Silicon Alloys Market to Grow at a CAGR of 5.6% from 2022 to 2031

𝐒𝐢𝐥𝐢𝐜𝐨𝐧 𝐀𝐥𝐥𝐨𝐲𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟑𝟏

The global silicon alloys market was valued over US$ 10 Bn in 2021
It is estimated to grow at a CAGR of 5.6% from 2022 to 2031
The global silicon alloys market is expected to cross value of US$ 17.3 Bn by the end of 2031

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/silicon-alloys-market.html

𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐨𝐟 𝐒𝐢𝐥𝐢𝐜𝐨𝐧 𝐀𝐥𝐥𝐨𝐲𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Alloy is generally referred to as a metallic substance comprising two or more substances in the form of compounds or solutions. Silicon alloys are alloys with a significant presence of silicon as an element in the compound. Silicon is an important alloying element, i.e., it is added in small quantities in various compounds to impart desirable properties. Steel, iron, and automotive industries are the key end-use industries for silicon alloys. Ferrosilicon is considered an important silicon alloy due to the large content of silicon in the composition.

Aluminum-silicon alloys are gaining popularity in the automotive and aerospace industries, as automotive & aerospace applications require materials with enhanced mechanical properties. Aluminum-silicon alloy material manufactured with powder metallurgy refines microstructure, resulting in unique property sets. It also helps with weight reduction and improves stability at elevated temperatures. Aluminum-silicon casting alloys possess a high strength-to-weight ratio, good corrosion resistance, castability, and recycling potential. Silicon enhances the favorable properties in metallic alloys used for casting, hence it is extensively utilized in aluminum-silicon casting alloys. Challenging environments such as automotive and defense applications require materials with enhanced mechanical properties, which in turn is fueling the demand for aluminum silicon alloys. On the other hand, calcium silicon alloy (calcium silicide) is used as a deoxidizer and desulfurizer in steel manufacturing.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=64116

The iron & steel industry is a leading consumer of silicon alloys. Steel production across the globe increased by 3.4% in 2018. Global crude steel production stood at 1869.9 million tons in 2019.

Consumption of steel has been rising at a rapid pace, especially in infrastructure projects such as highways, commercial and residential buildings, airports, and rail projects. The manufacturing sector is also an important end-user of the iron & steel industry. The value and volume growth of the silicon alloys market is directly linked to the rapid transformation of the iron & steel industry. Almost 85% of ferrosilicon is used in the manufacture of iron and steel. Thus, the iron & steel industry is a key consumer of ferrosilicon.

According to the latest report published by Transparency Market Research, the global silicon alloys market is projected to advance at a fair growth rate during the forecast period, owing to its wide applications in the steel and iron industry.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐒𝐚𝐥𝐞 𝐨𝐟 𝐒𝐢𝐥𝐢𝐜𝐨𝐧 𝐀𝐥𝐥𝐨𝐲𝐬

The automotive sector is a large-scale consumer of steel and cast iron products, wherein ferrosilicon is used. The global automotive industry, comprising passenger cars, trucks, and heavy-duty vehicles is anticipated to propel at a significant pace during the forecast period. Around 91.5 million units of passenger cars and commercial vehicles were produced in 2018. Global sales of cars and commercial vehicles have also increased at a steady pace in the past five years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=64116

Sales of vehicles have been rising due to a rise in the disposable income of consumers and availability of easy finance options. These have made it easier to purchase cars. Therefore, an increase in production and sales of automobiles is estimated to propel the demand for cast iron and steel in the automotive industry. Thus, the value & volume growth of the global automotive industry and a rise in sales of automobiles are projected to drive the demand for silicon alloys during the forecast period.

𝐋𝐚𝐫𝐠𝐞-𝐬𝐜𝐚𝐥𝐞 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐂𝐚𝐫𝐛𝐨𝐧 𝐒𝐭𝐞𝐞𝐥 & 𝐎𝐭𝐡𝐞𝐫 𝐀𝐥𝐥𝐨𝐲 𝐒𝐭𝐞𝐞𝐥 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

Based on application, the global silicon alloys market has been classified into carbon steel & other alloy steel, stainless steel, electrical steel, cast iron, and others. Carbon steel & other alloy steel held a significant share of 45.8% of the market in 2021. It is estimated to grow at a CAGR of 5.38% during the forecast period. Demand for carbon steel & other alloy steel is increasing mostly due to a rise in the demand for steel, and iron in the automotive industry.

The stainless steel segment held a key share of the global silicon alloys market in 2021. The segment is anticipated to grow at a significant pace during the forecast period, primarily due to an increase in the demand for stainless steel from the infrastructure, chemical, power, oil & gas, and other end-user industries due to its corrosion resistance and high strength.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=64116

In terms of CAGR, stainless steel is anticipated to be a highly attractive segment of the market during the forecast period. This is due to rapid industrialization, especially in emerging economies, which is fueling the demand for stainless steel owing to its high corrosion resistance, high strength, and high ductility applications. An increase in usage of stainless steel in the infrastructure, chemicals, oil &gas, power, and automotive end-user industries is likely to boost the attractiveness of the segment.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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This release was published on openPR.