USD 5.51 Billion
Report ID: SQSG15J2005 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Ferrosilicon Alloy Materials Market was valued at USD 5.51 Billion in 2021, and it is expected to reach a value of USD 8.89 Billion by 2028, at a CAGR of 10.47% over the forecast period (2022-2028).
Ferrosilicon is an iron-silicon alloy that is manufactured by reducing sand or silica in the presence of iron at extremely high temperatures. It is widely used to prevent the loss of carbon from molten steel and other materials by reducing metals from their oxides and deoxidizing steel and other ferrous alloys. It is also utilized in arc welding electrode coatings and in the production of iron, steel, and other ferroalloys. It has exceptional tensile strength, corrosion, abrasion, temperature resistance, high specific gravity, and magnetic properties. Thus, ferrosilicon has numerous applications in the fields of metallurgy, construction, automotive, semiconductors, chemical processing, and solar energy. The increasing use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron is anticipated to drive the market. Rising demand for steel compels manufacturers to expand production capacity which in turn will propel the market growth during the analysis period.
Global Market Size
USD 5.51 Billion
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The global ferrosilicon alloy materials market is segmented based on application, end-use, and region. Based on application, the market is segmented into deoxidizers, inoculants, and others. Based on end-use, the market is segmented into carbon & other alloy steel, stainless steel, electric steel, cast iron, and others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Application
The deoxidizer segment dominated the ferrosilicon market in 2021, accounting for more than 69.0% of total revenue. The segment is predicted to maintain its dominance over the forecast period. Ferrosilicon alloys are widely used in the steel industry as a deoxidizer. The deoxidization process blocks heat and prevents carbon loss from molten steel, ensuring its quality. The inoculants segment is expected to record the highest CAGR during the forecast period. Ferrosilicon is used as an inoculant in the cast iron industry, and the rising demand for cast iron is expected to propel the ferrosilicon alloy materials market during the analysis period.
Analysis by End Use
In 2021, the carbon & other alloy steel segment dominated the ferrosilicon alloy materials market with a revenue share of more than 43.0%. Ferrosilicon is a crucial raw material in the steel manufacturing process, where it is used as a deoxidizer and alloying agent. In addition, burning ferrosilicon alloy powder at a high temperature produces a great deal of heat, so it is also used as a heat-producing agent in the production of capped steel.
Cast iron is anticipated to experience the highest revenue growth rate during the forecast period. Unlike steel, cast iron is less expensive, easier to melt, and has excellent casting properties. Ferrosilicon alloy is utilized as an inoculant in the cast iron industry to prevent the formation of iron carbide caused by the rapid cooling of thin casting sections. Rising investments in cast iron are expected to benefit product demand during the forecast period. Another essential end-use segment of the market is stainless steel. Ferrosilicon alloy is added to the product to enhance its aesthetics, wear resistance, and corrosion resistance; consequently, rising stainless steel production is driving segment expansion throughout the analysis period.
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Asia-Pacific dominated the ferrosilicon market in 2021, accounting for over 66.0% of total revenue. The high potential for infrastructure development and ongoing investment in the automobile industry is driving steel production, thereby boosting the ferrosilicon alloy materials market's growth. China, India, and Japan were the major steel producers in the world in 2021, as per the World Steel Association. The region is witnessing huge investments in the expansion of steel capacity in various countries, which is anticipated to contribute to the region's ferrosilicon alloy materials market growth over the forecast period.
The ferrosilicon market in North America is anticipated to grow at a 2.2% CAGR in terms of revenue during the forecast period. The expansion of the EV industry and rising construction expenditure are expected to drive ferrosilicon alloy market expansion over the forecast period.
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Increasing investment in the field of infrastructure and house development projects around the world is driving the demand for the ferrosilicon alloy materials market.
Increasing competition and cost of extraction are major restraints for market growth.
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The ferrosilicon alloy materials market is relatively fragmented, with a high level of competition. Few large players, like Ferroglobe Plc, Chemalloy Company LLC, and Finnfjord AS, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
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According to our analysis, the rising demand for steel compels manufacturers to expand production capacity which in turn will propel the market growth during the analysis period. Based on application, the market is segmented into deoxidizers, inoculants, and others. Ferrosilicon is used as an inoculant in the cast iron industry, and the rising demand for cast iron is expected to propel the market during the analysis period. Asia-Pacific dominated the market in 2021, accounting for over 66.0% of total revenue. Cast iron is less expensive, easier to melt, and has excellent casting properties. North America is anticipated to grow at a 2.2% CAGR in terms of revenue during the forecast period.
|Market size value in 2021||USD 5.51 Billion|
|Market size value in 2028||USD 8.89 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global Ferrosilicon Alloy Materials 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 Ferrosilicon Alloy Materials 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.
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