start at the Kwekwe ferrochrome smelting complex with an additional capacity of 72 kilotons per year. Rising production capacities to meet the steel production are projected to increase the competition in the market. In April 2021, Tata Steel Mining (TSML) has confirmed its plans to double its ferrochrome capacity to 9 lakh tons per annum in India. TSML has already become the largest chrome ore mining company in India after the acquisition of Karmada, Saruabli, and Sukinda mines. Some of the prominent players in the ferroalloys market include:
- Glencore
- Samancore Chrome
- Shanghai Shenjia Ferroalloys Co. Ltd
- Ferro Alloys Corporation Limited.
- C. Feral S.R.L
- Tata Steel Limited - Ferro Alloys & Minerals Division
- Arcelor Mittal
- China Minmetals
- SAIL
- Jindal Group
Order a free sample PDF of the Ferroalloys Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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