Press release
Ferrochromium Market Projected to Witness a Double-Digit CAGR During 2022
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Ferrochromium is having its maximum share of consumption in steel industry and due to the ever increasing construction and demand of steel the global ferrochromium market is forecasted to flourish. In order to get a continuous supply of raw material for ferrochrome, China has established its operations in the countries like Turkey, South Africa, Philippines and Zimbabwe which would boost the global ferrochromium market in future. Due to the favourable conditions like lower electricity price and lower labour cost in upcoming markets like China, the production cost reduces comparatively. This will boost the production of ferrochrome to suffice its increasing demand and will contribute in global ferrochromium market.
The global ferrochromium market can get hampered because of the increase in the export tax and fixed export quotas imposed by South Africa on chrome ore, owing to the concern of losing ferrochromium market to China. South Africa is having a significant market share in global ferrochromium market but there are concerns of power supply and higher production cost which would lead to the closure of small competitors and is estimated to slowdown the global ferrochromium market.
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The global ferrochromium market can be divided into five regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Asia Pacific is having the maximum market share in global ferrochromium market, China and India are the countries having an excellent steel market, so these countries are significant in the consumption of ferrochrome. China is expanding its capacity to import chrome ore for the production of ferrochrome from the countries like South Africa, Turkey, Zimbabwe. Middle East and Africa are also marking a significant growth in the global ferrochromium market, Especially South Africa is having plenty of chromite resources for the production of ferrochrome. Europe is an emerging market in the field of ferrochrome and is anticipated to have a considerable market in future due to the flourishing automobile sector in the region. North America and Latin America is at a nascent stage in the global ferrochromium market.
Some of the key players in global ferrochromium market are, Nava Bharat Ventures Limited, VISA STEEL, Balasore Alloys Limited, Aarti Steels Ltd, SR Group, Vyankatesh Metals & Alloys Pvt. Ltd
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