Press release
Ferroalloy Market 2018-2024 | Global Key Player; Tata Steel, ArcelorMittal, Ferro Alloys Corporation Limited
Rapidly growing construction industry in the BRICS nations will likely be another important factor that will positively influence the global ferroalloy market in the upcoming years.
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Ferroalloy Market size will likely surpass USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Construction industry accounts for close to half of the overall steel production and the vast raw material reserves, production, and consumption in the BRICS nations will further boost the growth. Construction industry in these countries generated over USD 3 trillion in 2015 and will likely grow at a CAGR over 10% to cross USD 9 trillion by the end of 2024, hence boosting the global ferroalloy market demand.
Huge operational costs for product manufacturing along with regulations mandated by the government and non-government regulatory bodies may hinder ferroalloy market growth in the coming years. Quality monitoring for the continuous production process in order to meet the industry standards require huge investments in terms of raw materials, machineries, labor costs, and energy. Environmental impacts for iron ore mining and regulations pertaining to ecologically sustainable mining and production may have a negative impact on the global ferroalloy market.
Ferroalloy Market By Product
• Ferrochrome
• Ferromanganese
• Ferrosilicon
• Others
Ferroalloy Market By Application
• Carbon steel
• Alloy steel
• Stainless steel
• Others
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Ferroalloy market has been segmented into ferromanganese, ferrosilicon, ferrochrome, and other product segments. In 2015, ferromanganese product segment was worth more than USD 15 billion and will have a healthy growth by more than 6% CAGR in the forecast span. It finds extensive application in the steel manufacturing as a cost efficient and easily available deoxidizer.
Ferrosilicon has a wide application area for deoxidizing steel, inoculating iron to accelerate graphitization, and modifying the steel properties. However, associated threats of pulmonary disorders such as silicosis, pneumoconiosis, and tuberculosis from amorphous silica content of the alloy has minimized its application to a certain extent. This segment generated more than USD 7 billion for the global ferroalloy market in 2015 and will have a sluggish growth rate compared to other products.
Ferroalloy market application segment has been categorized into manufacturing of carbon steel, alloy steel, and stainless steel. Stainless steel accounted for a significant chunk of the global ferroalloy market and will witness a substantial growth at over 6% owing to the growth of its various end-user industries.
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Prevalence of numerous large, medium, and small scale steel industries and vast iron ore deposits in Asia Pacific make it a notable regional player in the global ferroalloy market. The strong influence of China, India, and Japan in the construction and automobile sectors will have a positive impact on the product demand in the coming years. This region registered over USD 25 billion and will likely escalate at more than 6% CAGR.
The presence of a large number of market participants characterizes the global ferroalloy market competitive scenario. Key product manufacturers include Eurasian Natural Resources, ArcelorMittal, S.C. Feral, Tata Steel, Sinosteel Jilin, Jindal Group, China Minmetals, Ferro Alloys Corporation, Shanghai Shenjia, OM Holdings, Georgian American Alloys, Nikopol, MidUral Group, Sakura, LEMETCO GmbH, and Pertama Ferroalloys.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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