Rising population and legislative decisions to boost infrastructure sector of developing economies increases steel consumption. This acts as a significant factor driving ferroalloy market in positive direction. Abundant presence of iron ore all-round the globe with increasing demand for steels in the industrial sector due to unavailability of substitutes will catapult the ferroalloy market in coming years.
Construction industry in Latin America and Middle East region is booming due to increase in spending done by governments for infrastructure projects. These steps are taken in order to revive economies and give them positive direction towards growth. Countries in these regions have hosted several international sports events or are going to host in near future. These trends have augmented demand for various grades of steel, in turn propelling the growth of overall ferroalloy market in near future.
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Cost incurred in production of ferroalloys is high owing to a large amount of energy consumed and quality control requirements. Also, fluctuating fuel prices changes the overall product cost. There are strict regulations and industry standards mandated by various countries and regulatory bodies for steel industries all across the globe. These aforementioned factors may restrain the growth of ferroalloy market over forecast timespan.
On the basis of revenue ferro chrome will account for around USD 23 billion in 2025 showing a decent growth rate throughout forecast time period. Ferro chrome is mainly used in production of stainless steel and tool steel, providing superior corrosion resistance properties. The product has end use in metallurgical industry, chemical industry, foundry & refractory industries. With growing construction sector of developing nations steel consumption is expected to increase thus, propelling demand for ferrochrome in near future.
Global ferroalloy market, on the basis of application, is segmented into carbon steel, alloy steel, stainless steel & others. Among these, stainless steel will likely witness a CAGR of around 5.5% from 2018 to 2025. Stainless steel has application in architecture & construction, automotive & transportation, medical, energy & heavy industries, food & catering, etc. Increasing industrialization across the globe will further boost the demand for stainless steel.
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On the basis of region Latin America will register about USD 5.5 billion by 2025, witnessing the highest growth rate in coming years. This is due to increasing FDI inflow in construction and other industrial sectors. Many countries of this region have formulated policies to attract private investors in order to revive their economies. Such trends will catapult steel consumption, thus driving the overall ferroalloy market growth over forecast time spell.
Some of the major players in ferroalloy market are Jindal Group, Steel Authority of India Limited (SAIL), Gulf Ferroalloys Company, Tata Steel, Pertama, Shenjia Ferroalloys, Brahm Group, OM Holdings, Arcelor Mittal, Nikopol, China Minmetals Corporation.
Browse key industry insights spread across 270 pages with 451 market data tables & 24 figures & charts from the report, “Ferroalloy Market” in detail along with the table of contents: