PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120718
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120718
Ferroalloys Market size was valued at USD 43,710 Million in 2021, growing at a CAGR of 7.5% from 2022 to 2028.
Ferroalloys are a class of materials that are typically used to make steel and are composed of iron and various alloying elements. To enhance certain characteristics of steel products, ferroalloys are employed in the steel-making process. The inclusion of ferroalloys enhances the qualities such as tensile strength, corrosion resistance, fatigue strength, and ductility. Ferrochrome, ferromanganese, and ferromolybdenum are only a few examples of ferroalloys. Different ferroalloy varieties are used for various steel-making processes. For instance, ferrovanadium is used in the production of steel to give the material resistance to alkalis and acids like sulfuric and hydrochloric acid. It gives casting and welding electrodes corrosion resistance and increases their tensile strength.
Ferroalloys find extensive application in the process of making steel. As a result, the pricing of ferroalloys is greatly influenced by the production and consumption of steel and associated goods and vice versa. One of the most important factors in choosing the best ferroalloy for the manufacturing of a specific grade of steel is the cost of the ferroalloy. Calculating the expenses of steel-making also takes into account the steel's specifications. For instance, two methods can be used to produce a specific grade of low-phosphorus steel: either by using the standard steel-making process, which uses pricey ferroalloys with low phosphorous content.
In addition, due to the growing demand for high-performance materials that can operate at extremely high operating temperatures in the combustion chamber, ferroalloys are essential for the production of superalloys, which are high-performance alloys used in different conditions where corrosion and heat resistance are paramount. For uses in the manufacture of heat exchangers, industrial gas turbines, submarines, the aerospace industry, and chemical processing, superalloys have taken the place of conventional steel. For the production of next-generation aircraft, the ferroalloys market prognosis predicts an increase in demand for materials with high mechanical strength, surface stability, and thermal protection. Superalloy makers have a lot of potential because of these advances. Stakeholders profit from such ongoing trends in the ferroalloys market.
The Global Ferroalloys Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into four categories based on product type: Ferrochrome, Ferromanganese, Ferro Silico Manganese, and Ferrosilicon. The Ferromanganese sector dominates the market. Ferromanganese finds primary application in steel-making and foundry industries.
The market is divided into four categories based on application: Carbon & Low Alloy steel, Stainless Steel, Alloy Steel, and Cast Iron. The Cast iron segment is expected to register the fastest growth due to its good casting properties and low cost.
Due to the continued development in demand, the worldwide market for Ferroalloys is made of both international and local producers, making it a fairly competitive market. Some of the primary techniques used by key market players to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions.
For instance, Tata Steel Mining recently in April 2021, expanded its ferrochrome capacity in India to 9 lakh tons per annum. In addition, in May 2020, Suraj Products approved an investment of INR 20 Crore for setting up a Ferro alloy manufacturing facility using Patented Technology developed by MR Y K Dalmia.
The scope of this report covers the market by its major segments, which include as follows: