Ferroalloy Market to exceed $70 bn revenue by 2024 | ArcelorMittal, Tata Steel Limited – Ferro Alloys & Minerals Division, Jindal Group
Ferroalloys are massively used in the production of steel. In fact, according to industry professionals, the global steel market is poised for unprecedented growth in the upcoming years, in terms of volume. The surging demand for steel in chemical equipment and medical and automotive parts will certainly lead to a massive demand for the ferroalloy market.
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The application spectrum of ferroalloy industry is inherently discrete and diverse. These alloys find applications in production of stainless steel, carbon steel, and alloy steel. Of these, stainless steel is one of the abundantly used alloys as it finds vivid applications in automotive parts, architectural designs, food and beverage containers, bolts, nuts, screws, household products, and water pipelines. However, one of the intrinsic applications of stainless steel is in automotive sector.
The growing automotive sector has extensively been using stainless steels for reducing the weight, enhancing safety, improving aesthetics, and minimizing the life cycle costs of the vehicles. Above that, characterized by impressive fire and corrosion resistance, these alloys ensure reliability and safety compared to other metals and alloys. These characteristics have given a push to the overall ferroalloy market expansion.
Growth drivers are -
1. Growing steel demand in various end-user industries
2. Booming construction industry in BRICS nations
Know about Market growth in New Research and its Top growing factors by Key Companies like
1. Ferro Alloys Corporation Limited
2. Eurasian Natural Resources Corporation PLC
3. Nikopol Ferroalloy Plant
4. S.C. Feral S.R.L.
5. Jindal Group
6. Georgian American Alloys Inc.
7. China Minmetals Corporation
8. Tata Steel Limited – Ferro Alloys & Minerals Division
9. Shanghai Shenjia Ferroalloys Co. Ltd.
11. OM Holdings Ltd.
12. Sinosteel Jilin Ferroalloy Corporation Limited
13. LEMETCO GmbH
14. MidUral Group
15. Sakura Ferroalloys Sdn Bhd
16. Pertama Ferroalloys Sdn. Bhd.
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Thriving automotive sector across Asia Pacific is expected to propel the regional ferroalloy market. Speaking on the similar lines, as per IBEF statistics, India established itself as the fourth largest auto market in 2018 with sales escalating at 8.3% y-o-y to 3.99 million units. This growth comes from consumer’s growing interest towards buying automobiles that are comparatively low on weight and deliver high fuel efficiency, in turn impelling the ferroalloy market across the region.
Apart automotive sector, rapid industrialization and growth of shipbuilding and construction sectors across the emerging economies in APAC are also estimated to augment the business expansion. The heightened utilization of steel in infrastructural developments and high feasibility of iron ore deposits would further enable APAC ferroalloy market to soar to new heights over the forthcoming years.
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