USD 5.51 billion
Ferrosilicon Alloy Materials Market Size, Share, Growth Analysis, By Application(Deoxidize, Inoculant, Others), By End-use(Carbon & other alloy steel, Stainless Steel, Electric Steel, Cast Iron), By Region - Industry Forecast 2024-2031
Report ID:
SQSG15J2005 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
65
|Figures:
70
Ferrosilicon Alloy Materials Market Insights
Global Ferrosilicon Alloy Materials Market size was valued at USD 5.51 billion in 2019 and is poised to grow from USD 6.09 billion in 2023 to USD 13.5 billion by 2031, at a CAGR of 10.47% during the forecast period (2024-2031).
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.
US Ferrosilicon Alloy Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Deoxidizers
Fastest Growth
Deoxidizers
Growth Rate
10.47% CAGR
Global Ferrosilicon Alloy Materials Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Ferrosilicon Alloy Materials Market Segmental Analysis
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.
Ferrosilicon Alloy Materials Market 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.
Ferrosilicon Alloy Materials Market 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.
Global Ferrosilicon Alloy Materials Market By Application, 2021 (%)
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Ferrosilicon Alloy Materials Market Regional Insights
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.
Global Ferrosilicon Alloy Materials Market By Geography, 2022 - 2028
- Largest
- Fastest
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Ferrosilicon Alloy Materials Market Dynamics
Ferrosilicon Alloy Materials Market Driver
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 investment in the field of infrastructure and house development projects around the world is driving the demand for market growth. This is pushing investors to invest in this sector to expand production capacity to meet the increasing demand which is driving the global market growth during the analysis period.
Ferrosilicon Alloy Materials Market Restraint
Increasing competition and cost of extraction are major restraints for market growth.
- Increasing competition and extraction costs are significant market growth restraints. As more ore is extracted, ore deposits deplete and demand more capital to extract the same amount of ore, which causes a price increase and restrains the growth of the ferrosilicon alloy materials market during the analysis period.
- Alternatives to Ferrosilicon, such as ferroaluminum, ferromagnesium, and ferrochromium, are preferred due to their greater accessibility. This factor is anticipated to restrain the global ferrosilicon market over the forecast period. Quartz and Iron Oxide, which are used to produce ferrosilicon alloy, are polluting components. Continuous exposure to ferrosilicon has resulted in the development of cancer in miners. This is an additional factor restraining the ferrosilicon alloy market worldwide.
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Ferrosilicon Alloy Materials Market Competitive Landscape
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.
Ferrosilicon Alloy Materials Market Top Player’s Company Profiles
- Ferroglobe Plc (UK)
- Chemalloy Company LLC (US)
- Crown Ferro Alloys Pvt. Ltd (India)
- DMS Powder (South Africa)
- Finnfjord AS (Norway)
- FW Winter Inc (US)
- Reade Advanced Materials (US)
- Stanford Advanced Materials (US)
- Elkem ASA (Norway)
- Eurasian Resources Group (Luxembourg)
- Ferro Alloys Corporation Ltd. (India)
- Indian Metals & Ferro Alloys Ltd. (India)
- OM Holdings Ltd. (Singapore).
- Sinogu Ferroalloys (China)
- VBC Ferro Alloys Ltd. (India)
Ferrosilicon Alloy Materials Market Recent Developments
- In July 2022, Ferroglobe PLC, has announced a new phase in its silicon metal powder project for batteries and other advanced technologies, achieving a high purity production of 99.99% in micrometer and sub-micrometer sizes.
- In June 2022, Elkem ASA announced that it acquires KeyVest Belgium S.A., a producer of metal powders for the refractory industry and other segments, including advanced ceramics. This will expand Elkem's product line and provide a foundation for future expansion.
Ferrosilicon Alloy Materials Key Market Trends
- Ferrosilicon is widely used in the casting industries for inoculation, graphitization, and modification. Consequently, the rising demand for steel and iron from various end-use industries is the primary factor driving market expansion. In addition, the increasing use of semiconductors in electronic devices increases the demand for ferrosilicon in the semiconductor industry. In addition, the growing demand for electric steel to produce motors, transformers, and other power generation devices is accelerating the product adoption rate. In addition, ferrosilicon is widely used in the production of electric steel to increase the material's electrical resistivity. Moreover, government agencies in several nations are taking favorable initiatives for infrastructure development and investing heavily in the steel industry, which is driving market expansion. Other factors, such as rapid urbanization and industrialization, soaring sales of luxury vehicles, rising construction activity, and rising demand for consumer electronics, also contribute to the market's optimistic outlook.
Ferrosilicon Alloy Materials 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 by means of Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.51 billion |
| Market size value in 2031 | USD 13.5 billion |
| Growth Rate | 10.47% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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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 Ferrosilicon Alloy Materials 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Ferrosilicon Alloy Materials 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the 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 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.
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 Ferrosilicon Alloy Materials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ferrosilicon Alloy Materials 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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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