Press release
Ferrochrome Market Size, Trends, Share Analysis By 2024-2033
Ferrochrome Market
The Business Research Company presents an extensive market research report on the Ferrochrome Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The ferrochrome market size has grown rapidly in recent years. It will grow from $8.85 billion in 2023 to $9.81 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to growth in stainless steel production, rise in infrastructure and construction activities, expanding automotive industry, global economic growth, urbanization trends..
The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to renewed infrastructure investments, evolution of energy infrastructure, rising popularity of electric vehicles, strategic initiatives in stainless steel production.. Major trends in the forecast period include focus on ferrochrome recycling, integration of ferrochrome in renewable energy technologies, supply chain resilience and diversification, strategic investments in ferrochrome production facilities, market response to regulatory changes..
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Key Market Players:
Major companies operating in the ferrochrome market report are Glencore PLC., Nippon Steel Corporation, United States Steel Corporation., Outokumpu, Mitsubishi Corporation, Jindal Steel & Power Ltd., Tata Steel Mining Limited., Sinosteel Corporation, Eurasian Resources Group S.à r.l., TNC KAZCHROME JSC, China Baowu Steel Group Corp Ltd., Tharisa PLC., Balasore Alloys Limited, Assmang Limited, Singhania International Limited, Samancor Chrome Ltd., Indian Metals & Ferro Alloys Ltd. (IMFA), Visa Steel Ltd., Fushan Ferroalloy Group, Mintal Group, Westbrook Resources Ltd., Minmat Ferro Alloys Private Limited, Afarak Group, Kermas Group, International Ferro Metals, Mtc Business Private Limited
Market Drivers:
The expanding stainless-steel industry is expected to propel the growth of the ferrochrome market going forward. The stainless-steel industry refers to the sector that produces and processes stainless steel, which is an environmentally neutral and inert alloy of steel, iron, chromium, and other metals. Ferrochrome, a chromium-iron alloy, is commonly used in the production of stainless steel for its excellent corrosion and oxidation resistance and offers strength, hardness, ductility, and other mechanical properties. For instance, in December 2021, according to International Stainless-Steel Forum (ISSF), a Belgium-based non-profit research organization for the stainless industry, stainless steel melt shop production climbed by 16.9% year on year to 43.0 million metric tons in the first nine months of 2021. Therefore, the expanding stainless-steel industry is driving the ferrochrome market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/ferrochrome-global-market-report
The ferrochrome market covered in this report is segmented -
1) By Product Type: High Carbon, Low Carbon, Other Product Type
2) By Production Method: Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
3) By Application: Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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