Ferroalloys Market Analysis | 2023-2028

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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Market Dynamics

Introduction

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.

Market Drivers

The major factors driving the growth of the ferroalloys market are:

• Increasing steel production across the world is the prime factor that is contributing to the demand for ferroalloys.
• 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.

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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.

Note: The above list does not necessarily include all the top players in the market.

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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.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s ferroalloys market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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, and 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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)

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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.

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