Ferroalloys Market is Forecasted to Reach US$ 74.41 Billion in 2028, Says Stratview Research

The global ferroalloys market is projected to witness a growth rate of 7.2% annually from 2023 to 2028 with an anticipated size of US$ 74.41 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global ferroalloys market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 74.41 billion
Growth (CAGR): 7.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Ferroalloys Market:

The global ferroalloys market is segmented based on product type, end-use industry type, application type, and region.

Based on product type - The market is segmented as ferrochrome, ferromanganese, ferro silicomanganese, ferrosilicon, and others. The ferrochrome segment held the largest share of the market in 2022 in terms of value, whereas Ferro silicomanganese was the dominant segment in terms of volume in 2022. The Ferro silicomanganese is also expected to register the fastest growth during the forecast period in terms of value as well as volume. Ferrochrome is a primary raw material for stainless steel manufacturing, as it provides aesthetic appearance and corrosion resistance to it. The increasing usage of ferrochrome for manufacturing various car components such as sprocket assemblies, rods, couplings, and crankshafts further creates healthy growth opportunities for the segment shortly.

Based on application type - The ferroalloys market is segmented as carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. The carbon & low alloy segment held the largest share of the market in 2022, whereas the cast iron segment is likely to witness the fastest growth during the forecast period in terms of value. Rising demand for carbon steel from the construction industry along with rapid urbanization leading to increasing investments in infrastructure, especially in the developing economies is the prime factor for the carbon & low alloy segment's growth in the market.

To know the most attractive segments, click here:
https://stratviewresearch.com/1167/ferroalloys-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is estimated to be the largest market during the forecast period in terms of value. This growth outlook is majorly attributed to the following-

• China, India, and Japan being the countries with lucrative growth opportunities.
• The growth of the region's market is mainly driven by the rapidly increasing steel production and rising demand for steel for construction activities in the region. Further, macroeconomic trends such as an increase in disposable income and growing industrialization are some of the major drivers for the Asia-Pacific's ferroalloy market, creating lucrative opportunities for ferroalloy manufacturers in the region.

Ferroalloys Market Drivers:

Some of the key drivers listed in the report are given below.

• Increasing steel production across the world is the prime factor that is contributing to the demand for ferroalloys.
• The increasing application of steel in various industries such as construction, shipbuilding, and automotive is driving the ferroalloys market growth.
• Rising construction and infrastructure activities in emerging economies such as India and China in the Asia-Pacific region.

Top Companies in the Ferroalloys Market:

Stratview Research has identified the following companies as the top market players.
• Jindal Steel and Power Limited
• Glencore plc
• Samancore Chrome
• Shanghai Shenjia Ferroalloys Co. Ltd
• Ferro Alloys Corporation Limited
• S.C. Feral S.R.L
• Tata Steel Limited
• ArcelorMittal S.A.
• China Minmetals Corporation
• Steel Authority of India Limited.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Ferroalloys Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Ferromanganese Market: https://stratviewresearch.com/2113/Ferromanganese-Market.html
• Manganese Market: https://stratviewresearch.com/2660/manganese-market.html

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This release was published on openPR.