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

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.