Ferromanganese Market Forecast | 2022-2028

Market Insights

The ferromanganese market is estimated to grow from USD 13.8 billion in 2021 to reach USD 18.28 billion by 2028 at a CAGR of 4.05% during the forecast period.

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What is ferromanganese?

Ferromanganese (FeMn) is a ferroalloy with a high manganese concentration. Manganese ore is an important material that is used in the production of FeMn. Made up of different grades of silicomanganese and ferromanganese, manganese ferroalloys are employed as the major ingredients in steel manufacturing.

Market Dynamics

These factors are expected to boost the demand for the market in the coming years:

• The demand for stainless steel from various industrial sectors has significantly influenced its production dynamics.
• The use of ferromanganese to replace nickel in stainless steel production has gained wide popularity across the globe.
• Steady production of stainless steel.
• Apart from stainless steel, growing demand from the aluminum alloy sectors.

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Key Players

Some of the key players in the market are-

• Anhui GSH Bio-Technology Co., Ltd.
• Monnet Group
• Maithan Alloys Limited
• Tata Steel
• Gulf Manganese Corporation Limited
• Vale S.A.
• Ferroglobe Plc
• OM Holdings Ltd.
• South32
• Nippon Denko Co., Ltd.

Segments Analysis

By Grade Type

The market is segmented into high-carbon, medium-carbon, and low-carbon ferromanganese. The high-carbon ferromanganese segment is expected to be the leading segment of the market during the forecast period. With a manganese content of 70% to 80 wt % and a carbon content of 6% to 8 wt %, it is the most widely used ferroalloy.

It is majorly used in the production of flat carbon steel products. On the other hand, medium carbon FeMn is likely to witness significant growth in the market owing to its widespread usage in steel and chemical industries.

By Application Type

The market is segmented into iron & steel, alloy steel, and others. The iron & steel segment captured the largest share of the market in 2021 and is expected to register the highest growth during the assessment period as well. The growth of the segment is owing to the increasing demand for steel from different sectors including construction, shipbuilding, automotive, and oil & gas among others.

Manganese ore finds major application as an important material in iron and steel metallurgy. The growing focus on infrastructure development on account of construction projects led by the governments will boost the demand for iron and steel, thereby assisting the segment’s growth over the assessment period.

Regional Insights

Asia-Pacific held more than 45% market share in 2021 and is expected to maintain its incontestable lead during the forecast period as well. The growth of the regional market is led by countries such as China, Japan, and India, which produce manganese alloys.

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Steel fulfils the increasing demand for alloying elements from the steel industry in the region, wherein it is extensively used as a construction material for the region’s developing infrastructure. In Europe, the rising demand for steel in the automobile industry is expected to drive the FeMn market progress over the assessment period.

Segmentation

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 ferromanganese market is segmented into the following categories:

By grade type:

• High Carbon FeMn
• Medium Carbon FeMn
• Low Carbon FeMn

By application type:

• Iron & Steel
• Alloy Steel
• Others

By region:

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

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Research Methodology

This report offers high-quality insights and is the outcome of 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 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 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 dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report

Customization Option

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)

Segmentation

• Current market segmentation of any one of the grade types by application 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 at sales@stratviewresearch.com.