Global Ferroalloys Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Ferroalloys Market” is the title of an upcoming report offered by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global ferroalloys market has been segmented on the basis of product, application, as well as regions and countries.
Ferroalloys are namely alloys of one or more alloying elements with iron, employed to add chemical elements into molten metal. Not a single steel grade is produced without ferroalloys (Wood& Owen, 2005). Ferroalloys impart benefits to steel such as, resistance to corrosion, improved hardness, higher abrasion resistance, significant creep strength and enhanced tensile strength to steel at extreme temperatures.
The exponential increase in the production of steel across the world is a primary factor that is expected to bolster the revenue growth of the global ferroalloys market over the next 10 years. The growth of several end-use industries that employ steel for various applications, is subsequently expected to have a positively significant influence on the revenue growth of the global ferroalloys market in the foreseeable future.
As reported by the World Steel Association, China produces approximately 53% of the world’s crude steel, resulting in an enormous demand for ferroalloys. However, in light of the recent COVID-19 outbreak, several if not all key industry players have had to temporarily shut down their manufacturing operations, resulting in a significant slowdown in the demand for ferroalloys. This factor is expected to hamper the revenue growth of the global ferroalloys market in the foreseeable future. Nonetheless, as operations gradually begin to commence, although not at full capacity, due to prior investments that have been orchestrated by the respective regional government. This measured jumpstart is expected to soften the blow dealt by the pandemic on the ferroalloy market and will result in the gradual increase in demand for ferroalloys.
Segmentation of the global ferroalloys market is as follows:
On the basis of product, the ferrochrome (FeCr) segment accounted for the highest number of shares of the global ferroalloy market in 2019, and is expected to continue to do so over the next 10 years. However, in terms of volume, the Ferro Silicomanganese segment accounted for the majority share of this market, and is slated to register the fastest rate of revenue growth, both in terms of revenue and volume, over the next 10 years.
In terms of application, the carbon & low alloy segment accounted for the majority revenue share of the global ferroalloys market, and has a steady projection to continue to do so over the next decade. The cast iron segment is slated to register the fastest rate of revenue growth over the next decade, as it is heavily dependent on the ferroalloys market for ferrosilicon and ferromanganese. Cast iron is The automotive, energy, and construction sectors have a wide array of applications for cast iron which is expected to bolster market growth in the coming years. The stainless steel segment is also slated to index considerable revenue growth over the forecast period.
Regional Segmentation and Analysis:
The markets in the Asia Pacific region accounted for the majority revenue share of the global ferroalloys market in 2019, owing to the large production of stainless steel in this region. Expansion into the Southeast-Asian sector, several countries here show tremendous potential for economic growth in the coming years. The markets in Europe accounted for the second-highest number of revenue shares of the global market. North America followed in third. The resulting impact of the pandemic has caused severe disruption across the market, but the current landscape is expected to steadily resurge.
Segmentation of the Global Ferroalloys Market:
Segmentation by Product:
- Ferro Silicomanganese
Segmentation by Application:
- Carbon & Low Alloy Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Jindal Group
- Samancore Chrome Ltd.
- Shanghai Shenjia Ferroalloys Co. Ltd
- Ferro Alloys Corporation Limited.
- S.C. Feral S.R.L
- Tata Steel Limited - Ferro Alloys & Minerals Division
- China Minmetals
- Steel Authority of India Ltd. (SAIL)
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