Noble Ferroalloys Market 2027 : Size, Share & Trends Analysis & Outlook

Increasing Demand for Steel to Boost Noble Ferroalloys Market Growth

Special focus on ferroalloys continues to grow, due to their growing importance in the iron and steel industry. Any fluctuation in prices and instability in the steel industry have a direct effect on the growth of the noble ferroalloys market. Noble ferroalloys are used in the manufacturing of steel, stainless steel, and superalloys; the steel industry consumes ~ 80% of the produced noble ferroalloys around the world.

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To develop a clear understanding of the growth of the global noble ferroalloys market, Transparency Market Research piloted a comprehensive study on this market space. Researchers have presented their analysis for the period of 2019 to 2027, to thoroughly understand the potential of the global noble ferroalloys market. With this information, players in the global noble ferroalloys market can take better and well-informed business decisions to further their business growth.

U.S.-China Trade War has Induced Uncertainty in the Ferroalloys Industry

The growth and decline of the global ferroalloys market is directly linked with the ups and downs taking place in the global steel market. As China is a dominating global steel producer, holding ~ 51% share of the world’s crude steel production, it largely influences the growth of the global noble ferroalloys market.

Things changed when recently, China and the U.S. became locked in an ugly trade war. In addition to this, uncertainties regarding the trade environment, rising interest rates, and complacent financial markets have also adversely impacted the growth of the steel market. Attributing to these global scenarios, the demand for steel dipped in 2016-2017. However, the global steel market regained its pace, but at a moderate growth rate in the following years.

With current instability in the steel industry, fluctuations are expected to come as impediments in the growth of the noble ferroalloys space. In 2018, the global noble ferroalloys market was valued at ~ US$ 32 billion, and the market is projected to reach ~ US$ 68 billion by the end of 2027.

Understanding the Production Capabilities of Leading Markets

China – Largest Steel Producer

China is the largest producer of steel, and in 2018, it produced ~ 928 million tons (MT) of steel, up from ~ 870 MT in 2017, an increase of 6.6 percent. In early 2018, the Chinese steel industry took a hit due to huge tariffs imposed by the U.S. on Chinese goods. The situation turned into a trade war between these two giant economies. This eventually affected the growth of the global noble ferroalloys market too. It also had a ripple effect on other countries closely connected to China’s supply chain for steel, such as India, Japan, Korea, and others.

As a counter, the Chinese government also imposed certain import tariffs on U.S. goods. This is an ongoing situation and its outcome is likely to affect the noble ferroalloys market in one way or another. As per TMR analysis, the steel industry in China is expected to grow in the coming years, due to increasing infrastructural developments and the expanding construction industry in the Asia Pacific region.

Bright Future for the Ferroalloys Market in India

India has overtaken Japan as far as steel production is concerned, and now stands second, globally. In 2018, India’s crude steel production shot up by 4.9%, reaching 106 MT from 101 MT in 2017. Growth in steel production has significantly benefited the noble ferroalloys market. Noble ferroalloy producers are innovating and introducing new technologies in processing and plant equipment designs.

With increasing infrastructural development in India, the noble ferroalloys market is expected to have a bright future in India in the near future. Although, there are chances that the market in India might be adversely affected due to cheaper imports from China.

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Companies manufacturing noble ferroalloys in India are expected to witness high growth due to increasing infrastructural development and construction. According to international reports, India is expected to rise at an annual GDP growth rate of 7.5 percent in 2019. Despite the global slowdown for steel, Indian demand has shown resilience. Infrastructure development is the key growth driver, as the Indian infrastructure sector witnessed 91 mergers and acquisition deals worth US$ 5.4 billion in 2017.

The development of smart cities and increasing urbanization has further attracted investments from companies across the globe. With ~ 50% of steel consumed for infrastructure development, this sector opens huge opportunities for the global noble ferroalloys market.

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This release was published on openPR.