Analysis of the Current Status of Ferroalloys: The global market size in 2024 will be 65.47 billion US dollars
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Publish Time:
2025-04-16
Population growth and rising living standards have fueled the development of the construction industry.
Growth in steel demand from end-user industries such as construction, shipbuilding, and automobiles is one of the main drivers of the ferroalloys market. This product is mainly used in the manufacturing of various steels, including stainless steel, alloy steel, and carbon steel.
The abundance of global iron ore resources, coupled with the increasing demand for various steels and the lack of viable alternatives, will drive the ferroalloys market in the near future.
Population growth and rising living standards have fueled the construction industry's development, and recent government initiatives in the Asia-Pacific region to promote manufacturing will also drive ferroalloy demand during the forecast period.
Product Segmentation Analysis
By product, the ferroalloys market can be segmented into ferrochromium, ferromanganese, ferrosilicon, silicomanganese, and others.
Ferromanganese CAGR during the forecast period is 6%。 These products are used as desulfurizers in steel production, removing nitrogen bubbles, reducing iron oxide content, and serving as alloying elements in various steels.
Ferrochromium is primarily used in stainless steel production, contributing to corrosion resistance and aesthetics. Ferrochromium is also used in tool steels and certain ball bearing steels used in manufacturing.
Application Segmentation Analysis
By application, the ferroalloys market can be segmented into carbon steel, alloy steel, stainless steel, and others.
Alloy steel has the highest CAGR during the forecast period . These steels are mainly used in the manufacturing of pipes and bearings, possessing excellent properties and primarily used in oil and gas exploration. Alloy steel is also used in load-bearing components of various bearings, applicable to various end-use industries such as general engineering, aerospace and defense, and railways. With increasing investments in manufacturing across emerging economies, the demand for alloy steel is expected to increase in the near future.
Carbon steel is mainly used in applications requiring wear resistance, hardness, and strength, such as drill bits, wrenches, chisels, saw blades, springs, gears, structural wires and cables, and railway wheels. During the forecast period, the demand for carbon steel, and thus ferroalloys, will also increase due to rising industrial activities in developing countries.
Regional Segmentation Analysis
The Middle East and Africa market is projected to have a CAGR of 5% during the forecast period, driven by growth in the construction sector in the region. The Middle East has a large number of skyscrapers, with stainless steel being a major component in their construction. Furthermore, the presence of significant oil and gas reserves throughout the region creates high demand for steel used in pipes, casings, and tubing.
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