July 13, 2023 06:30 ET | Source: Research Nester Research Nester
New York, New York, UNITED STATES Cast Iron Silicon Metal
New York, July 13, 2023 (GLOBE NEWSWIRE) -- The global ferroalloys market size is slated to expand at ~5% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 160 billion by the end of 2033, up from a revenue of ~USD 94 billion in the year 2022. The growth of the market over the forecast period can be attributed to the surging production of pig iron as well as growing demand for cast iron with specific properties to perform crucial tasks during manufacture together with the augmenting need for ferroalloys in the making of cast iron which are injected into the process as an inoculant. As per the U.S. Geological Survey, it was observed that the production of pig iron worldwide climbed from ~1,310 million metric tons in 2020 to 1,400 million metric tons in 2021. Ferroalloys entail several iron alloys that contain a significant amount of one or more other elements, such as silicon, manganese, or aluminium.
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Global Ferroalloys Market: Key Takeaways
Growth in Demand for Steel to Boost Market Growth
The key factor responsible for the growth of the ferroalloys market in the upcoming years is mainly its use in the steel-making process. They are used for the deoxidization and refining of steel, besides improving properties like ductility, tensile strength, fatigue resistance, and corrosion resistance in steel. With the increasing production of finished steel globally, which grew from ~1 .76 billion tons in 2020 to 1. 84 billion tons in 2021, the demand for high-grade alloys with low-carbon content is expected to escalate. Additionally, steel is a crucial raw material for industries such as infrastructure, energy, automotive and transportation, construction, packaging, and machinery, and their demand is expected to skyrocket in the near future. For instance, when compared to the current levels, the use of steel by 2050 is projected to rise by about 20% in order to meet the needs of the burgeoning population.
Global Ferroalloys Market: Regional Overview
The global market is classified further into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Augmenting Production of Steel to Drive Growth in the Asia Pacific Region
The ferroalloys market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market in the Asia Pacific region over the forecast period is attributed to the existence of giant ferroalloy manufacturers in India and China, which make these nations lucrative & prominent for steel production. It was observed that the production of steel in India swiftly increased from ~100.3 million tons in 2020 to almost 119 million tons in 2021. Moreover, China was found to produce the highest volume of stainless steel slabs across the Asia-Pacific region in 2021, with the production of stainless steel comprising nearly 30 million tons. Additionally, the burgeoning presence of ferroalloys plants in the region together with the functioning of varied types of ferroalloy furnaces such as exothermic (metallothermic) reaction furnaces, submerged electric arc furnaces, and electrolytic cells that are used for the distinctive ferroalloys production will bolster the regional growth.
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Increasing Stainless Steel Exports to Drive Growth in Europe
The ferroalloys market in Europe is estimated to garner the highest CAGR by the end of 2033. With Europe having a history of dominance over industrial steel production up until recent years, its rising exports of stainless steel and fabricated steel to different parts of the world, along with the increasing number of ferroalloy manufacturers in the region, are expected to escalate the segment growth in the estimated time period. It was found that Western European countries exported more than 8.7 million metric tons of stainless steel in 2021, with over 8 million metric tons traded internally. Furthermore, the regional market growth is also estimated to escalate with the growing step towards a sustainable, green economy, as steel is used as a primary material in delivering renewable energy, is the world’s most recycled material, and is 100% recyclable.
The bulk segment is anticipated to hold the largest revenue by the end of 2033. The increasing production of bulk ferroalloys, combined with the rapidly increasing demand for steel globally for various industries, can be attributed to the segment's growth. It was found that the production of bulk ferroalloys in 2018 rose from ~4,12,00,000 metric tons to ~4,47,00,000 metric tons in 2019 across the globe. Bulk ferroalloys are primarily used in steel or iron foundries exclusively, while the use of noble ferroalloys is far more varied. Types of bulk ferroalloys include ferro manganese, ferro silicon, ferro chrome, and silico manganese, with Ferro manganese (Fe – Mn) being of great importance, mainly in the steel and stainless steel industries.
Furthermore, the segment, noble ferroalloys which include ferroboron, ferromolybdenum, ferronickel, ferroniobium, ferrophosphorus, ferrotitanium, ferrotungsten, and ferrovanadium is also expected to boost the market growth with its growing global production that increased to ~1,40,00,000 metric tons from 1,15,00,000 metric tons in 2021.
The stainless steel segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rapidly increasing infrastructural development globally along with the strengthening of global society with the development of transport systems, healthcare facilities, and education systems across the world with the increasing use of stainless steel. It is stated that the global average per capita steel consumption steadily grew from ~150kg [GAS1] in 2001 to nearly 230kg in 2020 to make the world more prosperous. Moreover, steel being an essential raw material for most industries, its production is increasing manifold all these years. It was observed that its production grew from ~1.88 billion tons in 2020 to ~1.94 billion tons in 2021.
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A few of the well-known market leaders in the global ferroalloys market that are profiled by Research Nester are Ferroglobe PLC, Elkem ASA, Feng Erda Group, DMS Powders, Eurasian Resources Group, Finnfjord AS, Hindustan Alloys Private Limited, Russian Ferro-Alloys Inc., Mechel PAO, OM Holdings Ltd., Westbrook Resources Ltd., and other key market players.
Recent Development in the Global Ferroalloys Market
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