Press release
Ferrosilicon Market Expected To Witness a Sustainable Growth Over 2031
The global ferrosilicon market was valued at US$ 11.3 Bn in 2021
It is estimated to grow at a CAGR of 2.5% from 2022 to 2031
The global ferrosilicon market is expected to reach a value of US$ 15.1 Bn by the end of 2031
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Overview of Ferrosilicon Market
Ferrosilicon is generally of two types: atomized ferrosilicon and milled ferrosilicon. Ferrosilicon is used in various industries such as carbon & other alloy steel, stainless steel, electrical steel, cast iron, and magnesium.
Rise in demand for steel and metal alloys; and growth in automobile and construction industries are driving the ferrosilicon market. Numerous initiatives are being taken by governments to boost the usage of steel in different industries and reduce carbon footprint. The steel industry is the key downstream user of domestic ferrosilicon. Ferrosilicon is primarily used in steelmaking in steel mills. Corrosion- and abrasion-resistance, high specific gravity, high strength, high magnetism & hardness, and high temperature-resistance are benefits offered by ferrosilicon. Therefore, several companies are investing in the production of ferrosilicon.
Increase in environmental issues is prompting governments of several countries to focus on the use of ferrosilicon. Several international bodies are providing funds to developing countries in order to increase the usage of ferrosilicon.
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High Demand for Steel in Automotive, Construction, and Manufacturing Industries to Drive Market
Ferrosilicon (FeSi) is an alloy of iron and silicon with highly variable silicon content (between 10% and 90%). It is used as a so-called master alloy in steel production. It is added in small quantities in order to adjust the properties of the melt, the cooling process, and the finished product.
Steel is a highly versatile material. The basic constituent of steel is iron; however, the proportion of other elements lends each type of steel certain specific properties. Ferrosilicon provides increased resistance to corrosion and improves the hardness & tensile strength of steel. Demand for steel is high in various industries such as automotive, construction, and manufacturing. Usage of ferrosilicon in steel making improves the physical, chemical, and mechanical properties of steel. It also improves the quality of steel and its castings. Ferrosilicon products are important raw materials for steel and other metallurgical industries. They play a vital role in modern economic development. Steelmaking, foundry, and ferroalloy industries are prominent markets for ferrosilicon. These account for more than 90% of the total demand for ferrosilicon each year.
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Electrical steel, often called silicon steel, contains a significant quantity of ferrosilicon and silicon to improve electrical qualities such as resistivity. Demand for ferrosilicon is estimated to rise, as the demand for electrical steel increases in the construction of motors, transformers, and other power generating devices. In electrical steel, ferrosilicon is used to manufacture magnetic cores for electric motors. This helps improve motor efficiency, lower battery capacity requirements, and extend range.
Increase in demand for renewable energy is another key driver of the global ferrosilicon market. Steel is crucial in the development of infrastructure for renewable energy generation such as solar, tidal, and wind energy. On the other hand, the usage of ferrosilicon is rising in the production of silicon steel for designing electromotors and transformer cores. Ferrosilicon and other silicon alloys are produced by reducing quartz, with coal and iron or other ores at very high temperatures.
Burgeoning Growth of Automobile and Construction Industries to Boost Ferrosilicon Market
Demand for corrosion-resistant materials is increasing in construction and automobile industries. Bridges, structural support materials, and automobile bodies must last for a long period without corroding. Therefore, ferrosilicon is used in buildings and automobiles owing to its beneficial properties.
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The ferrosilicon market is also driven by the increase in construction activities in emerging economies across the globe owing to rapid urbanization and rise in per capita disposable income of citizens.
The automotive industry is expected to witness significant demand for steel in the near future. Automakers are constantly focusing on the development of lightweight steel that helps improve the overall fuel efficiency of vehicles. Silicon-aluminum alloys are replacing steel in the manufacture of chassis, engine blocks, and powertrain components to reduce the overall weight of vehicles. This is estimated to boost the demand for ferrosilicon.
High Demand for Atomized Ferrosilicon due to its Beneficial Properties
In terms of type, the global ferrosilicon market has been segregated into atomized ferrosilicon and milled ferrosilicon. The atomized ferrosilicon segment held 77.4% of the global market in 2021. It is estimated to dominate the market during the forecast period.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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