ID: MRFR/CnM/8106-CR | February 2021 | Region: Global | 449 Pages
Silico Manganese Market is expected to generate a revenue of more than 23,500 million US dollars by the end of the forecast year. The Silico Manganese Market is expected to register a CAGR of 5% by the year 2025.
The world is fighting to get over the deadly spread of coronavirus. Since the virus came into the picture and was recognized as a pandemic in 2020, most of the production and manufacturing units of the world are having a hard time producing the requirements and meeting the market demand. Also, the governments of most of the countries have imposed temporary, as well as, permanent lockdowns. The functioning of the manufacturing units is limited and as per the timeline set by the government. Also, the daily wage laborers and partially employed workforce is moving back to their hometowns, thus, causing their unavailability in the urban and production areas.
However, to recover from the losses and meet the agricultural and manufacturing market demand, the key market players, as well as, the government sector is investing in the research and development for the product portfolio against various segments of the Silico Manganese Market. Also, the major focus is on the development of the key strategies for growth in the long run of the future years.
A detailed study on Company Profiles, General Chemical's Regulatory Framework, Raw Material Trading and Pricing Analysis, Customizations of products, Key Players are studied and shared by the industry's experts in form of the competitive landscape of the global Silico Manganese Market.
The Intended Audience of the Silico Manganese Market include:
Silicomanganese is a result of carbothermic reduction or smelting of slag with manganese ore, coke, as well as, quartz flux in an arc furnace that has been submerged electrically. Silico Manganese is a composition of alloys of iron, silicon, and manganese. The total composition of Silicomanganese consists of silicon 16-21%, manganese 65-70%, carbon 1-2%, Sulphur, and phosphorus. An energy-intensive process is required in the production of Silicomanganese with arc furnaces that are electrically submerged.
It forms a major component for the manufacturing of steel and hence, there is an increased demand for the same in the automotive, and automobile sectors.
The market has an existing EAF that has played a major role in the successful production of Pig Iron, thus meeting the market demand, as well as, creating a major base for the future, as well. Silicomanganese contains the features of both silicon, as well as, manganese. Most of the countries that have a high usage of deoxidizers, as well as, desulfurizer, are demanding the manufactured combinations on a large scale. This will help the market grow at the stipulated CAGR percentage by the end of the global forecast in 2024.
Silico Manganese is a composition of alloys of iron, silicon, and manganese. The total composition of Silicomanganese consists of silicon 16-21%, manganese 65-70%, carbon 1-2%, Sulphur, and phosphorus. An energy-intensive process is required in the production of Silicomanganese with arc furnaces which are electrically submerged or by the process of carbothermic reduction or smelting of slag with manganese ore, coke, as well as, quartz flux in an arc furnace that has been submerged electrically.
The major factors driving the market are Intensive usage of Silicomanganese in the production and manufacturing of steel that is further used as supplements like carbon steel and stainless steel in industries like building, transportation, and construction. The demand for Silicomanganese in the automotive, and automobile sectors and non-bio-degradable slag produced while extracting steel with the help of Silico Manganese alloy is eco friendly is increasing the demand in sectors like the development of rigid pavements, ballasts, and other rail tracks. On the other hand, Fluctuating prices of raw materials have given rise to a competitive market and low-quality material which in hand affects the cost of production.
The global Silico Manganese market is segmented based on product as:
The global Silico Manganese market is segmented based on end-users in industries like defense, automotive, consumer appliances, and construction.
The global Silico Manganese market is segmented based on application as
The global Silico Manganese market is segmented based on region as North America, Latin America, Europe (Germany, Poland, BENELUX, Spain, Italy, Russia, France, and the UK), Asia-Pacific, The Middle East, Africa, South Africa, and GCC Countries.
The Asia-Pacific region holds the market-leading position accounting for a value of more than 12,500 million US dollars i.e. about 80% of the total market share of the global Silico Manganese Market. In the countries like China, Japan, and India with emerging and growing economies, the major driving factors include a rise in the construction sector, rapid industrialization, rapid urbanization, increase in steel production, and others. In 2019, the Asia-Pacific region solely accounted for the production of about 1,341.6 Mt crude oil i.e. a total of 70% of the total steel production globally. A CAGR of 5.5% is expected to be registered by the Asia-Pacific region during the forecast period of 2024.
Europe follows the Asia-Pacific region and holds the second position in leading the Silico Manganese market globally. With a rise in households, single-family dwellings, low rate of interest, and mortgage values in the East-European countries the construction business is on the rise. The Other factor contributing to the growth of the Silico Manganese market in the European region is growing automotive production which is like to generate a revenue of more than 2000 million US dollars and a CAGR of 3% by the end of the forecast period.
With the growth of residential construction, rising demand of automotive OEM with steel production, and others have calculated a CAGR of 5% for the North American region and revenue of 1000 million US dollars during the forecast year.
Other regions like The Middle East, Latin America, and Africa are likely to rise and grow significantly during the forecast period.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD 23,500 Million |
CAGR | 5% (2020-2027) |
Base Year | 2021 |
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 | Product, End Users, Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Tata Steel (India), Eramet Group (France), Gulf Ferro Alloys Company (SABAYEK) (Saudi Arabia), OM Holdings Ltd. (Singapore), Steel Authority of India Limited (SAIL) (India), Brahm Group (India), Sakura Ferroalloys (Malaysia), Jindal Steel & Power Ltd. (India), Vipra Ferro Alloys Pvt Ltd. (India), Pertama Ferroalloys Sdn. Bhd. (Malaysia) |
Key Market Opportunities | Usage of steel in the end-user industries like building, transportation, and construction. |
Key Market Drivers |
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The Global Silico Manganese Market is expected to register a CAGR of 5% by the year 2025.
The global Silico Manganese market is segmented based on products as Low, Medium, and High Carbon Silico Manganese.
The Asia-Pacific region holds the market-leading position.