Press release
Ferroalloys Market Size Expected To Proliferate At A CAGR Of 6.10% During The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It was also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 6.10%
The increasing demand for ferroalloys can be attributed to the increasing production of stainless steel and related products. Various types of ferroalloys are used in steel making to provide different properties to the product, such as durability against alkalis and acids, and it also increases the product's corrosion resistance.
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Majority of ferroalloys are used in the production of steel and related products and the demand for such products can pose a significant influence on the ferroalloy market. Thus, the increasing demand for steel in the construction and automotive industry is a major factor driving the market growth.
One of the major regions, the Asia Pacific region, is going through extensive infrastructural development, which acts as a major factor in driving the demand for steel products. In the region, China is one of the largest countries actively producing and consuming ferroalloys and it is expected to stay in the leading position over the upcoming years as well. China, alongside emerging market regions such as India, Malaysia, Indonesia, Vietnam, and South Korea, are expected to further develop the market.
Ferroalloy Industry Definition and Major Segments
Ferroalloy is an alloy of iron which contains a high proportion of one or more other elements, such as silicon, chromium, aluminium, and chromium, among others. These alloys are utilised to manufacture many advanced materials and they are usually prepared by combining iron with other elements under very high temperatures.
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The segments of the market, based on process, include the following:
• Carbothermic Reduction Process
• Metallothermic (Alumino Thermic Process)
• Hall Electrolytic Process
The market divisions, based on product, include the following:
• Ferromolybdenum
• Ferronickel
• Ferrotungsten
• Ferrovanadium
• Ferroboron
• Ferrotitanium
• Ferroaluminium
• Ferroniobium
• Others
Based on application, the market bifurcations include:
• High Grade Steel
• Superalloys
• Welding Electrode
• Others
Based on region, the market can be segmented as follows:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Ferroalloy Market Trends
The growing industrialisation and urbanisation are major factors aiding the development of the market value. The construction industry is one of the largest utilisers of steel products, and as mentioned before, steel manufacturing is the major process that utilizes ferroalloys. With the rising construction and infrastructural developments in multiple countries, steel production and consumption can have a significant influence on the ferroalloy market growth.
However, the utilisation of carbon fibres, instead of stainless steel, can hamper the demand and hinder the growth of the ferroalloy market. The automotive industry is increasingly implementing carbon fibres due to their light weight, durability, and load-carry capacity, as they can aid in reducing the weight of the vehicle.
Key Market Players
The major players in the ferroalloys market report include:
Essel Mining & Industries Limited (EMIL)
DS Alloyd Pvt. Ltd
LekonGermess Ltd
METRACO NV
FE Mottram Limited
AMG Advanced Metallurgical Group N.V.
Tata Steel Limited
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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