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

Ferroalloys Market size was valued at USD 132.19 billion in 2019 and is poised to grow from USD 139.5 billion in 2023 to USD 204.2 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The 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. 'Tata Steel', 'SAIL', 'Glencore', 'Vale', 'BHP Billiton', 'Rio Tinto', 'South32', 'Anglo American', 'ArcelorMittal', 'POSCO', 'Nippon Steel & Sumitomo Metal Corporation', 'ERAMET', 'China Minmetals Corporation', 'Jindal Steel & Power Ltd.', 'Assmang Limited', 'FerroAlloy Corporation Limited', 'Georgian American Alloys, Inc.', 'Elkem ASA', 'Sakura Ferroalloys SDN BHD', 'Nikopol Ferroalloy Plant'

Due to an increase in steel output, the 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 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.