Ferroalloys are iron alloys with less than 50% of iron and a high percentage of one or more of other elements like manganese, silicon, chromium etc. Ferroalloys are used in steel making, alloying of steels and in iron or steel foundries, so its closely related to iron or steel industry. In steel production, ferroalloys are used for deoxidation of steels and in iron or steel foundries. These alloys are brittle and are not suitable for fabricating products. These alloys have lower melting point and can be easily incorporated in to molten steel. These alloys are added to liquid steel to reach a specific chemical composition and helps in providing specific properties for products like plain carbon steel, stainless steel, electrical, tools etc.
Ferroalloys Market is valued at USD 42.41 Billion in 2018 and expected to reach USD 64.20 Billion by 2025 with the CAGR of 6.1% over the forecast period.
Increasing Application of Steels in End-User Industries Driving the Ferroalloy Market Growth.
Increasing application of steels in end-user industries such as construction, shipbuilding, automotive and other sectors is driving the ferroalloy market growth as ferroalloy mainly used in production of different type of steel. For example, in Asia pacific there is an increase in 2.4 million tons of crude steel from 2019 comparing to 2018. Growing demand for different types of steel grades due to the lack of suitable substitutes also provide an advantage to ferroalloy market and helps in its steady growth. Increasing construction and infrastructure activities in emerging economies like India and China specially in Asia pacific region is one of the driving factors ferroalloy market growth. Recent initiatives taken by Government of Asia pacific region is also supplements the growth of manufacturing sector which further boost the growth of ferroalloy market. For example, government of India initiatives to construct number of smart cities will help in the growth of ferroalloy market in India. However, environmental concern may hinder the ferroalloy market growth within the forecast period.
Asia Pacific is Expected to Dominate the Ferroalloys Market
Asia Pacific is expected to dominate the ferroalloy market with highest share due to the rapid economic growth, increasing construction and infrastructure activities, and presence of major steel production players in this region. Approximately 70% of steel produced in Asia pacific region which in proportion require same amount of ferroalloy to help in steel production, due to which the ferroalloy sector in Asia pacific is growing with steady pace catering around 75% of overall demand of global ferroalloy market. In India approximately USD 650 billion of investment is predicted in urban infrastructure for the next 20 years. These trends are expected to continue and will propel ferroalloys market demand over the forecast period. Middle East & Africa is showing decent growth recently and expected to have high growth rate in ferroalloy market due to construction of skyscrapers and presence of oil & gas reserves. Developing technologies for the production of ferroalloys and exports from China, Japan & India are going to boost the ferroalloy market.
ArcelorMittal S.A. is an Indian Luxembourgish multinational steel manufacturing corporation established in 2006 and headquartered in Luxembourg, Luxembourg. Specialties in long and flat-rolled steel, automotive steel, tubular products, high-strength steel, iron ore mining, coal mining, research and development, industry 4.0, and digital industry. ArcelorMittal had 190,123 Employees and a revenue of $ 70 Billion.
Tata Steel Limited is an Indian multinational steel-making company established in 1907 and headquartered in Mumbai, Maharashtra. Specialties in steelmaking, engineering, mining, steel products, steel solutions, steel research, and engineering. Tata steel had 18000 Employees and a revenue of $ 8 Billion.
OM Holdings Limited established in 1994 and headquartered in Singapore, Singapore. Specialties in Mining & Exploration, Smelting & Sintering, Marketing & Trading, Manganese Ore, Manganese Alloys, and Silicon Alloys. Om Holding Limited had 42 employees and a revenue of $ 11 Million.
China Minmetals Corporation is a Chinese metals and mineral trading company established in 1950 and headquartered in Haidian District, Beijing, P.R.China. Specialties in mining, commodities, real estate, finance, and logistics. China Minmetals Corporation had 106,314 Employees and a revenue of $ 80 Billion.
Gulf Ferro Alloys Company (SABAYEK) established in 1996 and headquartered in Jubail Industrial City, Eastern. Specialties in Ferro Silico Manganese and High Carbon Ferro Manganese. Gulf Ferro Alloys had 352 Employees and revenue of $ 77 Million.
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