Ferroalloys Market Size, Share, Growth Analysis, By Product Type(Ferrochrome, Ferromanganese, Ferro Silicomanganese, Ferrosilicon), By Application(Carbon & Low Alloy Steel, Stainless Steel, Alloy Steel, Cast Iron), By Region - Industry Forecast 2024-2031

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.