GVR Report cover Ferrosilicon Market Size, Share & Trends Report

Ferrosilicon Market Size, Share & Trends Analysis Report By Application (Deoxidizer, Inoculants), By End-use (Stainless Steel, Cast Iron), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-791-9
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global ferrosilicon market size was valued at USD 11.25 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. The growth is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant.

U.S. Ferrosilicon Market size and growth rate, 2023 - 2030

The U.S. is one of the largest steel producers in the world. Its production reached 86.0 million tons in 2021, up by 18.3% from 2020. The rise in production was attributed to increasing investments toward infrastructural developments, supporting steel demand in the country. For instance, in 2021, the U.S. President signed the Infrastructure and Jobs Act, which allocated USD 550 billion for improving the infrastructure of roads, airports, ports, and freight rails. However, in 2022, production declined by 5.9%.

The growing investments in the infrastructure have increased competition in the industry, compelling market players to indulge in mergers & acquisitions and capacity expansions. For instance, in December 2020, Cleveland-Cliffs Inc. acquired ArcelorMittal USA and its subsidiaries. The acquired assets will be combined with existing facilities, transforming the company into a vertically integrated producer of iron and steel.

Furthermore, growth in the electric vehicles (EVs) industry is benefitting market growth. For instance, in November 2021, POSCO announced to invest KRW 1 trillion (~USD 831.4 million) in building a non-oriented electrical steel plant with an annual production capacity of 300 kilotons in Gwangyang. The plant will cater to the drive motors of EVs.

Also, in September 2021, NLMK announced the commissioning of a new electrical steel laser treatment unit, which is expected to have a capacity of 54 kilotons per year. The company is also building an electrical steel plant in India with 64 kilotons annual capacity. Ferrosilicon is used in electrical steel production, and thus, such investments are expected to propel market growth over the forecast period.

End-use Insights

Based on end-use, carbon & other alloy steel accounted for more than 43.0% of the revenue share in 2022. Ferrosilicon is an important raw material in the production process of steel, where it is used as a deoxidizer and alloy agent. Furthermore, ferrosilicon powder can release a large amount of heat when burned at a high temperature. Hence, it is also used as a heat-producing agent for making capped steel.

Cast iron is anticipated to register the highest growth rate, in terms of revenue, over the forecast period. Cast iron is cheaper, easy to melt, and exhibits excellent casting properties, unlike steel. Ferrosilicon is used as an inoculant in the cast iron industry to prevent the formation of iron carbide, resulting from the rapid cooling of thin sections of castings. Growing investment in cast iron is anticipated to benefit product demand over the forecast period.

Stainless steel is another vital end-use segment of the market. Ferrosilicon is used in the product for improving its aesthetics, wear resistance, and corrosion resistance, and thus, growing stainless steel production is propelling segment growth. For instance, in December 2021, Jindal Stainless Ltd. announced raising USD 82 million from KfW IPEX-Bank to expand production facilities in India. The facility expansion is expected to increase annual production from 1.1 to 2.1 million tons.

Application Insights

Based on application, deoxidizers dominated with a revenue share of more than 69.0% in 2022 and this trend is expected to continue over the forecast period. Ferrosilicon is widely used as a deoxidizer in the steel industry. The deoxidization process blocks the heat and prevents the loss of carbon from the molten steel, thereby ensuring its quality.

Inoculants is anticipated to register the highest growth rate, in terms of revenue, over the forecast period. Ferrosilicon is used as an inoculant in the cast iron industry and growing demand for cast iron cookware is anticipated to drive the market further. For instance, in October 2021, The Indus Valley, a direct-to-consumer cast iron kitchenware producer, raised USD 1.1 million from RU.K.am Capital, DSG Consumer Partners, and The Chennai Angels for increasing production and delivering toxin-free kitchenware products.

Global Ferrosilicon Market share and size, 2022

Ferrosilicon is also used during the Pidgeon process for high-purity magnesium refining. Growing demand for magnesium products from different industries is propelling its production, thus, benefiting market growth. For instance, in December 2021, LiteAuto announced to invest INR 1,500 crore (~USD 199.3 million) in Telangana, India, for producing magnesium products for the automotive industry.

Regional Insights

Based on region, Asia Pacific held the largest revenue share of over 66.0% in 2022. High potential for infrastructural developments coupled with continuous investment in the automobile industry is propelling steel production, thereby augmenting the growth of the ferrosilicon market.

According to the World Steel Association, China, India, and Japan were the top three crude steel producers in the world in 2021. Although China and Japan reported a decline in their production, India reported an increase of 4.7% from 2020 to 2021. The region is witnessing various investments in steel capacity expansions in different countries, which is anticipated to benefit the regional industry growth over the forecast period.

Ferrosilicon Market Trends by Region, 2023 - 2030

North America is anticipated to register a CAGR of 2.2%, in terms of revenue, over the forecast period. The growth of the EV industry coupled with rising construction spending is anticipated to propel market growth over the forecast period. For instance, North America’s EV sales increased by 96% from 2020 to 2021 reaching 735,000 units.

In Europe, EV sales rose by 66%, reaching 2,332,000 units in 2021. Increasing sales are encouraging manufacturers to expand EV production. Rising demand for EVs is anticipated to facilitate market growth as ferrosilicon grade-electric steel is essential for producing motors used in EVs.

Key Companies & Market Share Insights

The market is highly competitive with the presence of numerous players. The key players are adopting strategic initiatives such as capacity expansions and mergers & acquisitions to expand their share in the industry. For instance, in November 2021, BMML, a ferrosilicon producer in Bhutan, made a proposal to the administration in the country to set up a ferrosilicon plant at Chengmari. The project is worth more than USD 11.96 million. Some prominent players in the global ferrosilicon market include:

  • Elkem ASA

  • Eurasian Resources Group

  • Ferro Alloys Corporation Limited (FACOR)


  • Ferroglobe

  • IMFA

  • OM Holdings Ltd.

  • Russian Ferro-Alloys Inc.


  • VBC Ferro Alloys Limited

Ferrosilicon Market Report Scope

Report Attribute


Market size value in 2023

USD 11.50 billion

Revenue forecast in 2030

USD 13.67 billion

Growth Rate

CAGR of 2.5% from 2023 to 2030

Market size volume in 2023

8,174.7 kilotons

Volume forecast in 2030

9,549.6 kilotons

Growth Rate

CAGR of 2.2 % from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative Units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2023 to 2030

Report coverage

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

Segments covered

Application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South Africa; Middle East & Africa

Country scope

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

Key companies profiled

Elkem ASA; Eurasian Resources Group; Finnfjord AS; FENGERDA GROUP; Ferroglobe; IMFA; OM Holdings Ltd.; Russian Ferro-Alloys Inc.; SINOGU CHINA; VBC Ferro Alloys Limited

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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


Global Ferrosilicon Market Report Segmentation

This report forecasts revenue and volume growth at global, country & regional levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global ferrosilicon market report based on application, end-use, and region:

Global Ferrosilicon Market Report Segmentation

  • Application Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Deoxidizer

    • Inoculants

    • Others

  • End-use Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • Carbon & Other Alloy Steel

    • Stainless Steel

    • Electric Steel

    • Cast Iron

    • Others

  • Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Russia

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • GCC

Frequently Asked Questions About This Report

gvr icn


gvr icn

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

gvr icn


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

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.