Ferroalloys Revenue to Attain USD 113.03 Bn by 2033

25 Oct 2024

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Table of Content

1. Ferroalloys Revenue and Trends 2. Market Overview 3. Report Highlights of the Ferroalloys Market  4. Ferroalloys Market Trends 5. Regional Outlook 6. Ferroalloys Market Coverage 7. Market News

Ferroalloys Revenue and Trends

The global ferroalloys market revenue reached USD 54.65 billion in 2024 and is predicted to attain around USD 113.03 billion by 2033 with a CAGR of 8.41% during forecast period. The demand for steel and metals from the various end-use industries, such as product manufacturing and industrial equipment, is driving the growth of the market.

Market Overview

Ferro alloys are a combination of iron and other materials. It is the group of alloys that consists of a higher amount of iron content and other materials such as silicon, chromium, manganese, aluminum, and others. The ferroalloys are the most affordable raw material that can be used in the manufacturing of steel and other metals. Ferroalloys are highly used in industries like steel manufacturing and iron foundries. It is used as an alloying element and deoxidant in steel manufacturing companies. The integration of the ferroalloys into the steel enhanced the steel properties such as hardenability, resistance to oxidation and corrosion, wear and abrasion resistance, tensile strength, and several other properties. 

Report Highlights of the Ferroalloys Market 

• By product, the ferro silico manganese segment led the ferroalloys market in 2023. It is the alloys of iron and manganese that contain a high proportion of manganese. It has the properties like higher tensile strength, durability, corrosion, and heat resistance. The rising demand for ferro silico manganese from the metal and steel-making industry due to its properties is boosting the demand for the segment. 
• By product, the ferrosilicon segment expects significant growth in the market during the forecast period. There is an increasing demand for ferrosilicon from the steel-making industries for processes like precipitation deoxidation and diffusion deoxidation. It has higher corrosion resistance properties that make it ideal for the manufacturing of various end-use products. 
• By application, the carbon and low alloy steel segment dominated the ferroalloys market in 2023. The carbon and low alloy steel segment is in high demand from different industries such as automobile, construction, engineering, and manufacturing plants, which anticipated the higher demand for the carbon and low alloy steel segment. 
• By application, the cast iron segment is expected to grow the highest in the market during the forecast period. Cast iron contains a high amount of carbon content in addition to silicon. Cast iron is rapidly adopted by various end-users, such as in the making of kitchenware products, due to its durability and other properties that enhance the aesthetic looks of the kitchen.

Ferroalloys Market Trends

Increasing population

The rising population in the different regions causes a higher demand for industrial and residential infrastructural development that boosts the demand for the material, which can play different roles in the different industries and drive the demand for ferroalloys.

Growing industrialization

The rapid growth in industrialization, such as automotive, consumer electronics, construction, consumer goods, and manufacturing industries, is driving the demand for the steel material that anticipated to a higher demand for the ferroalloys market.

Increasing use of steel in household products

The rising demand for steel material products for domestic use, such as in electrical appliances or kitchenware products, is driving the demand for the steel manufacturing industries that anticipated the increased demand for the ferroalloys market. 

Government support

The increasing government support for the expansion of the steel manufacturing industry is driving the demand for raw materials like ferroalloys, which play an important role in steel manufacturing and boost the demand for the ferroalloys market. 

Regional Outlook

Asia Pacific dominated the ferroalloys market in 2023. The growth of the market is owing to the rising population and the demand for industrial infrastructure that boosts the demand for metal and steel, which enhances the demand for ferroalloys for the manufacturing of steel and several other metals. Steel is a material in high demand from different industries for different processes. The rising construction industry and the infrastructural development caused the increased demand for steel. The increasing manufacturing industries across the countries are driving the demand for steel and metals for industrial equipment, collectively driving the growth of the ferroalloys market in the region.

North America has anticipated significant growth during the forecast period. The rising industrial infrastructure and the rapidly expanding construction industry are driving the growth of the market. The well-availability of the leading steel industry is collectively accelerating the growth of the market across the region.

Ferroalloys Market Coverage

Market News

• In January 2023, Tata Steel Mining launched a cloud-based online portal, ‘e-Sales Portal,’ for the selling of Ferro Alloys and other types of material and helps the consumer to place an inquiry, finalize, and track order status on a real-time basis on the portal.
• In October 2023, Tata Steel’s Ferro Alloys, in partnership with Minerals Division (FAMD), introduced the trial run of Electric Vehicles (EVs) in its logistics operations.

Market Segmentation

By Product

• Ferrochrome
• Ferromanganese
• Ferro Silico Manganese
• Ferro Silicon

By Application

• Carbon and Low Alloy Steel
• Stainless Steel
• Alloy Steel
• Cast Iron
• Others

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