PUBLISHER: Grand View Research | PRODUCT CODE: 1171020
PUBLISHER: Grand View Research | PRODUCT CODE: 1171020
The global silico manganese market size is expected to reach USD 57.19 billion by 2033, according to a new report by Grand View Research, Inc, expanding at a CAGR of 6.5% over the forecast period. Increasing investments in construction activities across the globe are expected to boost the demand for steel, which is anticipated to positively influence the market growth of silico manganese over the forecast period.
For instance, In November 2021, Bahrain announced plans to invest USD 30.00 billion for the creation of five new cities on its manmade islands. The project is a part of the government's efforts to boost its economy post-pandemic. In addition, the governments of different countries across the Middle East & Africa are investing in tourism and hotel development projects.
Silico manganese is a type of ferroalloy that is made up of alloys of manganese, silicon, iron, and a small amount of carbon and other elements. It finds application in steel making, where it is used as a deoxidizer, and to increase the manganese content to improve steel strength. Thus, the rising production of steel is expected to drive the demand for the product.
In October 2021, the Rongju steel plant of Hefa Group was commissioned in Vietnam. The plant has a production capacity of approximately 4 million tons per annum. Moreover, in August 2022, Hefa Group announced plans to expand its steel production capacity by 2023. The company aims to enhance the production capacity of flat, rebar, and wire rods by approximately 5.6 million tons per annum in the second phase of expansion.
Silico manganese consumption in the Middle East & Africa region is anticipated to be driven by expanding steel capacity in the region. For instance, in March 2022, Tosyali Algerie commenced the construction of a direct reduced iron plant with an annual capacity of 2.5 million tons per annum, and a flat product mill of 4 million tons per annum in Algeria.
The manufacturers of silico manganese engage in mergers & acquisitions to stay ahead of the competition. In April 2022, Tata Steel Mining Limited, acquired Rohit Ferro-Tech Ltd., a manufacturer of manganese and chromium-based ferroalloys such as ferrochrome and silico manganese for USD 77.42 million in India. The acquisition is expected to enable the company to consolidate its position in the ferroalloy business.