Ferroalloy Market By Type (Ferrochromium, Ferromanganese, Ferromolybdenum, Ferronickel, Ferrosilicon, Ferrotitanium, Ferrotungsten, Ferrovanadium, and Others) and By Application (Steel, Superalloys and Alloys, Wire Production, Welding Electrodes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026

Global ferroalloy market was expected to generate around USD 72.86 billion by 2026, at a CAGR of around 5.5% between 2019 and 2026. Ferroalloy is one of the major materials required for steel production. Ferroalloy is produced via the carbothermic reaction process. Primarily, ferroalloy is formed with chromium, silicon, and manganese.

07-Aug-2019 | Number of pages: 110 | Report Code: ZMR-4553 | Report Format : | Status : Published

Analysis

The global ferroalloy market is expected to witness substantial growth in the future, owing to the flourishing building and construction industry, particularly in emerging economies. Ferroalloy is one of the major materials required for steel production. Ferroalloy is produced via the carbothermic reaction process. Primarily, ferroalloy is formed with chromium, silicon, and manganese. The major function of the ferroalloy is to enhance the properties of different metals, such as increasing resistance to erosion and oxidation and improving tensile strength in high temperature and with other chemical reactions. The rising demand for steel across various end-user industries, such as construction, automotive, shipbuilding, etc., is one of the major factors driving the ferroalloy market globally. However, stringent government regulations pertaining to environment protection and high operational costs may limit the global ferroalloys market. Alternatively, the growing demand for ferroalloy from the Asia Pacific is expected to provide new growth opportunities for the key players in the ferroalloy market in the upcoming years. The rapid industrialization in the region along with a large population base is also expected to aid the ferroalloy market.

The global ferroalloy market is fragmented based on type and application. Based on type, the ferroalloy market includes ferrovanadium, ferromanganese, ferrochromium, ferromolybdenum, ferrosilicon, ferronickel, ferrotungsten, ferrotitanium, and others. Ferromanganese is expected to show the fastest growth rate over the estimated time period, due to its wide usage in steel production. The process of steel production requires ferromanganese as a desulfurizing agent, as it removes nitrogen bubbles and reduces the amount of iron oxide that is undesirable during production.

Steel, superalloys and alloys, wire production, welding electrodes, and others form the application segment of the global ferroalloy market. Steel manufacturing is the primary application of ferroalloys and is expected to dominate the global ferroalloy market over the forecast timeframe. Most of the bulk ferroalloys are used in intensifying the properties of steel, due to the low prices of bulk ferroalloys and high production.

The Asia Pacific is expected to hold a major share of the global ferroalloy market over the forecast time period, owing to the flourishing end-use industries in the region. The Asia Pacific has established itself as a hub of various end-user industries, such as oil and gas, steel, electronics, automotive, and consumer electronics. Ferroalloy is used in the production of automotive radiators, switches, wires, water heaters, metal casting, refrigerators, and various other chemical processing machines. Emerging technologies for the production of ferroalloys along with increased ferroalloy consumption and exports from China, Japan, and India is also expected to drive the region’s ferroalloy market in the upcoming years.

Some key players operating in the global ferroalloy market are ArcelorMittal, Tata Steel, Sakura Ferroalloys, BAFA Bahrain, OM Holdings, Pertama Ferroalloys, Nikopol Ferroalloy Plant, Gulf Ferroalloys, Brahm Group, Ferroalloy Corporation, MORTEX, China Minmetals, Shanghai Shenjia Ferroalloys, Vale, Georgian American Alloys, SAIL, and OFZ.


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