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  • Ferroalloys Market Growth Analysis | 2023-2028

    Ferroalloys Market Growth Analysis | 2023-2028

    Ferroalloys Market Growth Analysis | 2023-2028
    Report code - SRAM491 Delivery - 2 Weeks
    Ferroalloys Market Size, Share, Trends, Forecast, & Growth Analysis – 2023-2028
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    Market Insights

    The ferroalloys market was estimated at USD 48.9 billion in 2022 and is likely to grow at a CAGR of 7.2% during 2023-2028 to reach USD 74.41 billion in 2028.

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    What are ferroalloys?

    Ferroalloys are iron-based alloys having a significant number of other elements such as chromium, manganese, silicon, and others. These alloys are primarily used in the production of carbon and stainless steel to add elements into molten metal during the steel manufacturing process. Due to their superior properties such as high tensile strength and excellent durability, ferroalloys are majorly used in various end-use industries such as automotive, steel, construction, aerospace & defense, electronics, metallurgical, oil & gas, and healthcare.

    Ferroalloys Market Report Highlights

    Market Size in 2022

    USD 48.9 billion

    Market Size in 2028

    USD 74.41 billion

    Market Growth (2023-2028)

    7.2% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    Increasing steel production across the world is the prime factor that is contributing to the demand for ferroalloys. Further, the increasing application of steel in various industries such as construction, shipbuilding, and automotive is driving the ferroalloys market growth. Rising construction and infrastructure activities in emerging economies such as India and China in the Asia-Pacific region are one of the key factors fueling the growth of the market.

    Ferroalloys-Market-Dynamics

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    Segment Analysis

    By Product Type

    Based on the product type, the market is segmented as ferrochrome, ferromanganese, ferro silicomanganese, ferrosilicon, and others. The ferrochrome segment held the largest share of the market in 2022 in terms of value, whereas Ferro silicomanganese was the dominant segment in terms of volume in 2022. The Ferro silicomanganese is also expected to register the fastest growth during the forecast period in terms of value as well as volume. Ferrochrome is a primary raw material for stainless steel manufacturing, as it provides aesthetic appearance and corrosion resistance to it. The increasing usage of ferrochrome for manufacturing various car components such as sprocket assemblies, rods, couplings, and crankshafts further creates healthy growth opportunities for the segment shortly.

    By Application Type

    Based on the application type, the ferroalloys market is segmented as carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. The carbon & low alloy segment held the largest share of the market in 2022, whereas the cast iron segment is likely to witness the fastest growth during the forecast period in terms of value. Rising demand for carbon steel from the construction industry along with rapid urbanization leading to increasing investments in infrastructure, especially in the developing economies is the prime factor for the carbon & low alloy segment’s growth in the market.

    Regional Insights

    In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period in terms of value, with China, India, and Japan being the countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the rapidly increasing steel production and rising demand for steel for construction activities in the region. Further, macroeconomic trends such as an increase in disposable income and growing industrialization are some of the major drivers for the Asia-Pacific’s ferroalloy market, creating lucrative opportunities for ferroalloy manufacturers in the region.

    Ferroalloys-Market-Regional-Insights

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The ferroalloys market is segmented into the following categories.

    By Product Type

    • Ferrochrome
    • Ferromanganese
    • Ferro Silicomanganese
    • Ferrosilicon
    • Others

    By Application Type

    • Carbon & Low Alloy Steel
    • Stainless Steel
    • Alloy Steel
    • Cast Iron
    • Others

    By End-Use Industry Type

    • Steel
    • Construction
    • Automotive & Transportation
    • Electronics
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Ferroalloys-Market-Segmentation

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    Key Players

    Some of the major ferroalloy manufacturers are-

    • Jindal Steel and Power Limited
    • Glencore plc
    • Samancore Chrome
    • Shanghai Shenjia Ferroalloys Co. Ltd
    • Ferro Alloys Corporation Limited
    • S.C. Feral S.R.L
    • Tata Steel Limited
    • ArcelorMittal S.A.
    • China Minmetals Corporation
    • Steel Authority of India Limited.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, validation, and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Ferroalloys Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the polymer types by end-use industry type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Ferroalloys are iron-based alloys having a significant number of other elements such as chromium, manganese, silicon, and others. These alloys are primarily used in the production of carbon and stainless steel to add elements into molten metal during the steel manufacturing process. Due to their superior properties such as high tensile strength and excellent durability, ferroalloys are majorly used in various end-use industries such as automotive, steel, construction, aerospace & defense, electronics, metallurgical, oil & gas, and healthcare.

    The ferroalloys market was estimated at USD 48.9 billion in 2022.

    The ferroalloys market is likely to reach USD 74.41 billion in 2028.

    The ferroalloys market is likely to grow at a CAGR of 7.2% during 2023-2028.

    Jindal Steel and Power Limited, Glencore plc, Samancore Chrome, Shanghai Shenjia Ferroalloys Co. Ltd, Ferro Alloys Corporation Limited, S.C. Feral S.R.L, Tata Steel Limited, ArcelorMittal S.A., China Minmetals Corporation, and Steel Authority of India Limited are among the key players in the market.

    Asia-Pacific is expected to be the largest market during the next five years.

    The cast iron segment is expected to witness the fastest growth in the market in the coming years.

    Increasing steel production across the world is the prime factor driving the growth of the market.

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