Ferroalloys Market Size, Share, Growth Analysis, By Type (Bulk Alloys, Nobel Alloys), By Application (Stainless Steel, Cast Iron), By End Use Industry (Construction, Automotive), By Region - Industry Forecast 2025-2032

Ferroalloys Market size was valued at USD 53.92 Billion in 2023 and is poised to grow from USD 57.75 Billion in 2024 to USD 99.98 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

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. 'Glencore (Switzerland) ', 'Eurasian Resources Group (ERG) (Luxembourg) ', 'ArcelorMittal (Luxembourg) ', 'Tata Steel (India) ', 'China Minmetals Corporation (China) ', 'Jindal Steel & Power Ltd. (India) ', 'OM Holdings Ltd. (Singapore) ', 'SAIL (Steel Authority of India Limited) (India) ', 'Ferroglobe PLC (UK) ', 'Samancor Chrome (South Africa) ', 'Assmang Proprietary Limited (South Africa) ', 'Erdos Group (China) ', 'Henan Xibao Metallurgy Materials Group Co., Ltd. (China) ', 'Sheng Yan Group (China) ', 'Nikopol Ferroalloy Plant (Ukraine) ', 'Ferro Alloys Corporation Limited (India) ', 'Shanghai Shenjia Ferroalloys Co., Ltd. (China) ', 'Sinosteel Jilin Ferroalloy Corporation (China) ', 'Mitsubishi Corporation RtM Japan Ltd. (Japan) ', 'Vale S.A. (Brazil) '

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.