Press release
Silico Manganese Market Poised for 10 % Growth, Set to Hit $48.23 Billion by 2029
Silico Manganese Market Outlook
The projection of growth in the silico manganese market is directly related to the increasing demand for steel products. Steel products, made from iron and metal and mixed with alloys such as carbon, zinc, and more in factory settings, use silico manganese in their production. It helps in the manufacturing of different types of steel, including carbon steel, alloy steel, and manganese steel, which leads to its burgeoning demand. According to the world steel association (WSA), a Belgium-based trade body for iron and steel industries, there is a forecasted rise in steel consumption by 0.4% in 2022, reaching 1840.2 Mt. By 2023, it is predicted to increase further by 2.2%, reaching 1881.4 Mt. This escalating demand for steel products is what propels the silico manganese market.
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What growth opportunities are expected to drive the silico manganese market's CAGR through 2034?
In recent times, there has been a significant expansion in the silico manganese market size. The market is projected to increase from $30.81 billion in 2024 to $33.52 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.8%. The growth observed during the historic period is influenced by the expansion of the steel industry, increased demand for high-quality steel, the growth of the automobile industry, fluctuations in raw material costs, and a surge in construction and infrastructure initiatives.
In the coming years, the silico manganese market is anticipated to experience robust growth, expanding to a size of $48.23 billion by 2029 with a compound annual growth rate (CAGR) of 9.5%. This upswing during the projection period can be associated with the increase in green initiatives, the development of renewable energy infrastructure, the surge in electric vehicles (EVs) usage, the implementation of circular economy strategies, and global urbanisation. The forecast period is characterised by a focus on sustainable alloy manufacturing, bespoke solutions for specific industries, the creation of innovative alloy recipes, the growing usage of silico manganese in non-steel applications, and advancements in technology.
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What are the emerging trends shaping the future of the silico manganese market?
A key emerging trend in the silico manganese market is the escalating investment. Major players within this market are strategizing to expand their production capacities by enhancing their investment. A case in point is the August 2022 investment of $32.795 million (EGP 1 billion) by Arab Alloys, a company based in Egypt known for producing ferroalloys. They have decided to develop an industrial complex for ferroalloys in the Suez Canal economic zone (SCZone) with the goal of producing 48,000 tons of ferrosilicon. In addition to ferrosilicon, the complex is also designed to produce silicon manganese, which has wide use in the iron and steel industries, and silicon metal, a crucial element in the aluminum industry. Moreover, Pertama Ferroalloys (PFA), a Malaysian ferroalloys and silico manganese provider, revealed its plans in October 2022 to invest US$600mil (RM2.81bil) in the second phase expansion of its ferroalloy smelting plant, marking it as the first of its kind in Malaysia creating manganese alloy and ferrosilicon.
Which growth-oriented segments of the silico manganese market are leading the industry's development?
The silico manganese market covered in this report is segmented -
1) By Product: Low Carbon, Medium Carbon, High Carbon
2) By Application: Carbon Steel, Stainless Steel, Alloy Steel, Cast Iron, Other Applications
3) By End Users: Defense, Automotive, Consumer Appliances, Construction
Subsegments:
1) By Low Carbon: Low-Carbon Grade, Medium-Low Carbon Grade
2) By Medium Carbon: Medium-Carbon Grade, High-Medium Carbon Grade
3) By High Carbon: High-Carbon Grade, Extra-High Carbon Grade
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What regions are leading the charge in the silico manganese market?
Asia-Pacific was the largest region in the silico manganese market in 2024. The regions covered in the silico manganese market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the silico manganese market?
Major companies operating in the silico manganese market include Anglo American plc, Assmang Proprietary Limited, Eramet Group SA, Gulf Ferro Alloys Company, Henan Xibao Metallurgy Materials Group Co. Ltd., Jindal Steel & Power 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., China Nonferrous Metal Mining Group Co. Ltd., Euro Manganese Inc., Ferroglobe PLC, Glencore plc, Tewoo Group International Co. Ltd.
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What Is Covered In The Silico Manganese Global Market Report?
• Market Size Forecast: Examine the silico manganese market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the silico manganese market for a structured understanding.
• Key Players Overview: Analyze major players in the silico manganese market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the silico manganese market.
• Segment Contributions: Evaluate how different segments drive overall growth in the silico manganese market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the silico manganese market.
• Industry Challenges: Identify potential risks and obstacles affecting the silico manganese market.
• Competitive Landscape: Review strategic developments in the silico manganese market, including expansions, agreements, and new product launches.
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