Ferrochromium Market Prophesied to Grow at a Faster Pace by 2022

Introduction

An alloy of iron and chromium with 50 to 70 percent chromium is called ferrochromium, sometimes known as ferrochrome. It is made by melting chromite and chromium ore in an electric arc. To produce steel with properties like corrosion resistance, tensile strength, heat resistance, and yield strength, ferrochromium is frequently used.

In the near future, it is projected that there won't be enough ferrochromium to satisfy the expanding global steel industry. Due to the significant chromite resources that can be found in these nations, the majority of ferrochromium is produced in India, China, South Africa, and Kazakhstan. The global ferrochromium market has experienced modest CAGR growth to date and is anticipated to do so going forward.

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Ferrochromium is having its maximum share of consumption in steel industry and due to the ever increasing construction and demand of steel the global ferrochromium market is forecasted to flourish. In order to get a continuous supply of raw material for ferrochrome, China has established its operations in the countries like Turkey, South Africa, Philippines and Zimbabwe which would boost the global ferrochromium market in future.

Due to the favourable conditions like lower electricity price and lower labour cost in upcoming markets like China, the production cost reduces comparatively. This will boost the production of ferrochrome to suffice its increasing demand and will contribute in global ferrochromium market.

The global ferrochromium market can get hampered because of the increase in the export tax and fixed export quotas imposed by South Africa on chrome ore, owing to the concern of losing ferrochromium market to China.

South Africa is having a significant market share in global ferrochromium market but there are concerns of power supply and higher production cost which would lead to the closure of small competitors and is estimated to slowdown the global ferrochromium marke

Market Segmentation

Based on the carbon percentage
Extra low carbon ferrochromium powder
Low carbon ferrochromium powder
High carbon ferrochromium powder
Extra high carbon ferrochromium powder

Based in the available form
Ferrochromium slag
Ferrochromium powder

Based on the application
Ball bearing steels
Acid resistant steels
Cast irons
Powder metallurgy
Others (civil engineering, refractory materials)

Based on regions
North America
Latin America
Europe
Asia Pacific
Middle East and Africa

Asia Pacific is having the maximum market share in global ferrochromium market, China and India are the countries having an excellent steel market, so these countries are significant in the consumption of ferrochrome. China is expanding its capacity to import chrome ore for the production of ferrochrome from the countries like South Africa, Turkey, Zimbabwe.

Middle East and Africa are also marking a significant growth in the global ferrochromium market, Especially South Africa is having plenty of chromite resources for the production of ferrochrome. Europe is an emerging market in the field of ferrochrome and is anticipated to have a considerable market in future due to the flourishing automobile sector in the region. North America and Latin America is at a nascent stage in the global ferrochromium market.

Some of the key players in global ferrochromium market are:
Nava Bharat Ventures Limited, VISA STEEL, Balasore Alloys Limited, Aarti Steels Ltd, SR Group, Vyankatesh Metals & Alloys Pvt. Ltd

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The report covers exhaustive analysis on:

Ferrochromium Market Segments
Ferrochromium Market Dynamics
Historical Actual Market Size, 2012 - 2014
Ferrochromium Market Size & Forecast 2015 to 2025
Supply & Demand Value Chain
Ferrochromium Market Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Ferrochromium Market Drivers and Restraints

Regional analysis for Ferrochromium Market includes

North America
Latin America
Europe
Asia Pacific & Japan
The Middle East and Africa

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Report Highlights:

Shifting Industry dynamics
In-depth market segmentation
Historical, current and projected industry size Recent industry trends
Key Competition landscape
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance

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This release was published on openPR.