GVR Report cover Ferroalloys Market Size, Share & Trends Report

Ferroalloys Market Size, Share & Trends Analysis Report By Product (Ferrochrome, Ferromanganese), By Application (Carbon & Low Alloy Steel, Stainless Steel), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-836-7
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 140

Report Overview

The global ferroalloys market size was valued at USD 42.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. Incessant production of steel around the world is projected to benefit market growth. Ferroalloys are a group of materials consisting of iron and different alloying elements which are normally used for the production of steel. Ferroalloys are used in steelmaking to improve the specific properties of steel products. The properties such as fatigue strength, tensile strength, corrosion resistance, and ductility are improved through the addition of ferroalloys.

U.S. ferroalloys market size, by product, 2018 - 2028 (USD Billion)

The U.S. market for ferroalloys is supported by the expansion of the steel sector in the country. For instance, in September 2021, United States Steel Corporation has announced an investment of USD 3.0 billion for the construction of a mini-mill for flat steel production. The mill is likely to have 2 modern electric arc furnaces and is likely to produce sustainable steel solutions such as Advanced High Strength Steel (AHSS).

Similarly, Nucor Steel has started constructing a steel plant in Brandenburg, Kentucky. This boom in the U.S. steel industry is mainly benefited by steel tariffs imposed by Trump Administration. In 2018, the Trump government imposed steel tariffs under section 232 of U.S. trade law. The government is focused to improve steel supply for industries such as infrastructure, armaments, and advanced military equipment.

In the recent past, steel companies have started investing in the country to explore the opportunities in the country. Companies like Ak Steel, CMC, Steel Dynamics, and Cleveland-Cliffs have invested huge amounts in 16 major projects across the nation. Most of the projects will use the electric arc furnace method to produce the steel. Thus, the expansion of the steel industry in the U.S. is likely to attract significant steel demand over the coming years.

Product Insights

The ferromanganese segment accounted for a share of over 17.0% in 2020, in terms of volume in the market for ferroalloys. Ferromanganese finds primary application in steelmaking and foundry industries. The key driver for the demand for ferromanganese in steelmaking is its use as desulphurizing agent owing to properties such as sulfide and deoxidant former. Manganese combines with sulfur to avoid the formation of iron sulfide, which can result in cracking.

Silicomanganese is a ferroalloy containing 65 to 68% of manganese, 1.5 to 2% of carbon, and 16 to 21% of silicon and is manufactured using smelting of slag from high carbon ferromanganese. It also has a smaller quantity of elements such as sulfur, phosphorous, and carbon. Silicomanganese is used to add both manganese and silicon as ladle addition during steelmaking owing to its lower carbon content.

The ferrosilicon segment is projected to witness a CAGR of 7.7% from 2021 to 2028 in terms of revenue. It is used to reduce the metals from their oxides such as the deoxidization of steel. It also provides corrosion resistance, improves the quality and strength of iron and steel products. Ferrosilicon is used in the manufacturing of stainless steel, alloy steel, carbon steel, electrical steel, and cast irons.

Application Insights

The stainless steel segment dominated the market and accounted for the largest revenue share of over 32.0% in 2020. The segment is projected to witness a lucrative CAGR over the forecast period. As per The International Stainless Steel Forum (ISSF), China was the largest stainless steel producing country with a share of around 59% in 2020. The production in the country witnessed an increase of in 2020 2.5% from 2019. While on a global level stainless steel production witnessed a y-o-y decline of 2.5% in 2020 to reach 50.9 million.

Cast iron is projected to remain the fastest-growing segment in the market over the forecast period. Cast iron is a ferrous alloy with a small percentage of manganese, chromium, nickel, tungsten, and molybdenum among others. Advantages such as the low cost involved in the production of parts, good casting properties, higher compression strength, durability, and resistance to deformation are projected to contribute to the growth of the segment.

Global ferroalloys market share, by application, 2020 (%)

Applications of cast iron include pipes in the oil and gas industry; machinery and equipment parts; automotive components such as disk brake rotors, gearbox cases, flywheels, combustion engine cylinder blocks, and manifolds; household utensils and pots; shipbuilding components; flanges; fittings and pump impellers among others.

Regional Insights

Asia Pacific held the highest volume share of around 77.0% in the market in 2020. The growth of the region is attributed to high volume steel and cast iron production in the region. Out of the top ten steel-producing countries in the world, four are based out of Asia Pacific. As per the World Steel Association, these 4 countries accounted for a share of around 70% in 2020.

Europe was the second-largest region in the ferroalloys market in 2020, in terms of volume. European Union countries play a significant role in the global steel demand owing to the large production of industrial components and parts in these countries. Europe is characterized by the presence of a large number of automakers and auto component manufacturers in Germany and the massive aerospace manufacturing sector in France.

Middle East and Africa accounted for a smaller share in terms of volume in 2020 in the market; however, is projected to depict lucrative growth over the coming years. As per World Steel Association, Saudi Arabia ranked at the 27th position globally for crude steel production. Saudi Arabia produced about 7.8 million tons in 2020, compared to 8.2 million tons in 2019. This is attributed to the COVID-19 pandemic, which created a sizable impact on the country, wherein ferroalloys demand witnessed a significant fall.

Key Companies & Market Share Insights

The market is competitive in nature and is likely to observe new investments from existing large players over the coming years. For instance, Zimasco, a subsidiary of Sinosteel Corporation has announced an investment of USD 35.0 million for ferrochrome production capacity addition. A new project is likely to start at the Kwekwe ferrochrome smelting complex with an additional capacity of 72 kilotons per year. Rising production capacities to meet the steel production are projected to increase the competition in the market. In April 2021, Tata Steel Mining (TSML) has confirmed its plans to double its ferrochrome capacity to 9 lakh tons per annum in India. TSML has already become the largest chrome ore mining company in India after the acquisition of Karmada, Saruabli, and Sukinda mines. Some of the prominent players in the ferroalloys market include:

  • Glencore

  • Samancore Chrome

  • Shanghai Shenjia Ferroalloys Co. Ltd

  • Ferro Alloys Corporation Limited.

  • S.C. Feral S.R.L

  • Tata Steel Limited - Ferro Alloys & Minerals Division

  • Arcelor Mittal

  • China Minmetals

  • SAIL

  • Jindal Group

Ferroalloys Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 45.3 billion

Revenue forecast in 2028

USD 73.9 billion

Growth rate

CAGR of 7.1% from 2021 to 2028

Market size volume in 2021

41,931 kilotons

Volume forecast in 2028

62,172.3 kilotons

Growth rate

CAGR of 5.6 % from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional Scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Russia; Turkey; Italy; China; India; Japan; Brazil; GCC

Key companies profiled

Jindal Group; Glencore; Samancore Chrome; Shanghai Shenjia Ferroalloys Co. Ltd.; Ferro Alloys Corporation Limited;        S.C. Feral S.R.L; China Minmetals; S.C. Feral S.R.L; China Minmetals

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options.


Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global ferroalloys market report on the basis of product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Ferrochrome

    • Ferromanganese

    • Ferro Silico Manganese

    • Ferrosilicon

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Carbon & Low Alloy steel

    • Stainless Steel

    • Alloy Steel

    • Cast Iron

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K.

      • Italy

      • Russia

      • Turkey

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • GCC

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.