Ferroalloys Market 2023-2028: Industry Size, Share, Drivers and Opportunities

According to IMARC Group latest report titled “Ferroalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on ferroalloys industry growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global ferroalloys market is expected to exhibit a growth rate (CAGR) of 7.1% during 2023-2028.

What are ferroalloys?

Ferroalloys refer to iron-based alloys formed by the carbothermic reaction process. They comprise various elements, such as aluminum, manganese, chromium, titanium, boron, phosphorus, silicon, etc., that are vital additives in the production of specialty steel and superalloys. Some of the commonly utilized ferroalloys include ferrochromium, ferromolybdenum, ferrovanadium, ferromanganese, ferrotitanium, ferroboron, ferrophosphorus, etc. They are widely used as additives for improving tensile strength, durability, and magnetism of numerous metals. Ferroalloys are also utilized in the manufacturing of switches, wires, automobile radiators, water heaters, refrigerators, metal casings, chemical processing equipment, etc. As such, they find extensive applications across several sectors, such as residential, commercial, transportation, etc.

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What are the growth prospects and trends in the ferroalloys industry?

The expanding automotive industry across countries is primarily augmenting the ferroalloys market. Furthermore, the rising usage of these iron-based alloys in the manufacturing of automobile components to optimize fuel consumption and improve the overall efficiency of the vehicle is positively influencing the global market. Apart from this, the widespread adoption of ferrochromium for the fabrication of stainless steel is acting as another significant growth-inducing factor. Moreover, the increasing utilization of ferroalloys, as they act as a desulfurizing and deoxidizing agent to promote solid solution strengthening, and extensive infrastructural development projects are further bolstering the market growth. Besides this, the escalating demand for electric arc furnaces (EAFs) from blast furnaces to process ferroalloys is also catalyzing the global market. Additionally, they are highly cost effective and require minimal power requirements to produce steel from the metal feedstock, which is expected to fuel the ferroalloys market in the coming years.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Arcelor Mittal
  • Brahm Group
  • China Minmetals Group Co. Ltd.
  • Glencore plc
  • Gulf Ferro Alloys Company (SABAYEK)
  • Jindal Group
  • Nikopol Ferroalloy Plant
  • OM Holdings Ltd.
  • SC Feral Srl
  • SAIL
  • Samancore Chrome
  • Tata Steel Limited

Ferroalloys Market Segmentation:

Our report has categorized the market based on region, product and application.

Breakup by Product:

  • Ferrochrome
  • Ferromanganese
  • Ferro Silicomanganese
  • Ferrosilicon
  • Others

Breakup by Application:

  • Carbon and Low Alloy Steel
  • Stainless Steel
  • Alloy Steel
  • Cast Iron
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

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