Ferrosilicon Market: Cast Iron Segment Is Anticipated To Register The Fastest CAGR Of 3.4%

 Ferrosilicon Industry Overview

The global ferrosilicon market size was valued at USD 11.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2030. The market is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant.

The U.S. is one of the largest steel producers in the world. Its production reached 86.0 million tons in 2021, up by 18.3% from 2020. The rise in production is on account of increasing investments toward infrastructural developments, which are supporting steel demand in the country. For instance, in 2021, the U.S. President signed the Infrastructure and Jobs Act, which allocated USD 550 billion for improving the infrastructure of roads, airports, ports, and freight rails. The growing investments in the infrastructure have increased competition in the industry, compelling market players to indulge in mergers and acquisitions and capacity expansions.

Gather more insights about the market drivers, restrains and growth of the Global Ferrosilicon market

 

For instance, in December 2020, Cleveland-Cliffs Inc. acquired ArcelorMittal USA and its subsidiaries. The acquired assets will be combined with existing facilities, transforming the company into a vertically integrated producer of iron and steel. Furthermore, growth in the electric vehicles (EVs) industry is benefitting market growth. For instance, in November 2021, POSCO announced to invest KRW 1 trillion (~USD 831.4 million) in building a non-oriented electrical steel plant with an annual production capacity of 300 kilotons in Gwangyang. The plant will cater to the drive motors of EVs.

Also, in September 2021, NLMK announced the commissioning of a new electrical steel laser treatment unit, which is expected to have a capacity of 54 kilotons per year. The company is also building an electrical steel plant in India with 64 kilotons annual capacity. Ferrosilicon is used in electrical steel production, and thus, such investments are expected to propel market growth over the forecast period.


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Ferrosilicon Market Segmentation

Grand View Research has segmented the global ferrosilicon market on the basis of application, end-use, and region:

Ferrosilicon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Deoxidizer
  • Inoculants
  • Others

Ferrosilicon End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Carbon & Other Alloy Steel
  • Stainless Steel
  • Electric Steel
  • Cast Iron
  • Others

Ferrosilicon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Market Share Insights

  • November 2021: BMML, a ferrosilicon producing company in Bhutan, made a proposal to the administration in the country to set up a ferrosilicon plant at Chengmari. 


Key Companies profiled:

Some of the prominent players in the ferrosilicon market include:

  • Elkem ASA
  • Eurasian Resources Group
  • Ferro Alloys Corporation Limited (FACOR)
  • FINNFJORD AS
  • Ferroglobe
  • IMFA
  • OM Holdings Ltd.
  • Russian Ferro-Alloys Inc.
  • SINOGU CHINA
  • VBC Ferro Alloys Limited


Order a free sample PDF of the Ferrosilicon 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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