Press release
Silico Manganese Market Anticipated To Witness Robust Growth, Surpassing $48.23 Billion By 2029
Silico Manganese
How Big Is the Silico Manganese Market Size Expected to Be by 2034?
The market of silico manganese has experienced a robust expansion in the recent past. The projections show an increase from $30.81 billion in 2024 to $33.52 billion in 2025, with an annual compound growth rate of 8.8%. The upturn during the historic era can be ascribed to various factors such as the development of the steel industry, escalating requirement for high-performance steel, the expanding automotive sector, raw materials' pricing, and the surge in construction and infrastructure projects.
Anticipation is building for a robust expansion of the silico manganese market in the upcoming years. Projections reveal that the market could reach $48.23 billion in value by 2029, with a compound annual growth rate (CAGR) of 9.5%. This projected expansion for the period is credited to green initiatives, the adoption of renewable energy infrastructure, the increasing popularity of electric vehicles (EVs), the rise of circular economic strategies, and global urbanization. The forecast period is set to witness trends such as an emphasis on sustainable alloy production, customization tailored to specific industry needs, innovation in alloy compositions, an increase in the usage of silico manganese beyond steel applications, and advancements in technology.
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How Are Emerging Segments Shaping the Silico Manganese Market Landscape?
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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Which Growth Factors Are Influencing Silico Manganese Market Expansion?
The anticipated boost in the silico manganese market is attributable to the escalating demand for steel products. The production of steel products involves the fusion of iron and metal through various methods in industrial settings, with additional alloy inclusion, such as carbon and zinc. Silico manganese plays a crucial role in creating different forms of steel, including carbon steel, alloy steel, and manganese steel, for diverse applications. The manufacturing of these steel products in turn prompts a surge in the demand for silico manganese. For instance, the world steel association (WSA), a globally recognized iron and steel trade body based in Belgium, predicted a 0.4% increase in steel consumption reaching 1840.2 Mt in 2022. Furthermore, a 2.2% growth, equivalent to 1 881.4 Mt, is expected in 2023. Thus, the burgeoning demand for steel products is a significant factor propelling the silico manganese market.
Who Are the Dominant Players Across Different Silico Manganese Market Segments?
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.
What Are the Latest Developing Trends in the Silico Manganese Market?
The silico manganese market is observing a noticeable trend in the form of escalated investments. Major market players are concentrating on broadening their production facilities by amplifying their output and capital in the market, enhancing the popularity of this trend. For instance, in August 2022, Arab Alloys, a ferroalloys producer based in Egypt, put forth an investment of $32.795 million (EGP 1 billion) to lay the groundwork for a ferroalloys industrial complex within the Suez Canal economic zone (SCZone), with an annual production capacity of 48,000 tons of ferrosilicon. The complex would also produce silicon manganese, mainly used in the iron and steel sectors, in addition to silicon metal, typically used in the aluminum industry. In a similar move, in October 2022, Pertama Ferroalloys (PFA), a Malaysian supplier of ferroalloys and silico manganese, allocated US$600mil (RM2.81bil) to the second phase expansion of its ferroalloy smelting plant, marking it as Malaysia's premier manganese alloy and ferrosilicon smelting plant.
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Which Geographic Regions Are Expected to Dominate the Silico Manganese Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Silico Manganese Market?
2. What is the CAGR expected in the Silico Manganese Market?
3. What Are the Key Innovations Transforming the Silico Manganese Industry?
4. Which Region Is Leading the Silico Manganese Market?
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