Press release
Rising Demand in Metallurgy Fuels Growth in Ferrosilicon Market
Ferrosilicon Market
In 2021, the global ferrosilicon market was valued at USD 11.3 billion. It is projected to expand at a Compound Annual Growth Rate (CAGR) of 2.5% during the forecast period from 2022 to 2031. By the end of 2031, the market is anticipated to reach approximately USD 15.1 billion. This growth is primarily driven by heightened consumption in the steel and foundry industries.
Rise in demand for steel and metal alloys; and growth in automobile and construction industries are driving the ferrosilicon market. Numerous initiatives are being taken by governments to boost the usage of steel in different industries and reduce carbon footprint. The steel industry is the key downstream user of domestic ferrosilicon. Ferrosilicon is primarily used in steelmaking in steel mills. Corrosion- and abrasion-resistance, high specific gravity, high strength, high magnetism & hardness, and high temperature-resistance are benefits offered by ferrosilicon. Therefore, several companies are investing in the production of ferrosilicon.
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Market Segmentation
By Service Type
Standard Grade Ferrosilicon
High-purity Ferrosilicon
Others
By Sourcing Type
In-house Production
Outsourced Manufacturing
By Application
Deoxidizer in Steelmaking
Inoculant in Cast Iron
Magnesium Production
Semiconductor and Photovoltaic Industries
By Industry Vertical
Construction
Automotive
Energy & Power
Transportation
Aerospace & Defense
Others
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Regional Analysis
Asia-Pacific
Asia-Pacific dominates the global ferrosilicon market, with China leading as the top producer and consumer, driven by its massive steel manufacturing sector. India and South Korea also contribute significantly due to expanding construction and infrastructure projects.
Europe
European nations focus on quality and innovation in steel production, thereby maintaining a stable demand for ferrosilicon. Countries like Germany and Russia remain key contributors.
North America
The U.S. and Canada are witnessing steady growth in steel production, especially for automotive and industrial machinery, supporting demand for ferrosilicon.
Latin America and MEA
These regions show moderate growth, backed by developments in mining, energy infrastructure, and urbanization.
Market Drivers and Challenges
Key Drivers
Rising steel production for construction, automotive, and industrial use.
Demand for cast iron in heavy equipment manufacturing.
Growing use of ferrosilicon in the production of magnesium and other alloys.
Challenges
Volatility in raw material prices.
Environmental regulations restricting emissions in production processes.
Availability of substitutes and recycling practices impacting new demand.
Market Trends
Sustainability Push: Emergence of eco-friendly production methods.
Technological Integration: Improved efficiency in alloying and refining technologies.
Emerging Applications: Increasing use in semiconductors and solar panels.
Future Outlook
The ferrosilicon market is expected to grow steadily as downstream industries like automotive, construction, and energy continue to expand. Technological innovations, especially in electric arc furnace (EAF) steelmaking and low-emission processing, will play a key role in shaping market dynamics.
Key Market Study Points
Forecast CAGR: 2.5% (2022-2031)
2021 Market Value: USD 11.3 billion
2031 Projected Value: USD 15.1 billion
Major Applications: Steelmaking, Cast Iron Production, Magnesium Processing
Leading Region: Asia-Pacific
Competitive Landscape
The market features a mix of global players and regional manufacturers, competing on parameters such as product quality, pricing, and production efficiency. Key players are focused on strategic partnerships, expansion into emerging markets, and sustainable production.
Prominent Companies
Elkem ASA
Ferroglobe PLC
Russian Ferro-Alloys Inc.
China National Blue Star (Group) Co., Ltd.
Finnfjord AS
DMS Powders
Eurasian Resources Group
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Recent Developments
Elkem ASA recently invested in carbon-neutral ferrosilicon production technology to reduce emissions.
Ferroglobe PLC announced expansion in its European operations to cater to automotive-grade ferrosilicon demand.
Asian manufacturers are exploring vertical integration to secure raw material supply and reduce production costs.
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• The global ferrosilicon market is expected to reach a value of US$ 15.1 Bn by the end of 2031
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