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Global Ferroalloy Market: Ferromanganese Gains Dominant Share, Market to Register 5.40% CAGR : 2020
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Ferroalloys are used as one of the major raw materials in the manufacture of steel, as they impart distinctive qualities to the finished product. In addition, ferroalloys are used for desulfurizing, deoxidizing, and reinforcing purposes to remove impurities that are present in iron ores, which are subsequently used in the manufacture of steel. Thus, development of the steel industry will impact the growth of the overall ferroalloy market positively, say TMR analysts. In particular, the expanding construction sector in BRICS countries that depends heavily on steel to carry out mega-construction projects, will accentuate growth of the ferroalloy market.
However, the high operational cost of ferroalloys, combined with stringent regulations for ferroalloys, is challenging the growth of this market. Using novel raw materials, the development of strong and lightweight steel is bolstering demand for steel manufactured for some specific industries. This will benefit the ferroalloys market in the forecast period.The global ferroalloys market is segmented on the basis of product and geography. Amongst all the ferroalloy products, ferromanganese is produced and consumed on a large scale in a few industries. In terms of volume, the ferromanganese product segment accounted for over 37% of the overall ferroalloy market in 2013.
However, ferrochrome will exhibit increasing demand in the coming years due to rising demand for anticorrosive steel from the automobile industry. Other than these, ferrosilicon is mainly used as an alloying and deoxidizing agent in the manufacture of steel.The report states that among the regional segments, China registered the largest consumption of ferroalloys in 2013. In China, the presence of a large number of steel manufacturing plants that have high production capacity will account for the large demand for ferroalloys in China. As such, the volume growth of the China ferroalloys market will be at a CAGR of 4.60% from 2014 to 2020.
Europe trails China in the demand for ferroalloy, due to the presence of a large number of automobile industries that heavily depend on steel in the manufacture of the chassis of vehicles. The Rest of Asia Pacific regional segment will exhibit substantial demand for ferroalloys due to the high number of construction activities in India and Japan. The regional segments of North America and Rest of the World will exhibit sluggish growth in the ferroalloys market during the forecast period.The report mentions some of the major companies operating in the global ferroalloys market, namely Eurasian Natural Resources Corporation PLC, S.C. Feral S.R.L., and Sinosteel Jilin Ferroalloy Corporation.
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The ferroalloy market is segmented as follows:
Ferroalloy Market - Product Segment Analysis
Ferrochrome
Ferromanganese
Ferrosilicon
Others (Ferrotungsten, ferronickel, ferroboron, etc.)
Ferroalloy Market - Regional Analysis
North America
Europe
China
Rest of Asia Pacific
Rest of the World
About TMR
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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