ID: MRFR/CnM/6255-CR | April 2019 | Region: Global | 177 pages
Market Research Future (MRFR) expects the Manganese Market to be worth USD 32,586.9 Million by 2023. Market Research Future also the market’s expansion rate to be 5.02% between 2018 and 2023 (Analysis Period)
The COVID-19 outbreak has had a brutal impact on the construction and electronics industries, which has been unfavorable for the manganese market. In view of the temporary shutdown of manufacturing facilities and weakened demand, the market has been facing revenue losses. Even as the world is trying to curb the spread of SARS-CoV-2, various leading companies are trying to bolster their supply chains and accelerate operations to control further losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market for manganese can pick up pace in subsequent years.
Product Demand to Rise Significantly in Construction Industry
Large-scale steel production worldwide has been a key growth inducer in the manganese industry. The World Steel Association says that the total steel production in 2017 had reached 1689 million metric tons and this number is anticipated to jump significantly in the coming years. The thriving automotive as well as construction industries have fostered the use of steel and this can be a massive opportunity for the global market.
Growing industrialization rate in Asia Pacific has been favorable for the manganese market. The electronics sector has been witnessing significant expansion as well, which favors the manganese market as well. Moreover, the constant support from the government in the form of favorable schemes, improving living standards, increasing per-capita incomes and foreign direct investment are resulting in expansion of the construction sector, which by extension, boosts the demand for manganese.
Rapid Surge in Construction Activities in Asia Pacific be a Lucrative Opportunity
Fast paced urbanization in emerging countries has pushed the need for new roads, residential construction, railways and buildings. This has given a huge boost to the construction industry across the developing countries such as India and China, which can be an attractive opportunity for the manganese vendors in the near future. APAC is an untapped market for manganese and can continue to create lucrative opportunities over the following years.
Unstable Demand from Steel Industry in the US to be a Huge Challenge
The beginning of 2020 has been volatile, with the domestic industry landscape in the United States having witnessed extreme distress due to the declining demand for manganese in the steel industry. By July 2020, the total steel production in the country dropped by nearly 29.4% compared to July 2019. Hence, the amplified instability of the steel industry could be a major challenge for manganese companies in the next several years.
Silico-Manganese Type to Command the Biggest Share
medium carbon ferromanganese, high carbon ferromanganese, silico-manganese, low carbon ferromanganese, electrolytic manganese dioxide and electrolytic manganese metal are the key types of manganese in the worldwide market. Between these, silico-manganese will be securing a CAGR of 5.50% during the analysis period to touch USD 20,225.1 million by 2023. Meanwhile, the high carbon ferromanganese segment should anticipate a growth rate of 3.39% over the given period. High carbon ferromanganese elicits huge demand in the construction sector, given its ability to foster the strength of the steel and also due to its host of antioxidant properties.
Alloying Additive Segment to Secure the Top Position
Major applications of manganese identified in the market study are oxidizing agent, depolarizer, alloying additive, coloring agent, and others. The alloying additive segment should be able to project a growth rate of 5.13% while procuring a valuation of USD 29,476.8 million by 2023-end. Manganese is primarily used for strengthening the alloys of aluminum and copper, which helps bolster the segmental growth in the global market.
Asia Pacific to Remain Dominant during Evaluation Period
The APAC market for manganese is set to thrive at a rate of 5.39% over the coming years, primarily due to the growth in the industrialization rate. In 2018, APAC owned a respectable share of over 70% in the global market and is led by China, which has emerged as a prominent producer of manganese ore. The automotive industry in the region is a major end-user, while the escalating number of infrastructural projects in the region also generates high demand for the mineral, which should be favorable for the market in subsequent years.
North America to Make Substantial Progress
The North American market is on a relentless growth trajectory and showcases the potential to achieve a CAGR of 4.20% while touching close to USD 1500 million by 2023. The strong market demand in the region is the result of the rapidly burgeoning steel sector and the growing number of initiatives taken by the leading electric vehicle manufacturers to enhance their production capacity. Also, significant budget allocated for infrastructure development, surge in automobile production, and the high urbanization rate also fuels the market expansion rate in the region.
Competition Grows as Players Strive to Expand their Production Capacity
The global manganese industry is filled with a number of competitive vendors that frequently adopting strategies like acquisition and partnerships to widen their customer base and improve their growth potential. Expansion of their manufacturing capacity across various regions remains another key competitive strategy usually employed by the players to further establish themselves in the market.
The report overview presents a detailed manganese market analysis, outlining the manganese price across various regions worldwide and the key factors affecting it. The report has assessed the top challenges, barriers and drivers affecting the market size. The market study also comprises some of the key developments post the COVID-19 pandemic and the effects of the novel coronavirus and the lockdown on the market. The report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments that induce growth. Besides, the affluent vendors and the prominent strategies they adopt to remain relevant in the competitive industry are also listed in the MRFR report.
The scope of the manganese market report covers manganese market prices, and the manganese market outlook during the review period.
|Forecast Period||2022- 2030|
|Historical Data||2019 - 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Transalloy India Pvt Ltd (India),Mesa Minerals Limited (Australia),Autlán (Mexico),Eramet (France),MOIL Limited (India),Ferro Alloys Corporation Limited (FACOR) (India),OM Holdings Ltd (Singapore),Sakura Ferroalloys (Malaysia),Nippon Denko Co. Ltd (Japan),Mizushima Ferroalloy Co. Ltd (Japan),Metals and Alloys Corporation (India),Accura Weldrods Kovai Pvt Ltd (India),African Rainbow Minerals Ltd (South Africa),Afarak Group Plc (Finland),Transalloys (South Africa)|
|Key Market Opportunities||Rapid Surge in Construction Activities in Asia Pacific be a Lucrative Opportunity|
|Key Market Drivers||Product Demand to Rise Significantly in Construction Industry|
Frequently Asked Questions (FAQ) :
Manganese Market is predicted to grow at 5.02% through forecast period of 2018-2023.
The forecast period for Manganese Market research report is 2020-2027.
Global Manganese Market is dominated by APAC region.