Ferrosilicon Market (By Application: Deoxidizer, Inoculants, Others; By End use: Carbon & Other Alloy Steel, Stainless Steel, Electric Steel, Cast Iron, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global ferrosilicon market size was USD 11.62 billion in 2023, calculated at USD 11.91 billion in 2024 and is expected to reach around USD 15.28 billion by 2034, expanding at a CAGR of 2.53% from 2024 to 2034. The growth of the market 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.
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The Asia Pacific ferrosilicon market size was estimated at USD 7.79 billion in 2023 and is projected to surpass around USD 10.24 billion by 2033 at a CAGR of 3% from 2024 to 2034.
Asia-Pacific led the global ferrosilicon market in 2023 due to its well-developed construction industry and ongoing investments in the automobile and construction sectors over the years. Adding ferrosilicon to steel improves various desirable properties in the automotive industry, such as strength and quality.
Asia-Pacific is also the largest producer of electronic components, and the growing demand for semiconductors in electronic devices has increased the need for ferrosilicon in semiconductor production. As a result, the consumption of ferrosilicon in the region is expected to rise.
North America is expected to witness significant growth in the ferrosilicon market over the forecast period. This growth is linked to the expansion of the electric vehicle (EV) industry and increased spending on construction projects. The demand for ferrosilicon in the region is mainly driven by the growing need for steel and metal alloys, particularly in sectors such as automotive and construction.
Governments and international organizations are actively promoting the use of ferrosilicon to address environmental concerns and support the development of emerging economies. As a result, the ferrosilicon market is steadily expanding in North America.
Ferrosilicon is an alloy used in various applications such as manufacturing silicon, high-temperature-resistant ferrous silicon alloys, corrosion-resistant alloys, and silicon steel for electro motors and transformer cores. It's also used in cast iron production to speed up graphitization. Ferrosilicon possesses properties like corrosion and abrasion resistance, high specific gravity, strength, magnetism, hardness, and resistance to high temperatures. More than 80% of ferrosilicon is used in making iron and steel.
Corrosion can weaken materials, affect surface properties, and reduce resistance to fluids, ultimately diminishing their mechanical and chemical properties. The demand for corrosion-resistant materials is rising in the construction and automobile industries. Structures like bridges and automotive bodies need to withstand corrosion for longevity. Many companies are opting for ferrosilicon in construction and automobiles to ensure better quality.
Report Coverage | Details |
Global Market Size in 2023 | USD 11.62 Billion |
Global Market Size in 2024 | USD 11.91 Billion |
Global Market Size by 2034 | USD 15.28 Billion |
Growth Rate from 2024 to 2034 | CAGR of 2.53% |
Market Volume in 2023 | 8,190.3 Kilotons |
Market Volume in 2024 | 8,373.76 Kilotons |
Largest Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Application, End-use, and Region |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Increasing adoption of semiconductors
Ferrosilicon is vital for producing high-quality silicon, a key material in making semiconductors. These semiconductors are essential in modern technology, enabling devices like smartphones, computers, and IoT gadgets to function. They're used across various industries, including electronics, telecommunications, automotive, and healthcare.
With the increasing use of electronic devices and the demand for advanced technology, the semiconductor market is growing. Semiconductors play a crucial role in several applications of the ferrosilicon market, such as data processing, storage, communication, and automation in these devices. Ongoing innovations in semiconductor manufacturing are driving this market's growth trend.
Rise in demand for steel globally
The ferrosilicon market is growing due to increased demand for steel and its products in the construction, infrastructure, and automotive industries. Ferrosilicon is crucial in steel production, making the material stronger, more durable, and heat resistant. It's also used in vehicles to improve performance. Additionally, it's widely used in construction globally. The demand for ferrosilicon is rising because it's essential in manufacturing steel.
Slower crude steel production
Ferrosilicon consumption has declined globally recently due to slower crude steel production and a shift towards alternative materials like crude steel, especially in China and other countries. Moreover, the steady growth in iron casting worldwide has led to increased use of aluminum in automobile manufacturing. This preference for alternative materials presents a significant challenge for the European ferrosilicon market, affecting its growth prospects from 2024 to 2033.
Growth of automobile and construction industries
The need for materials that can resist corrosion is growing, especially in the construction and automotive sectors. Structures like bridges and vehicle bodies need to withstand corrosion for a long time. That's why Ferrosilicon is widely used in buildings and cars because it offers protection against corrosion. The automotive industry is anticipated to see a surge in demand for steel soon. Additionally, the ferrosilicon market is propelled by construction activities in developing countries worldwide due to rapid urbanization, which is expected to boost market growth.
High demand for atomized ferrosilicon due to its beneficial properties
Atomized ferrosilicon is considered a high-tech product due to its unique properties. It has low oxygen content and excellent spreading properties, making it efficient for various applications. Its spherical particles ensure proper blending with welding flux, and the atomization process reduces or eliminates the generation of hydrogen gas. Because of these advantages, manufacturers are increasing the production of powdered Ferrosilicon, leading to further growth in the ferrosilicon market.
The deoxidizers segment dominated the ferrosilicon market in 2023. Ferrosilicon is extensively used as a deoxidizer in the steel industry. The automotive, construction, and aerospace industries are increasingly relying on deoxidized steel to meet strict performance and safety standards. This trend is driving up the demand for deoxidizers.
Deoxidizers are crucial in ensuring precise control over steel composition and properties by removing oxygen from molten metal. This process greatly contributes to high-quality steel products. The growing demand for deoxidizers is driven by the rising requirements across various industries. The critical role of deoxidizers in meeting these standards positions them as the main driver in the dynamic and evolving ferrosilicon market.
In the ferrosilicon market, the inoculants segment is expected to grow at the fastest rate over the projected period. Ferrosilicon acts as an inoculant in the cast iron industry, preventing the formation of iron carbide due to quick cooling in thin sections of castings. Increased investments in cast iron production are anticipated to boost the demand for ferrosilicon in this sector in the foreseeable future.
The carbon and other alloy steel segment dominated the ferrosilicon market in 2023 is expected to maintain its position throughout the forecast period. Ferrosilicon plays a crucial role in the steel production process as a deoxidizer and alloy agent. Ferrosilicon powder can generate significant heat when burned at high temperatures, making it useful as a heat-producing agent in capped steel manufacturing.
The cast iron segment is anticipated to witness significant growth in the ferrosilicon market during the forecast period. This is attributed to its cost-effectiveness, ease of melting, and superior casting capabilities compared to steel. Ferrosilicon acts as an inoculant in the cast iron sector, preventing the appearance of iron carbide resulting from instantaneous cooling in thin castings. The rising investment in cast iron production is expected to drive increased demand for ferrosilicon in the foreseeable future.
Segments Covered in the Report
By Application
By End-use
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Ferrosilicon Market
5.1. COVID-19 Landscape: Ferrosilicon Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Ferrosilicon Market, By Application
8.1. Ferrosilicon Market Revenue and Volume, by Application, 2024-2034
8.1.1. Deoxidizer
8.1.1.1. Market Revenue and Volume Forecast (2021-2034)
8.1.2. Inoculants
8.1.2.1. Market Revenue and Volume Forecast (2021-2034)
8.1.3. Others
8.1.3.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 9. Global Ferrosilicon Market, By End-use
9.1. Ferrosilicon Market Revenue and Volume, by End-use, 2024-2034
9.1.1. Carbon & Other Alloy Steel
9.1.1.1. Market Revenue and Volume Forecast (2021-2034)
9.1.2. Stainless Steel
9.1.2.1. Market Revenue and Volume Forecast (2021-2034)
9.1.3. Electric Steel
9.1.3.1. Market Revenue and Volume Forecast (2021-2034)
9.1.4. Cast Iron
9.1.4.1. Market Revenue and Volume Forecast (2021-2034)
9.1.5. Others
9.1.5.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 10. Global Ferrosilicon Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.1.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.1.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.1.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.2.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.2.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.2.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.2.5.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.2.6.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.3.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.3.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.3.5.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.3.6.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.4.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.4.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.4.5.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.4.6.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.5.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.5.3.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Application (2021-2034)
10.5.4.2. Market Revenue and Volume Forecast, by End-use (2021-2034)
Chapter 11. Company Profiles
11.1. Elkem ASA
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Eurasian Resources Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Ferro Alloys Corporation Limited (FACOR)
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. FINNFJORD AS
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Ferroglobe
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. IMFA
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. OM Holdings Ltd.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Russian Ferro-Alloys Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SINOGU CHINA
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. VBC Ferro Alloys Limited
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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