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Expanding Stainless-Steel Industry Boosts Growth In The Ferrochrome Market Driver: Leading Transformation in the Ferrochrome Market in 2025
Ferrochrome Market Driver
The surge in the stainless-steel sector is predicted to fuel the ferrochrome market's advancement. The stainless-steel sector denotes the industry concerned with the manufacturing and handling of stainless steel, an eco-friendly and passive alloy comprising steel, iron, chromium, and various other metals. Ferrochrome, an alloy fusing chromium and iron, is routinely employed in stainless steel production due to its superior resistance to corrosion and oxidation, and it provides strength, hardness, ductility, along with other mechanical attributes. For example, the Geological Survey, a government department in the US, informed in January 2024 that The World Steel Association has projected a 1.8% growth in worldwide finished steel consumption in 2023, trailed by a 1.9% surge in 2024. As a result, the burgeoning stainless-steel sector is propelling the ferrochrome market.
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What Is the projected market size and growth rate for the ferrochrome market?
Recently, there has been a significant surge in the size of the ferrochrome market. It is projected to increment from a value of $9.92 billion in 2024 to reach $10.97 billion in 2025, symbolizing a compound annual growth rate (CAGR) of 10.5%. The historic expansion of this market is attributed to several drivers, including the rise in stainless steel manufacturing, the upswing in infrastructure and building operations, enhancement in the automobile industry, worldwide economic advancement, and ongoing urbanization trends.
In the forthcoming years, ferrochrome market is anticipated to witness robust growth, reaching a monumental $14.61 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. This rise in the projected period can be linked to reinstated investments in infrastructure, advancements in energy infrastructure, increased acceptance of electric vehicles, and strategic steps towards ramping up stainless steel production. Key trends for the forecast period comprise of an emphasis on ferrochrome recycling, incorporation of ferrochrome into renewable energy solutions, fortification and diversification of the supply chain, strategic funding in ferrochrome production units, as well as market reaction to regulatory modifications.
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What are the most significant trends transforming the ferrochrome market today?
The emerging trend in the ferrochrome market revolves around strategic collaborations. Leading companies within the ferrochrome market are establishing strategic partnerships to bolster their market share. For instance, In September 2022, SAL STEEL LTD, a manufacturer of ferrochrome, ferroalloys, and steel based in India, entered into a three-year procurement agreement with AIA Engineering. This $15.1 million deal for unlimited ferrochrome supplies is intended to settle the company's loans and address operational costs. AIA Engineering, an Indian firm, is known for its design, manufacturing, and installation of high-chromium, abrasion, and corrosion-resistant components.
What major market segments define the scope and growth of the ferrochrome market?
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
Subsegments:
1) By High Carbon: Standard High Carbon Ferrochrome, High Carbon Ferrochrome
2) By Low Carbon: Low Carbon Ferrochrome, Very Low Carbon Ferrochrome
3) By Other Product Types: Micro Carbon Ferrochrome, High Purity Ferrochrome
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Which region dominates the ferrochrome market?
Asia-Pacific was the largest region in the ferrochrome market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the ferrochrome industry growth?
Major companies operating in the ferrochrome market include 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
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What Is Covered In The Ferrochrome Global Market Report?
• Market Size Forecast: Examine the ferrochrome market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ferrochrome market for a structured understanding.
• Key Players Overview: Analyze major players in the ferrochrome market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ferrochrome market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ferrochrome market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ferrochrome market.
• Industry Challenges: Identify potential risks and obstacles affecting the ferrochrome market.
• Competitive Landscape: Review strategic developments in the ferrochrome market, including expansions, agreements, and new product launches.
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