According to Global Market Insights, Inc., “Ferroalloy Market size was estimated over USD 45 billion in 2017 and the industry will grow by a CAGR of more than 5.5% up to 2025.” The rapidly growing automotive sector is expected to act as a major catalyst for the expansion of ferroalloy market. Iron alloys are extensively used to manufacture various grades of steel such as stainless steel, carbon steel, alloy steel, and tool steel. The rising demand for steel in various end-use sectors such as automotive and chemicals and the high abundancy of iron ore are anticipated to be major drivers for ferroalloy industry.
Ferroalloys are heavily used in the production of steel. According to experts, the global steel market is poised for immeasurable growth in the ensuing years, in terms of volume. The surging demand for steel in medical & chemical equipment and automotive parts will inevitably lead to a massive demand for the ferroalloy industry.
Ferrochrome alloy, especially, is one of the most extensively used products in the manufacturing process of stainless steel. These alloys, with varied quantities of chromium are used to impart the features such as rust endurance that enhances the physical properties of stainless steel, segmenting their global demand and thereby providing a positive impetus to ferroalloy market. Pertaining to its heavy end-use spectrum, ferrochrome held a considerable proportion of the overall ferroalloy market in 2017.
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The application array of ferroalloy industry is inherently distinct. These alloys find applications in the production of stainless steel, alloy steel, and carbon steel. Stainless steel, among these, is one of the most widely used alloys and finds applications in architectural design, automotive parts, food and beverage containers, household products and utensils, bolts, nuts, & screws, and underground and underwater pipelines.
The massively growing automotive sector across Asia Pacific will drive the regional ferroalloy industry. In addition, the rapid industrialization and the growth of the construction and shipbuilding sectors across the region will also augment the business expansion. APAC ferroalloy market is forecast to observe a CAGR of 5% over 2018-2025. The extensive utilization of steel in infrastructural developments and the huge availability of iron ore deposits will impel the regional ferroalloy industry. Japan, India, and China are slated to be the major revenue pockets.
Speaking of the growing automotive sector, Europe is not far behind when it comes to the expansion of ferroalloy market. This is primarily due to the highly-established automotive sector in Germany that is consistently co-dependent on the steel sector. Europe held a considerable proportion of the global ferroalloy industry in 2017, primarily due to the growing industrialization across Eastern Europe, France, Germany, and UK. Subject to the increasing growth graph of the automotive sector and the presence of various medical and chemical equipment manufacturing firms, Europe ferroalloy market is expected to chart out a highly lucrative growth graph over 2018-2025.
Considering the number of abundantly available iron ore deposits, ferroalloy market is rather fragmented, with both, large corporations and small and medium-sized businesses partaking in the revenue share. The top five participants of ferroalloy industry had contributed toward less than 10% of the overall share in 2015. Major players operating in this business include S.C. Feral, Shanghai Shenjia, Eurasian Natural Resources Corp., China Minmetals, Sinosteel Jilin, Tata Steel, Nikopol, ArcelorMittal, MidUral Group, Jindal Group, Pertama Ferroalloys, OM Holdings, LEMETCO GmbH, Ferro Alloys Corporation, Sakura, and Georgian American Alloys.