Ferrochrome Market, By Type (High Carbon, Medium Carbon, Low Carbon, and Ferro Silico Chrome)to reach USD 28.99 billion by 2029, registering a CAGR of 5.10%

Ferrochromium (FeCr) is a type of ferroalloy which is an alloy between iron and chromium. Ferrochromium commonly containing 50% to 70% chromium. It is used to produce special steel, stainless steel and castings. A ferrochrome manufacturing process is generally conducted by carbothermic reduction of chromite in an electric submerged arc furnace (SAF).

Ferrochrome is a ferro alloy with high content of manganese. It provides strength to steel and used in manufacturing of high tension steel. Low carbon ferro manganese is extensively used in manufacturing alloys steel, tool steels and structural steels. The "high carbon ferrochrome" is the fastest growing type segment due to its lower cost and availability of larger reserves than other products. Consequently, this high carbon ferrochrome is mostly consumed by stainless steel manufacturers.

View Detailed Report: https://www.databridgemarketresearch.com/reports/global-ferrochrome-market

Data Bridge Market Research analyses that the ferrochrome market was valued at USD 19.47 billion in 2021 and is expected to reach USD 28.99 billion by 2029, registering a CAGR of 5.10% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Opportunities

Growing investments and manufacturing activities

Rising foreign investments and increasing manufacturing activities are some of the major factors which will increase the demand for the stainless steel and create lucrative opportunities for the growth of the ferrochrome market across the globe. Foreign investments help to increase the growth of manufacturing industries such as consumer goods, construction, heavy machinery and automotive. For instance, according to the United Nations Conference on Trade and Development report, in 2017, the inward foreign direct investment (FDI) rate for Asia was 9.1%, which was the highest of all regions.

Some of the major players operating in the ferrochrome market are:

NACHI-FUJIKOSHI CORP. (Japan)

Daido Steel (Japan)

voestalpine High Performance Metals India Pvt. Ltd. (Austria)

Sandvik AB (Sweden)

Kennametal Inc. (U.S.)

ERASTEEL (France)

ArcelorMittal (Luxembourg)

Baosteel Group Corporation (China)

POSCO (South Korea)

Nippon Steel and Sumitomo Metal Corporation (Japan)

JFE Holdings, Inc. (Japan)

TATA Steel Ltd.(India)

United States Steel (U.S.)

Angang Steel Company Limited (China)

Gerdau S/A (Brazil)

Maanshan Iron and Steel Company Limited (China)     

Global Ferrochrome Market Scope

The ferrochrome market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

High Carbon

Medium Carbon

Low Carbon

Ferro Silico Chrome

 Application

Stainless Steel

Cast Iron

Powder Metallurgy

Others

Explore More Reports:

https://manoj-mrr.blogspot.com/2023/12/propolis-marke-to-reach-value-of-usd.html

https://manoj-mrr.blogspot.com/2023/12/pvc-stabilizer-market-registering-cagr.html

https://manoj-mrr.blogspot.com/2023/12/rare-gas-market-grow-at-cagr-of-830.html

https://manoj-mrr.blogspot.com/2023/12/seafood-testing-market-by-type-of.html

About Us:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market.

Contact:

Data Bridge Market Research

Tel: +1-888-387-2818 Email: Sopan.gedam@databridgemarketresearch.com

This release was published on openPR.