Ferroalloy Market Global Trends 2016 to 2024, Future Growth & Industry Drivers

The rapidly growing automotive sector is expected to act as a major catalyst for the expansion of Ferroalloy Market. Iron alloys are extensively used to manufacture various grades of steel such as stainless steel, carbon steel, alloy steel, and tool steel. The rising demand for steel in various end-use sectors such as automotive and chemicals and the high abundancy of iron ore are anticipated to be major drivers for ferroalloy industry. As per estimates, global ferroalloy market size will cross USD 65 billion by 2024, growing at a CAGR of 6% over 2016-2024.

Global Market Insights has a new study based report titled " Ferroalloy Market Size By Product (Ferrochrome, Ferromanganese, Ferrosilicon), By Application (Carbon Steel, Alloy Steel, Stainless Steel), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024".

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Ferroalloys are heavily used in the production of steel. Global steel market was worth more than 1.5 billion tons in 2015, in terms of volume, and is expected to register a growth rate of 5% over 2016-2024. The surging demand for steel in medical & chemical equipment and automotive parts will inevitably lead to a massive demand for ferroalloy industry. Ferrochrome alloy, especially, is one of the most extensively used products in the manufacturing process of stainless steel. These alloys, with varied quantities of chromium are used to impart the features such as rust endurance that enhances the physical properties of stainless steel, segmenting their global demand, and thereby providing a positive impetus to ferroalloy market. Pertaining to its heavy end-use spectrum, ferrochrome held more than 33% of the overall ferroalloy market in 2015 and is slated to experience a growth rate of nearly 6% over 2016-2024.

The report offers all-inclusive analysis of:

1 Market structure
2 Factors restraining market growth
3 Market growth drivers
4 Opportunities and challenges
5 Market estimations and forecast for projected period

The application array of ferroalloy industry is inherently distinct. These alloys find applications in the production of stainless steel, alloy steel, and carbon steel. Stainless steel, among these, is one of the most widely used alloys and finds applications in architectural design, automotive parts, food and beverage containers, household products and utensils, bolts, nuts, & screws, and underground and underwater pipelines. Stainless steel held more than 75% of the overall ferroalloy market in 2015 and is anticipated to experience a CAGR of 6% over 2016-2024.

The Ferroalloy Market Report Consists of,

1. Methodology and Scope
2. Executive Summary
3. Ferroalloy Market Industry Insights

3.1 Industry segmentation
3.2. Industry size, forecast and growth expectations, 2016 - 2024
3.3. Industry ecosystem analysis
3.4. Raw material insights
3.5. Technology insights

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3.6. Regulatory framework
3.7. Industry dynamics
3.8. Key growth opportunities
3.9. Porter's analysis
3.10. Company market share, 2015
3.11. PESTEL analysis
3.14. Regional price trends

4. Ferroalloy Market Product Insights

Ferroalloy market product segment has been divided into ferromanganese, ferrochrome, ferrosilicon, and other alloys. Ferromanganese alloys is one of the most cost efficient product segment used in foundry industries to enhance the physical properties. This segment was valued at over USD 15 billion in 2015, and will likely grow at over 6% CAGR in the forecast timeframe. Easy availability of the product along with low price will signify the product demand in the upcoming years.

Ferrochrome alloys with different quantities of chromium is extensively used for providing stainless features to the steel by making them rust proof and enhancing their physical properties. High and escalating demand for stainless steel in automobile parts, medical and chemical equipment, household utensils, etc. will boost the product demand in the coming years. Ferrochrome product segment was worth more than a third of the global ferroalloy market in 2015 and will witness growth at close to 6% CAGR up to 2024.

5. Ferroalloy Market Application Insights

Ferroalloy market application segment has been categorized into alloy steel, carbon steel, stainless steel, and others. Stainless steel has a wide range of application including household products and utensils, architectural designs, automobiles, underground and underwater pipelines, food and beverage containers, as well as accessories such as bolts, screws, etc. This segment accounted for over three quarters of the overall ferroalloy market in 2015, and will witness a significant growth owing to the increasing demand in various end-user industries.

Carbon steel is an iron alloy with different quantities of carbon content in order to control its hardness and brittleness. These products have superior structural value owing to their mechanical properties and find extensive application in construction of buildings and infrastructures, as well as in the manufacturing of steel wires and springs because of its elastic properties. Ferroalloy market for carbon steel segment was valued at over USD 900 million in 2015, and will likely grow at a decent rate in the forecast span.

6. Ferroalloy Market Regional Insights

Asia Pacific, driven by the heavy industrialization and constructional activities in China and India, accounted for a noteworthy share of the global ferroalloy market in 2015. In 2015, the region recorded over USD 25 billion and will grow at over 6% CAGR in the coming years. Rising automobile and shipbuilding industries in the region along with high infrastructural developments will catalyze the overall ferroalloy market demand throughout the forecast span.

Europe accounted for more than a fifth of the overall ferroalloy market size in 2015 owing to the industrial population in Germany, UK, France, and eastern European countries. The region will have a steady growth at more than 5% CAGR in the forecast period owing to the prevalence of several automobile manufacturing companies.

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7. Competitor Profiles

Ferroalloy market competitive landscape is highly fragmented with the presence of a large number of large, medium and small scale manufacturing companies. The top five market players including Eurasian Natural Resources Corp., Sinosteel Jilin, S.C. Feral, China Minmetals, and Shanghai Shenjia accounted for less than a tenth of the overall ferroalloy market size in 2015.

Other important manufacturing companies include ArcelorMittal, Jindal Group, Ferro Alloys Corporation, Tata Steel, OM Holdings, Nikopol, Georgian American Alloys, LEMETCO GmbH, MidUral Group, Sakura, and Pertama Ferroalloys. The companies undertake different technological partnerships, strategic acquisitions and mergers in order to maintain the market position.

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