How will increasing demand for stainless steel transform the Ferroalloys Market outlook?
Meanwhile, yet other company, Boston Metal has declared having raised over USD 20 million to offer industrial scale electrolysis solution for high volume ferroalloys production. The funding led by Breakthrough Energy Ventures is expected to accelerate the 1st industrial scale deployments of the company’s MOE technology for production of ferroalloys while also supporting the constant upgradation of the technology for manufacturing of emissions free steel.
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These initiatives undertaken worldwide have established new avenues for the global ferroalloys market. Global Market Insights, Inc., forecasts that the ferroalloys industry size may hit USD 70 billion by 2025 end, with surging demand across building and construction, automotive, and other applications and elevating need for steel across myriad sectors and industries.
Ferroalloys and their stainless steel connection; applications in automotive sector
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 ferroalloys market.
The application spectrum of ferroalloys market 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 ferroalloys market expansion.
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Expanding industry trends and its impact on ferroalloy market across Asia Pacific
Thriving automotive sector across Asia Pacific is expected to propel the regional ferroalloy industry.
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 ferroalloys market to soar to new heights over the forthcoming years.
Numerous governmental and regulatory bodies across the globe have implemented various rules and norms that lay emphasis on mining processes on the grounds of environmental impact of these industrial procedures. A rise in these norms are likely to slightly hinder ferroalloy market in the near future. However, the application scope of these alloys is expansively distinct. On these grounds, it would be safe to declare that the growth trajectory of ferroalloys market is slated to increase over the foreseeable time frame.
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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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