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Silico Manganese Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Silico Manganese Market
According to The Business Research Company's, The silico manganese market size has grown strongly in recent years. It will grow from $28.58 billion in 2023 to $31.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to steel industry growth, rising demand for high-performance steel, growing automotive industry, raw material prices, rise in construction and infrastructure projects.
The silico manganese market size is expected to see strong growth in the next few years. It will grow to $44.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to green initiatives, renewable energy infrastructure, electric vehicles (evs) adoption, circular economy practices, global urbanization. Major trends in the forecast period include focus on sustainable alloy production, customization for end-user industries, development of innovative alloy compositions, growing adoption of silico manganese in non-steel applications, technological advancements.
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Market Drivers and Trends:
Rising demand for steel products is expected to propel the growth of the silico manganese market going forward. Steel products are those that are made from iron and metal in factories using various methods and are mixed with alloys such as carbon, zinc, and others. Silico manganese is used to manufacture various types of steel for various uses, such as carbon steel, alloy steel, manganese steel. These uses result in increasing demand for silico manganese in the manufacturing of steel products. For instance, in 2022, according to the world steel association (WSA), a Belgium-based international trade body for the iron and steel industry, steel consumption will increase by 0.4% in 2022, reaching 1840.2 Mt. Steel consumption will increase by 2.2% in 2023, reaching 1 881.4 Mt. Therefore, the rising demand for steel products drives the silico manganese market.
Increasing investments in silico manganese are the key trend gaining popularity in the silico manganese market. Major companies operating in the silico manganese market are focusing on expanding their production facilities by increasing their output and investments in the market. For instance, in August 2022, Arab Alloys, an Egypt-based producer of ferroalloys invested $32.795 million(EGP 1 billion) to establish an industrial complex for ferroalloys in the Suez Canal economic zone (SCZone) to produce 48,000 tonnes of ferrosilicon. It would also make silicon manganese, which is primarily utilized in the iron and steel industries, as well as silicon metal, which is primarily used in the aluminum business. Further, in October 2022, Pertama Ferroalloys (PFA), a Malaysia-based provider of ferroalloys and silico manganese is investing US$600mil (RM2.81bil) on its ferroalloy smelting plant's second phase expansion, which is the first manganese alloy and ferrosilicon smelting plant in Malaysia.
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Major Key Players of the Market:
Anglo American plc; Assmang Proprietary Limited; Brahm Group GmbH; Eramet Group SA; Gulf Ferro Alloys Company; Henan Xibao Metallurgy Materials Group Co. Ltd.; Jindal Steel & Power Limited; Mesa Minerals Limited; Nippon Denko Co. Ltd.; OM Holdings Limited; Pertama Ferroalloys Sdn. Bhd.; Steel Authority of India Limited; Sakura Ferroalloys Co. Ltd.; Tata Steel Limited; Maithan Alloys Ltd.; Nava Bharat Enterprises Ltd.; Rohit Ferro Tech Limited; Sichuan Iron & Steel Group Co. Ltd.; Hunan Valin Steel Group Co. Ltd.; Xingtai Iron & Steel Group Co. Ltd.; Aceromax S.A. de C.V.; Atlantic Nickel Mining Corp.; China Nonferrous Metal Mining Group Co. Ltd.; CPO Global Pte Ltd.; Euro Manganese Inc.; Ferroglobe PLC; Glencore plc; Huadong Magnesium Co. Ltd.; Mangalore Chemicals & Fertilizers Ltd.; Tewoo Group International Co. Ltd.
Silico Manganese Market 2024 Key Insights:
• The silico manganese market will grow to $44.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Rising Demand For Steel Products Drives The Market
• Increasing Investments In Silico Manganese
• Asia-Pacific was the largest region in the silico manganese market in 2023
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