Global Ferroalloys Market

Global Ferroalloys Market Size, Share, Growth Analysis, By Product Type(Ferrochrome, Ferromanganese), By Application(Carbon & Low Alloy Steel, Stainless Steel) - Industry Forecast 2022-2028


Report ID: SQSG15O2002 | Region: Global | Published Date: November, 2022 | Pages: 157

Global Ferroalloys Market Insights

Global Ferroalloys Market was valued at USD 154.2 billion in 2021, and it is expected to reach a value of USD 234.93 billion by 2028, at a CAGR of more than 6.2% over the forecast period (2022-2028).

Ferroalloys (and master alloys in general) were created to enhance the qualities of steels and alloys by adding certain alloying elements in the most practical, technically, and economically advantageous manner. In order to incorporate chemical ingredients into molten metal, ferroalloys, or alloys comprising iron and one or more alloying elements, are used. No grade of steel is made without ferroalloys.

The use of metallic addition agents to add an alloying element to molten steel or refine steel, in which ferroalloys play a significant part, is being considered by the industrial sector. Several international organizations provide poor nations money so they may use ferroalloys more frequently. Governments in several nations are focusing on the usage of ferroalloys as a result of the growth in environmental concerns. For example, a ferroalloy used in the foundry and steel mill industries was manufactured by Elkem Métal Canada Inc., which received a CAD 5 million funding announcement from the federal government. The Government of Quebec contributes an additional CAD 11.95 million to accomplish this. The money will go toward the production of biocarbon briquettes, a sustainable substitute for metallurgical coal that can lessen foundries' and steelworks' negative environmental effects. In order to potentially cut 100,000 tonnes of CO2 equivalent per year for Elkem Métal Canada, the company plans to replace the 43,000 tonnes of metallurgical coal used at its Chicoutimi facility in Quebec with 37,000 tonnes of bio-briquette (biocarbon).

Ferroalloys offer greater tensile strength and endurance. As a result, stakeholders in the automotive and transportation industries are more drawn to ferroalloy products. To resurrect market growth following the COVID-19 epidemic, businesses are developing balanced relationships with their suppliers and ecosystem partners.

Market snapshot

Global Market Size

USD 154.2 billion

Largest Segment

Ferromanganese

Fastest Growth

Ferromanganese

Growth Rate

more than 6.2% CAGR

Global Ferroalloys Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Ferroalloys Market Size by Product Type 2021-2028 ($ Mn)
Global Ferroalloys Market by Product Type 2021-2028 (%)

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Global Ferroalloys Market Segmental Analysis

Global ferroalloys market is segmented based on the Product, End User, and region. Based on the product type the global ferroalloys market is segmented into ferrochrome, ferromanganese, ferro silicomanganese, and ferrosilicon. Based on application the global ferroalloys market is segmented into carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Product Type

The ferromanganese sector held the largest share of more than 20.0 percent in the global ferroalloys market in 2021. The steelmaking and foundry industries are the main industries that use ferromanganese. Due to its employment as a desulphurizing agent in the production of steel and other materials, ferromanganese demand is primarily driven by its sulfide and deoxidant former characteristics. Iron sulfide, which may cause cracking, cannot develop when manganese and sulfur interact. Furthermore, it is the most popular ferroalloy and contains between 70 and 80 weight percent manganese and between 6 and 8 weight percent carbon. Most FeMn is marketed in its high carbon form, which ranges in carbon content from 2 to 7.5 percent. The manufacturing of flat carbon steel goods often uses it. The Mn recovery is impacted by factors including time, charge basicity, and temperature during the high carbon synthesis. The extent of the carbothermal reduction processes often rises with an increase in these parameters, which enhances the Mn recovery from charge.

From 2022 to 2028, the ferrosilicon market is anticipated to grow at a CAGR of 8.1% in terms of value. Metals are reduced from their oxides using this technique, such as when deoxidizing steel. Additionally, it offers resistance to corrosion and raises the standard and durability of items made of iron and steel. Stainless steel, alloy steel, carbon steel, electrical steel, and cast irons are all made from ferrosilicon.

Analysis by Application

With a market share of more than 34.0 percent in 2021, the stainless-steel sector led the industry. Over the projection period, the category is anticipated to see a profitable CAGR. International Stainless Steel Forum statistics issued on March 14 show that the global output of stainless steel increased 10.6% from the previous year to 56.3 million mt in 2021. In 2021, China produced 30.6 million mt, or 54.4 percent of the world's output, up 1.6 percent a year. Double-digit year-over-year growth was also observed in the US, up 10.4% to 2.4 million mt, and Europe, up 13.6% to 7.2 million mt. A 42 percent boost in output was also seen in the "others" category, which includes Brazil, Russia, South Africa, South Korea, and Indonesia.

Over the course of the projection, cast iron is expected to continue to grow at the quickest rate in the industry. A minor amount of manganese, chromium, nickel, tungsten, and molybdenum are included in cast iron, a ferrous alloy. The category is expected to increase as a result of benefits such as the cheap cost of component manufacture, superior casting characteristics, better compression strength, durability, and resistance to deformation.

Global Ferroalloys Market by Product Type, 2021 (%)

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Global Ferroalloys Market Regional Insights

In terms of both volume and revenue, the Asia Pacific region led the market in 2021, accounting for over 61 percent of worldwide revenue. As a major producer and consumer of ferroalloys, China is expected to continue to dominate the market in the years to come. India, Indonesia, Malaysia, and Vietnam are the newly developing regional markets for ferroalloys in the Asia Pacific area. In the years to come, significant development is anticipated in China and the aforementioned emerging markets. China imported 43.44 mnt of ferrosilicon in calendar year 21, an increase of 89 percent year over year from 22.96 mnt in calendar year 20. North Korea was the leading exporter with 37.09 mnt (up 141%), followed by South Africa with 0.31 mnt and Norway with 4.49 mint (down 13% each) (21 percent). Lower domestic output of ferrosilicon and increased imports of ferrosilicon last year were mostly caused by the rigorous limitations imposed by China's dual control policy. Power consumption restrictions increased energy prices, and production restrictions for crude steel all continued to have an influence on domestic output. According to figures compiled by SteelMint, China's total imports of chrome ore were at 14.95 mnt in January through December of this year, a modest 4 percent increase from 1.32 mnt the year before.

Because so much steel is produced in the U.S. compared to Canada and Mexico, the market for ferroalloys in this country is substantially greater. A crucial element driving the market expansion for ferroalloys is the rising domestic steel manufacture in the area. The demand for ferroalloys in the region fell precipitously in 2020 as steel output fell by more than 17 percent. Leading market players like Volkswagen, Ford, and BMW announced the temporary closure of their production facilities amid the spread of COVID-19 in 2020; however, production resumed in the second half of that year. As a result, the well-established automotive sector in Germany has seen sluggish growth. In 2020, Volkswagen will temporarily close its factories in Slovakia, Germany, Italy, Spain, and Portugal.

Global Ferroalloys Market By Geography, 2021 - 2028
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Global Ferroalloys Market Dynamics

Driver

  • Due to an increase in global steel output, the global ferroalloys market is predicted to expand. Ferrochrome, ferrosilicon, ferromanganese, and ferromolybdenum are only a few examples of the ferroalloys. Different ferroalloy varieties are used for various steel-making processes. For instance, ferrovanadium is used in the production of steel to provide 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.
  • Due to the growing demand for high-performance materials that can operate at extremely high operating temperatures in the combustion chamber, ferroalloys are essential in the production of superalloys, which are high-performance alloys used in extreme environments 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 to these advances. Stakeholders profit from such continuous trends in the ferroalloys industry.

Restraint

  • The growth of the ferroalloys market is expected to be constrained by the replacement of stainless steel with carbon fibers. Due to its small weight, high strength, and load-bearing capabilities, carbon fibers are extensively employed in the automobile sector. A car's weight is reduced by roughly 30% thanks to carbon fibers. Carbon fiber is becoming the most sought-after material due to the growing significance of lightweight cars. The production process' automation also makes carbon fibers more attractive than stainless steel in the long run.

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Global Ferroalloys Market Competitive Landscape

The global ferroalloys market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Players in the Ferroalloys Market

  • Shanghai Ferroalloys Works (China)
  • Georgian American Alloys (USA)
  • Gulf Ferroalloys Company (SABAYEK)
  • Tata Steel (India)
  • Brahm Group (India)
  • Ferroalloy Corporation Limited (India)
  • China Minmetals Corporation (China)
  • Pertama Ferroalloys Sdn. Bhd. (Malaysia)
  • SAIL (India)
  • OFZ
  • a.s (Slovakia)
  • MORTEX GROUP (India)
  • OM Holdings Ltd. (Singapore)
  • Nikopol Ferroalloy Plant (Ukraine)
  • Bafa Bahrain (Bahrain)

Recent Developments

  • In July 2022, with the goal of collaborating on researching low carbon iron and steelmaking technologies, Tata Steel and BHP, a major global resources firm, signed a Memorandum of Understanding (MoU). By working together in two major areas – the use of biomass as an energy source and the implementation of carbon capture and utilization (CCU) in steel production - Tata Steel and BHP want to minimize the emission intensity of the blast furnace steel route. The alliance intends to promote both businesses' efforts to combat climate change and India's aspirations to become carbon neutral by 2070.
  • In July 2022, one million tonnes per year Neelachal Ispat Nigam Limited ('NINL') was purchased by Tata Steel Long Products Limited, a subsidiary of Tata Steel, from MMTC Ltd., NMDC Ltd., MECON Ltd., Bharat Heavy Electricals Ltd., Industrial Promotion and Investment Corporation of Odisha Ltd., Odisha Mining Corporation Ltd., President of India, and Government of Odisha for 93.71 percent. According to the terms and circumstances of the Share Sale and Purchase Agreement signed on March 10, 2022, and in compliance with the procedure being administered by the Department of Disinvestment & Public Asset Management, the acquisition has been completed (DIPAM).

Global Ferroalloys Key Market Trends

  • The greatest end-use market for steel goods is construction, where rebars, sections, channels, and angles are often employed. The global construction industry is anticipated to expand considerably between 2022 and 2030. The need for ferroalloys, one of the main feedstocks used to produce steel, is anticipated to increase as a result, which will help the demand for steel products.
  • Global crude steel output is increasing rapidly. As the main centers of steel demand, rising countries like China and India own large stakes in this. There are some significant automakers operating in these nations, supplying the rising local consumer demand. The population is growing, and the level of life is rising, which helps the building industry. Recent steps taken by governments in the Asia Pacific area to strengthen the industrial sector may potentially significantly increase demand for ferroalloys during the anticipated time period.

Global Ferroalloys Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global ferroalloys market analysis, in terms of product type, the ferromanganese segment held the largest share in the market. The steelmaking and foundry industries are the main industries that use ferromanganese. Due to its employment as a desulphurizing agent in the production of steel and other materials, ferromanganese demand is primarily driven by its sulfide and deoxidant former characteristics. Based on application, the largest share in the market was held by the stainless-steel segment due to the rise in production of stainless steel worldwide. And by region, the Asia Pacific region dominated the market due to the presence of large ferroalloy producers in the region like China, North Korea, and India, etc.

Report Metric Details
Market size value in 2021 USD 154.2 billion
Market size value in 2028 USD 234.93 billion
Growth Rate more than 6.2%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Ferrochrome, Ferromanganese, Ferro Silicomanganese, Ferrosilicon
  • Application
    • Carbon & Low Alloy Steel, Stainless Steel, Alloy Steel, Cast Iron, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Shanghai Ferroalloys Works (China)
  • Georgian American Alloys (USA)
  • Gulf Ferroalloys Company (SABAYEK)
  • Tata Steel (India)
  • Brahm Group (India)
  • Ferroalloy Corporation Limited (India)
  • China Minmetals Corporation (China)
  • Pertama Ferroalloys Sdn. Bhd. (Malaysia)
  • SAIL (India)
  • OFZ
  • a.s (Slovakia)
  • MORTEX GROUP (India)
  • OM Holdings Ltd. (Singapore)
  • Nikopol Ferroalloy Plant (Ukraine)
  • Bafa Bahrain (Bahrain)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Ferroalloys Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Ferroalloys Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Ferroalloys Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ferroalloys Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ferroalloys Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Ferroalloys Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQ's

Global Ferroalloys Market was valued at USD 154.2 billion in 2021, and it is expected to reach a value of USD 234.93 billion by 2028, at a CAGR of more than 6.2% over the forecast period (2022-2028).

The global ferroalloys market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Shanghai Ferroalloys Works (China)','Georgian American Alloys (USA)','Gulf Ferroalloys Company (SABAYEK)','Tata Steel (India)','Brahm Group (India)','Ferroalloy Corporation Limited (India)','China Minmetals Corporation (China)','Pertama Ferroalloys Sdn. Bhd. (Malaysia)','SAIL (India)','OFZ','a.s (Slovakia)','MORTEX GROUP (India)','OM Holdings Ltd. (Singapore)','Nikopol Ferroalloy Plant (Ukraine)','Bafa Bahrain (Bahrain)'

Due to an increase in global steel output, the global ferroalloys market is predicted to expand. Ferrochrome, ferrosilicon, ferromanganese, and ferromolybdenum are only a few examples of the ferroalloys. Different ferroalloy varieties are used for various steel-making processes. For instance, ferrovanadium is used in the production of steel to provide 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.

The greatest end-use market for steel goods is construction, where rebars, sections, channels, and angles are often employed. The global construction industry is anticipated to expand considerably between 2022 and 2030. The need for ferroalloys, one of the main feedstocks used to produce steel, is anticipated to increase as a result, which will help the demand for steel products.

In terms of both volume and revenue, the Asia Pacific region led the market in 2021, accounting for over 61 percent of worldwide revenue. As a major producer and consumer of ferroalloys, China is expected to continue to dominate the market in the years to come. India, Indonesia, Malaysia, and Vietnam are the newly developing regional markets for ferroalloys in the Asia Pacific area. In the years to come, significant development is anticipated in China and the aforementioned emerging markets. China imported 43.44 mnt of ferrosilicon in calendar year 21, an increase of 89 percent year over year from 22.96 mnt in calendar year 20. North Korea was the leading exporter with 37.09 mnt (up 141%), followed by South Africa with 0.31 mnt and Norway with 4.49 mint (down 13% each) (21 percent). Lower domestic output of ferrosilicon and increased imports of ferrosilicon last year were mostly caused by the rigorous limitations imposed by China's dual control policy. Power consumption restrictions increased energy prices, and production restrictions for crude steel all continued to have an influence on domestic output. According to figures compiled by SteelMint, China's total imports of chrome ore were at 14.95 mnt in January through December of this year, a modest 4 percent increase from 1.32 mnt the year before.

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Global Ferroalloys Market

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