Press release
Ferrochrome Market: A Growth Analysis From $9.92 Billion in 2024 to $14.61 Billion in 2029
Ferrochrome Market
What Is The Projected Market Size Of The Global Ferrochrome Market And Its Growth Rate?
The ferrochrome market depicts a promising growth trajectory:
• The market value was $9.92 billion in 2024 and is predicted to escalate to $10.97 billion in 2025, marking a CAGR of 10.5%.
• The growth inducers in this period were stainless steel production, escalating infrastructure and construction activities, expanding automotive industry, global economic growth, and urbanization trends.
• The market is expected to shoot up to $14.61 billion by 2029, with a CAGR of 7.4%.
• The growth factors align with infrastructure investments, evolution of energy infrastructure, rising electric vehicles popularity, and strategic steps in stainless steel production.
What Is Driving The Growth In The Ferrochrome Market?
The ferrochrome market's growth is powered by the surge of the stainless-steel industry. The industry involves stainless steel production and processing, an alloy composed of steel, iron, chromium, and additional metals. With its exceptional corrosion and oxidation resistance and strength, hardness, ductility, and other mechanical properties, ferrochrome finds essential use in stainless steel production. The Geological Survey of the US government reported that the World Steel Association predicts a 1.8% increase in global finished steel consumption in 2023, following a 1.9% hike in 2024. Thus, the expanding stainless-steel industry fuels the ferrochrome market progress.
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Who Are the Key Players Driving Ferrochrome Market Growth?
The ferrochrome market triumphs with the backing of key players such as:
• 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
What Are The Key Trends In The Ferrochrome Market?
Key trends in the ferrochrome market include:
• Focus on ferrochrome recycling
• Ferrochrome integration in renewable energy technologies
• Supply chain resilience and diversification
• Strategic investments in ferrochrome production facilities
• Market response to regulatory changes
What Are The Segments Of The Global Ferrochrome Market?
The global ferrochrome market involves various segments:
• By Product Type: High Carbon, Low Carbon, Other Product Type
• By Production Method: Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
• By Application: Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications
Which Region Leads The Ferrochrome Market?
In 2024, Asia-Pacific led the dominance in the ferrochrome market. However, North America is predicted to be the fastest-growing region during the forecast period. The market report includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Ferrochrome Market Global Market Report?
The Ferrochrome Market Global Market Report encompasses:
- Market Size Analysis: A thorough market size analysis by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects.
- Market Contribution: Evaluate the contributions of different segments to the overall market growth.
- Growth Drivers: Detail key factors influencing market growth, such as opportunities and drivers.
- Industry Challenges: Analyze the challenges and risks affecting the market.
- Competitive Developments: Analyze the competitive developments such as expansions, agreements, and new product launches.
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