Press release
Ferro Manganese Market Meteoric Rise: Unveiling the Astonishing Growth, Demand Dynamics, and Strategic Moves Redefining the Landscape
Ferro Manganese Global Market Report 2024
The Business Research Company offers in-depth market insights through Ferro Manganese Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The ferro manganese market size has grown strongly in recent years. It will grow from $16.01 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to steel industry growth, industrialization and urbanization, global economic trends, automotive manufacturing, mining and extraction activities.
The ferro manganese market size is expected to see steady growth in the next few years. It will grow to $20.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to infrastructure investments, renewable energy projects, urbanization in emerging markets, stricter environmental regulations, fluctuations in raw material prices. Major trends in the forecast period include environmental sustainability practices, fluctuations in raw material prices, market response to global economic trends, investments in research and development, digitalization and industry 40 integration.
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Market Segmentation:
The ferro manganese market covered in this report is segmented -
1) By Production Methods: Alloy Steel, Carbon Steel, Cast Iron, Stainless Steel
2) By Grade: High Carbon FeMn, Medium Carbon FeMn, Low Carbon FeMn
3) By Sales Channels: Distributor, Direct Sales
4) By Applications: Alloying Element Additive, Casting, Deoxidizer, Desulfurizer, Welding
5) By End Users: Chemical Industry, Metallurgy, Steel Industry
Major Driver - Rising Stainless Steel Demand Propels The Ferro-Manganese Market Forward
The increasing demand for stainless steel is expected to propel the growth of the ferro-manganese market going forward. Stainless steel is a steel alloy that is a general term for a class of corrosion-resistant alloy steels containing 10.5% chromium or higher. Ferro manganese is primarily utilized in the manufacturing of silicon manganese for flattened steel, titanium-rich steel, and stainless-steel products. Hence, the increasing demand for stainless steel across various industries, including construction, automotive, and consumer goods, is expected to propel the growth of the ferromanganese market. For instance, in April 2023, according to Arab Iron and Steel Union Highlights, an Egypt-based intergovernmental organization, world stainless steel output climbed to 56.3 million metric tons in 2021. Furthermore, global stainless-steel output climbed by 8.6% in the fourth quarter of 2022 compared to the previous quarter, reaching 13.71 million tons. Therefore, the increasing demand for stainless steel is driving the growth of the ferro-manganese market.
Competitive Landscape:
Major companies operating in the ferro manganese market report are Tata Steel Limited, Vale SA, Eramet Group, Eurasian Resources Group Sàrl, Ferroglobe plc, Manganese Metal Company Ltd., Compania Minera Autlan S.A.B. De C.V., Anglo American plc, Consolidated Minerals Limited., MOIL Limited., Maithan Alloys Limited., Mizushima Ferroalloy Co. Ltd., Glencore plc, JFE Mineral & Alloy Company, Maringa Ferro-liga S.A., Monnet Group, Gulf Manganese Corporation Limited, China Minmetals Group Co. Ltd, Indian Metals and Ferro Alloys Limited, Sheng Yan Group, Tsingshan Holding Group, Jiangsu Delong Nickel Industry, Rohit Ferro-Tech Limited, Shyam Ferro Alloys Limited, Visa Steel Limited, Adhunik Metaliks Limited, Shree Bajrang Alloys Limited, Sarda Energy & Minerals Limited, Ehui Group Co. Ltd., Wacker Chemie AG
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Top Trend - Lithium Ferro Manganese Phosphate Batteries Transforming The Ferro-Manganese Market
Technological advancements are a key trend gaining popularity in the ferromanganese market. Companies operating in the ferromanganese market are adopting new technologies to sustain their position in the market. For instance, in August 2022, Nio Inc., a Chinese automobile manufacturer, is developing 4680 lithium ferro manganese phosphate batteries. NIO also works on a low-cost lithium ferromanganese phosphate battery and the high-performance 4680 battery. Lithium ferro manganese phosphate batteries have a 15%-20% better energy density than lithium iron phosphate batteries while costing the same.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ferro Manganese Market Characteristics
3. Ferro Manganese Market Trends And Strategies
4. Ferro Manganese Market - Macro Economic Scenario
5. Ferro Manganese Market Size And Growth
…..
27. Ferro Manganese Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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