Market Research Report
Ferro Manganese Market Size, Share & Trends Analysis Report By Grade (High Carbon, Refined), By Application (Carbon Steel, Stainless Steel, Alloy Steel, Cast Iron), By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||967492|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Ferro Manganese Market Size, Share & Trends Analysis Report By Grade (High Carbon, Refined), By Application (Carbon Steel, Stainless Steel, Alloy Steel, Cast Iron), By Region, And Segment Forecasts, 2020 - 2027|
|Published: October 14, 2020||Content info: 115 Pages||
Ferro Manganese Market Growth & Trends
The global ferro manganese market size is expected to reach USD 19.4 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2020 to 2027. The increasing popularity of cast iron cookware is projected to aid market growth over the forecast period.
Ferro manganese is widely used as a sulfur counterpart in the production of cast iron. The ability of the product to remove sulfur contaminants by forming manganese sulfide offers a great advantage as it can easily be removed as slag. The cast iron production historically has observed tremendous growth, for instance, global cast iron production has grown from nearly 54 million tons to approximately 96 million tons from 2000 to 2019. The use of cast iron, especially in cookware, has witnessed a steady climb owing to its ability to offer non-sticky, anti-rust, and durable quality utensils. Thus, the rising production of cast iron is projected to remain a key driver for the market over the forecast period.
However, with the breakout of the COVID-19 pandemic, the dynamics of the ferro manganese industry evolved rapidly and stronger demand for the product was observed in European countries amid the fear of complete lockdown. Many European suppliers of the product stated the greater stocking of ferro manganese by still mills in the Northern Italy region. Although this trend was short lived as the downstream demand for steel products declined rapidly. As per the stats released by the World Steel Association, the global steel demand is estimated to contract by nearly 6.4% in FY 2020. The downward sentiments in the global steel marketspace are anticipated to affect the growth of the ferro manganese sector over the short-term period.
The industry vendors owing to the breakout of COVID-19 are under severe distress as the downstream demand from the steel industry is going toward a negative trajectory. Owing to the falling demand from the steel sector, Vale, which is among the prominent producers of ferro manganese, closed its plant operations in Simoes Filho, Brazil. Many market participants have devised strategies to cut down expenditure by operating at minimal capacities.
Ferro Manganese Market Report Highlights
By grade, refined ferro manganese is expected to expand at the fastest revenue-based CAGR of 4.3% from 2020 to 2027 as global steel production moves toward electric arc furnace systems
High carbon ferro manganese emerged as the dominant grade category with a volume share of 70.2% in 2019. The use of the product in economical steel processing has observed greater penetration over the last few years
The cast iron application segment is estimated to expand at the fastest CAGR of 4.8% in terms of revenue from 2020 to 2027. The rising popularity of cast iron cookware is projected to positively aid the production, thereby indirectly augmenting demand for ferro manganese
Carbon steel is likely to remain the dominant application category in terms of revenue as well as volume over the forecast period. The wider use of the product in manufacturing carbon steel is the key factor assisting segment growth
Asia Pacific is estimated to expand at the highest CAGR in terms of volume over the forecast period. With the presence of leading steel-producing nations, such as China, India, South Korea, and Japan, the demand for ferro manganese is projected to remain stable over the coming years