Press release
High demand for stainless steel to bolster ferroalloy market trends
Ferroalloy Market
An evident increase in population globally along with legislative decisions to enhance infrastructure development, especially in emerging countries has amplified the demand for steel. This acts as an integral factor in propelling the demand for ferroalloy.
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The wide availability of iron ore across the globe along with the growing demand for steel in the industrial sector due to the absence of alternatives will drive ferroalloy market forecast, which is anticipated to hit USD 70 billion in annual valuation by 2025. Regions like Latin America and Middle East have witnessed a spur in construction due to a rise in spending made by the governments for infrastructure projects. These measures are undertaken with an aim to boost the economy and offer a positive direction towards growth.
Countries present in these regions have hosted various international sports events that have supported the demand for different types of steel. Concerning the application spectrum, stainless steel has emerged as a profitable revenue segment due to its use in automobile and transportation, architecture and construction, energy and heavy industries, as well as food production and catering. Rapid industrialization in emerging economies has supported the demand for stainless steel.
However, the cost incurred towards the production of ferroalloys is considerably high due to the high amount of energy consumed and quality control needs. Moreover, volatile fuel prices have affected the overall cost of the product. Still, the stringent regulations and industry mandates established by different countries as well as regulatory bodies to deploy high-quality steel will intensify the ferroalloy market trends in the near future.
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Latin America has emerged as a key market for ferroalloys over the years due to the growing FDI inflow in construction and other industries. Many countries present in the region have designed policies that attract private investors with an aim to boost their economies. The aforementioned trends will propel the demand for steel which in turn will outline ferroalloy market outlook.
Ferroalloy producers are aiming at expanding their geographical reach by way of acquisitions, mergers, and alliances. For instance, Tata Steel limited had announced the acquisition of Bhushan Energy Limited in January 2019 to expand its reach and capacity. The acquired company was later named as Tata Steel BSL Ltd.
Other prominent ferroalloy market companies include Brahm Group, Steel Authority of India Limited, China Minmetals Corporation, and Nikopol, among various others.
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