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)

Research Methodology

A three-pronged approach was followed for deducing the ferrosilicon market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for ferrosilicon market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of ferrosilicon market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Ferrosilicon Market Categorization:

The ferrosilicon market was categorized into three segments, namely application (Deoxidizer, Inoculants), end-use (Carbon & Other Alloy Steel, Stainless Steel, Electric Steel, Cast Iron), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The ferrosilicon market was segmented into application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The ferrosilicon market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; Russia; China; Japan; India; Brazil; GCC.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Ferrosilicon market companies & financials:

The ferrosilicon market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Eurasian Resources Group: The company was established in 1994 and is headquartered in Luxembourg. The company offers a range of natural resources and is engaged in various business activities including mining, energy, processing, marketing, and logistics. It is also involved in various bauxite, platinum, coal, manganese, and fluorspar development projects in the Republic of South Africa, Mali, Mozambique, and Zimbabwe. The company is one of the major producers of ferrochrome, alumina, and iron ore. The company’s product portfolio mainly includes ferrosilicon, alumina, coal, ferrochrome, manganese ore concentrates, and aluminum. It manufactures ferrosilicon, which is primarily used in steel manufacturing and deoxidizing applications, at its Aksu Ferroalloy plant. The ferrosilicon offered by the company is compliant with the ISO 5445 standards.

  • Tashi Group: The company was founded in 1959, and is a global conglomerate that is engaged in activities across diverse fields mainly including construction, banking, and hotels. The company has over 40 subsidiaries including Tashi Commercial, which is mainly engaged in wood paneling, packaging, shopping, aromatics, and phytochemicals. It also has subsidiaries that deal with carbide & chemicals, infocom, beverages, ferroalloys, and fruit products. Bhutan Ferro Alloys Limited (BFAL), a major subsidiary of the Tashi Group, has been incorporated as a joint venture of the Royal Government of Bhutan, Tashi Commercial Corporation, and Marubeni Corporation of Japan. Corporate bodies, financial institutions, and the public other than the aforementioned three major stakeholders also hold the shares of this company.

  • Globe Specialty Metals, Inc.: The company was founded in 2004, and is a global manufacturer of silicon-based specialty alloys, silicon metals, and silicon fume-critical ingredients for an array of consumer & industrial applications. The company was originally founded as International Metal Enterprises, Inc., an investment company established specifically to acquire operating companies in the metals industry. Globe Specialty Metal, Inc. currently operates as a subsidiary of Ferroglobe PLC. Currently, the company caters primarily to aluminum &steel and silicone chemical manufacturers, producers of photovoltaic computer chips & solar cells, automotive manufacturers, ductile iron foundries, and concrete & building material producers. It has its headquarters in Miami, Florida, and manufacturing plants in the U.S., Canada, China, Argentina, and South Africa. The company’s principal operating subsidiaries are Alden Resources, Globe Metallurgical, and Core Metals Group in the U.S.; Globe Metales S.A. in Argentina; and Ningxia Yonvey Coal Industry Co., Ltd. in China.

  • Mitsubishi Corporation RtM Japan Ltd.: The company was founded in 1947, and is a specialized ferroalloy business unit engaged in the production of manganese, silicon, and rare metal materials that are used during steelmaking and other applications. The parent company Mitsubishi Materials Corporation (MMC) is a global process manufacturer specializing in refining, smelting, and metal fabrication. The company also manufactures aluminum and cement cans. It is a major innovator in the technical field and supplies advanced electronic products along with silicon wafers and related materials.

  • Hemlock Semiconductor Group: The company was founded in 1961 in Michigan, U.S. The company manufactures polycrystalline silicon (polysilicon) and ferrosilicon from quartz rock, a key component used to make semiconductors and solar cells. Hemlock Semiconductor produces almost 20,000 tons of polysilicon every year. Its polysilicon products are available as rods, chunks, chips, or powder. Hemlock Semiconductor is more than 60% owned by Dow Corning. Two of Japan's largest single-crystal wafer manufacturers, Shin-Etsu Handotai and Mitsubishi Materials, control the remainder. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices and solar cells &modules.

  • Sinosteel Jilin Ferroalloy Co., Ltd.: The company founded in 1998 and headquartered in China, manufactures and supplies ferroalloys. The company offers manganese products such as low carbon ferromanganese, high ferrosilicon manganese-silicon, ferromanganese-silicon, and medium carbon ferromanganese; chrome products including silico-chromium, high carbon ferrochrome, low carbon ferrochrome, and medium carbon ferrochrome; and silicon products such as ferronickel, metallic silicon, ferrosilicon, and strontium-containing ferrosilicon. In addition, it provides special alloys such as ferromolybdenum and ferrotungsten; complex alloys including silicocalcium; and nitride alloys such as ferromanganese-nitrogen, nitride ferrochrome, and nitrided ferrosilicon. The company supplies its products to steel enterprises in China as well as exports to Japan, Korea, Europe, and the U.S. Sinosteel Jilin Ferroalloy Co., Ltd. was formerly known as Jilin Ferroalloy Co., Ltd. The acquisition of Sinosteel Jilin Ferroalloy Co., Ltd. by Sinosteel Corporation, resulted in the change of the company's name.

  • AMG Advanced Metallurgical Group N.V.: The company was established in 2006 in Amsterdam, Netherlands. It produces specialty metals such as ferrovanadium, ferronickel-molybdenum, and specialty alloys for titanium and superalloys. Its two units, Advanced Materials, and Engineering Systems, offer metallurgical products and vacuum furnace systems to the aerospace, energy, electronics, optics, chemical, construction, golf (club heads), medical, and transportation industries along with providing niche products to solar and aerospace industries. Venture capital firm Safeguard International Fund combined several of its portfolio companies to create AMG. The term “critical materials” came to prominence as major global trends in CO2 reduction, population growth, affluence, and energy efficiency created the demand for new materials that needed to be lighter, stronger, and more resistant to higher temperatures, wear, and corrosion. These materials are of significant importance to the global economy and are available in limited quantities. The technological challenges associated with such materials posed a challenge to material science. This led to demand shifts in particular metals and minerals in the periodic table which, until recently, had been relatively dormant. The economic importance of these materials combined with their associated supply risk resulted in the term critical materials.

  • Ferro Alloys Corporation Limited (FACOR): The company was incorporated in 1955, and is one of India's largest producers and exporters of ferroalloys, essential ingredients for manufacturing steel and stainless steel. It exports to several countries like Korea, Japan, Italy, the Netherlands, the U.S., Turkey, China, and Taiwan. The FACOR Group started its business in 1956 with a ferromanganese plant in Shreeramnagar, Andhra Pradesh. Post the trifurcation of the FACOR group into three independent entities in 2004 under a demerger scheme, FACOR can produce 65,000 TPA of charge chrome/ferrochrome and 2,50,000 TPA of chrome ore at its plant in Orissa. It has also established a mining complex at Bhadrak in Orissa for the mining of chrome ore, the main raw material for the production of charge chrome/ferrochrome.

  • China Minmetals Corporation (CMC): The company was set upin 1959 in China. The company was formed by restructuring two Fortune Global 500 companies, China Minmetals and China Metallurgical Group, which is one of China’s largest international metals and minerals corporate groups. Headquartered in Beijing, CMC has 240,000 employees and assets of over RMB 700 billion, with overseas subsidiaries and resource development &construction projects in over 60 countries. Enjoying a unique competitive advantage, CMC takes the lead in running a whole industrial chain ranging from resources acquisition, exploration, project design, construction, operation, and circulation to intensive processing, and can provide solutions to metals and minerals companies and render services for the entire lifecycle of project construction and operation. CMC has overseas mines throughout Asia, Australia, South America, and Africa, and owns numerous mines at home and abroad. These mines contain deposits of copper, zinc, nickel, tungsten, antimony, and bismuth.

  • OM Holdings Ltd.(OMH): the company was established in 1994, is a manufacturer and supplier of steel, ferroalloys, and building materials and caters to clients in Asia. Several multinational companies in the steel and minerals industry are active trading partners of OMH. OMH was listed on the ASX in March 1998 and is mainly involved in metal trading, incorporating the distribution and sourcing of manganese ore. It is involved in mining manganese products in Australia & South Africa and has a smelting plant in Sarawak, Malaysia, which produces ferrosilicon & ferromanganese intermediate products. OMH, through a wholly owned subsidiary, owns the Bootu Creek manganese mine, which can produce up to 1,000,000 tons of manganese per year. OMH also owns a 26% investment in Ntsimbintle Mining Ltd., which, in turn, owns 50.1% interest in the TshipiBorwa ("Tshipi") manganese mine in South Africa.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Ferrosilicon Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Ferrosilicon Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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