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Ferro Alloys Market Trends

ID: MRFR//1995-HCR | 135 Pages | Author: Anshula Mandaokar| July 2024

Global Ferro Alloys Market Overview

Ferro Alloys Market Size was valued at USD 147.3 billion in 2023. The ferro alloys industry is projected to grow from USD 156.37 Billion in 2024 to USD 204.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032). Growing usage in automobile production and technological advancement are the key market drivers enhancing the market growth.Ferro Alloys Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ferro Alloys Market Trends

  • Rising demand for ferroalloys in the steel, automotive, and transportation industries is likely to drive market growth

The growing demand for ferroalloys in the steel, automotive, and transportation industries is predicted to drive market demand. Because to its application in the automotive, transportation, and vehicle industries, as well as technological developments, the ferroalloys market is expanding. As a result of its wide range of applications in industries such as electronics, metallurgy, healthcare, and oil and gas, the market is expected to boost ferroalloys market growth. Because to its application in the vehicle, automotive, and transportation industries, as well as technological developments, the ferroalloys market CAGR is expanding.

However, technological advancement can limit market growth. Also, rising demand for Ferroalloys goods may limit market expansion. As a result, the worldwide market expects more significant players to concentrate on these challenges. The rising demand for ferroalloys products is likely to provide the ferroalloys sector with further growth opportunities. Furthermore, the advancement of lightweight steel grades and high strength has offered profitable opportunities for worldwide industry leaders. Furthermore, key businesses are working hard to increase demand for Ferroalloys products in a variety of regions. Thus is increasing the ferro alloys market revenue.

Ferro Alloys Market Segment Insights

Ferro Alloys Production Insights

The ferro alloys market segmentation, based on production, the market is divided into two categories based on production type: electric arc furnaces and blast furnaces. The blast furnace category led the market. The needs and wants of the customers determine the demand for a particular production type. However, due to its advantages over the blast furnace in terms of cost and power usage when making steel from the metal feedstock, the Electric Arc Furnace (EAFs) is predicted to dominate the market over the projected period.

Ferro Alloys Type Insights

The ferro alloys market segmentation, the market is divided into Bulk Ferro Alloys and Noble Ferro Alloys based on Type. The bulk ferroalloys are further separated into ferromanganese, silico-manganese, ferrosilicon, and ferrochrome. Ferrotungsten, ferromolybdenum, ferrovanadium, ferrotitanium, ferroboron, ferro niobium, magnesium ferrosilicon, and ferrosilicon-zirconium are the different types of noble ferroalloys. Due to escalating demand from the steelmaking industry, the bulk ferroalloys market will dominate throughout the expected period. Steel consumption is anticipated to expand dramatically in the near future as electric car production increases significantly around the world. Moreover, the demand for bulk ferroalloys used in steelmaking is anticipated to increase along with the demand for steel.

Ferro Alloys End User Insights

The ferro alloys market data is divided into Steel, Superalloys, Construction, and Automotive & Transportation based on the kind of end-use industry. Due to the potential for making electric vehicles and the industry's progress toward creating environmentally friendly cars, the Automotive & Transportation category is expected to dominate the market throughout the period of forecasting. Also, because of the rising population and rapid urbanization, it is expected that the Construction category will expand during the course of the forecasted period. Also, the construction industry's increasing need for stainless steel due to its toughness and endurance would support the segment's growth

Figure 1: Ferro Alloys Market, by End User, 2022 & 2030 (USD billion)Ferro Alloys Market, by End UserSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ferro Alloys Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific generated the greatest market share, and this region is expected to lead the market in terms of ferro alloys market share among all regions over the forecast period. The region's construction industry and disposable income are growing, which is driving market expansion and increasing the ferro alloys market share.

Further, the major countries studiedin the market reportare: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: FERRO ALLOYS MARKET SHARE BY REGION 2022 (%) FERRO ALLOYS MARKET SHARE BY REGIONSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe ferro alloys market accounts for the second-largest market share due to the increased use of matrix alloys and the use of ferro alloys in the automobile industrys. Further, the Germany ferro alloys market held the largest market share, and the UK ferro alloys market was the fastest growing market in the European region

The North America Ferro Alloys Market is expected to grow at the fastest CAGR from 2022 to 2030. because of the region's growing ferro alloys demand from a variety of end-use industries, including electronics, automotive, construction, metallurgy, medical devices, and aerospace. Moreover, China ferro alloys market held the largest market share, and the India ferro alloys market was the fastest growing market in the Asia-Pacific region

Ferro Alloys Key Market Players & Competitive Insights

Leading industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the ferro alloys market. With significant market developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their presence. Ferro alloys industry competitors must provide affordable products in order to grow and compete in a market that is becoming more and more competitive.

Manufacturing locally to cut operational costs is one of the main business tactics used by manufacturers in the ferro alloys industry to benefit customers and increase the market sector. The ferro alloys sector has recently given medicine some of the most important advantages. Major players in the ferro alloys market, including Shanghai Ferroalloys Works (China), Shanghai Ferroalloys Company (SABAYEK) (Saudi Arabia), Tata Steel (India), Brahm Group (India), Ferroalloy Corporation Limited (India), and others, are working to increase market demand by funding R&D initiatives.

Essar Steel was the common name for the Essar Group of Companies' steel production firms. Essar Steel India Limited, a Mumbai-based fully integrated flat carbon steel company, owned and operated a steel factory in Hazira, Surat district, Gujarat state. It also operated a beneficiation plant in Bailadilla, Chhattisgarh, as well as pellet plants in Visakhapatnam, Andhra Pradesh, and Paradeep, Odisha. Essar Steel India Limited was acquired by ArcelorMittal Nippon Steel India Limited following its insolvency. ArcelorMittal Nippon Steel's Chairman is Aditya Mittal, while the CEO is Dilip Oommen. December 2019, ArcelorMittal acquired Essar Steel India Limited and simultaneously founded ArcelorMittal Nippon Steel India Limited, a joint venture with Nippon Steel Corporation. Essar has sizable, lucrative, and strategically located operations that provide India's economy with long-term growth potential. As a result, there is a high demand for steel produced in India.

Tata Iron and Steel Company Limited (TISCO), also known as Tata Steel, is one of the world's largest steel producers, with an annual crude steel capacity of 34 million tonnes. It is one of the most geographically diverse steel producers in the world, with operations and commercial presence all over the world. In the fiscal year ended 31 March 2020, the group (excluding SEA activities) had a consolidated turnover of US$19.7 billion. After Steel Authority of India Ltd, it is India's second largest steel firm in terms of domestic output, with an annual capacity of 13 million tonnes (SAIL). April 2022, The purchase of SAIL's stake in S&T Mining by Tata Steel was finalised.The purchase fits into the portfolio simplification and restructuring strategy of Tata Steel Group. This is likely to assist the company in acquiring coal blocks, conducting exploration, obtaining licences and regulatory approvals, assisting in the development of mines, and assisting in the extraction and mining of coal from identified blocks.

Key Companies in the ferro alloys market includes

  • Shanghai Ferroalloys Works (China),

  • Georgian American Alloys (USA),

  • Gulf Ferroalloys Company (SABAYEK) (Saudi Arabia),

  • Tata Steel (India),

  • Brahm Group (India),

  • Ferroalloy Corporation Limited (India),

  • China Minmetals Corporation (China),

  • Pertama Ferroalloys Sdn. Bhd. (Malaysia), 

  • SAIL (India),

  • OFZ, a.s (Slovakia),among others

Ferro Alloys Industry Developments

In March 2022, Tata Steel announced that it will purchase SFML's (Stork Ferro and Mineral Industries) ferro alloy assets in Odisha for INR 155 crore.

In January 2022, The Odisha administration granted IMFA, India's largest ferrochrome company, 124 acres of land for their significant expansion project. IMFA intends to spend USD 20 million to boost ferrochrome production capacity from 220,000 to 350,000 mt per year during the next two years. In addition, the business intends to develop a 108 MW captive power plant.

In january 2020, Vedanta purchased Ferro Alloys Corporation (Facor) , along with Facor Power, one of Facor's subsidiaries. As the vertical integration of ferro manufacturing capabilities has the potential to generate significant efficiencies and has assisted Vedanta in diversifying its portfolio in the steel business, the acquisition is anticipated to complement Vedanta's current steel business.

Ferro Alloys Market Segmentation

Ferro Alloys Production Outlook

  • Blast Furnace

  • Electric Arc Furnace

Ferro Alloys Type Outlook

  • Ferro-Manganese

  • Silico-Manganese

  • Ferro-Silicon

  • Ferro-Chrome

  • Ferro-Molybdenum

  • Ferro-Vanadium

  • Ferro-Tungsten

  • Ferro-Tungsten

  • Magnesium Ferro-Silicon

  • Ferro-Silicon-Zirconium

  • Ferro-Titanium

  • Ferro-Boron

  • Ferro-Niobium

Ferro Alloys End User Industry Outlook

  • Steel

  • Construction

  • Electronics

  • Automotive & Transportation

  • Others

Ferro AlloysRegional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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