Ferroalloy Market to exceed $65 Billion by 2024
Published Date: March 17, 2017 Author: Global Market Insights, Inc.
Ferroalloy Market size will likely surpass USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rapidly growing construction industry in the BRICS nations will likely be another important factor that will positively influence the global ferroalloy market in the upcoming years. Growing population coupled with developing economies of these regions on the account of government initiatives and private investments has augmented the overall construction industry since the economic downturn and will likely flourish at a healthy rate. Moreover, events such as Olympic and Commonwealth Games, FIFA and ICC World Cup, etc. in these nations will catalyze construction spending.
Construction industry accounts for close to half of the overall steel production and the vast raw material reserves, production, and consumption in the BRICS nations will further boost the growth. Construction industry in these countries generated over USD 3 trillion in 2015 and will likely grow at a CAGR over 10% to cross USD 9 trillion by the end of 2024, hence boosting the global ferroalloy market demand.
Huge operational costs for product manufacturing along with regulations mandated by the government and non-government regulatory bodies may hinder ferroalloy market growth in the coming years. Quality monitoring for the continuous production process in order to meet the industry standards require huge investments in terms of raw materials, machineries, labor costs, and energy. Environmental impacts for iron ore mining and regulations pertaining to ecologically sustainable mining and production may have a negative impact on the global ferroalloy market.
Browse key industry insights spread across 128 pages with 143 market data tables & 13 figures & charts from the report, “Ferroalloy Market Size By Product (Ferrochrome, Ferromanganese, Ferrosilicon), By Application (Carbon Steel, Alloy Steel, Stainless Steel), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Ferroalloy market has been segmented into ferromanganese, ferrosilicon, ferrochrome, and other product segments. In 2015, ferromanganese product segment was worth more than USD 15 billion and will have a healthy growth by more than 6% CAGR in the forecast span. It finds extensive application in the steel manufacturing as a cost efficient and easily available deoxidizer.
Ferrosilicon has a wide application area for deoxidizing steel, inoculating iron to accelerate graphitization, and modifying the steel properties. However, associated threats of pulmonary disorders such as silicosis, pneumoconiosis, and tuberculosis from amorphous silica content of the alloy has minimized its application to a certain extent. This segment generated more than USD 7 billion for the global ferroalloy market in 2015 and will have a sluggish growth rate compared to other products.
Ferroalloy market application segment has been categorized into manufacturing of carbon steel, alloy steel, and stainless steel. Stainless steel accounted for a significant chunk of the global ferroalloy market and will witness a substantial growth at over 6% owing to the growth of its various end-user industries.
Prevalence of numerous large, medium, and small scale steel industries and vast iron ore deposits in Asia Pacific make it a notable regional player in the global ferroalloy market. The strong influence of China, India, and Japan in the construction and automobile sectors will have a positive impact on the product demand in the coming years. This region registered over USD 25 billion and will likely escalate at more than 6% CAGR.
The presence of a large number of market participants characterizes the global ferroalloy market competitive scenario. Key product manufacturers include Eurasian Natural Resources, ArcelorMittal, S.C. Feral, Tata Steel, Sinosteel Jilin, Jindal Group, China Minmetals, Ferro Alloys Corporation, Shanghai Shenjia, OM Holdings, Georgian American Alloys, Nikopol, MidUral Group, Sakura, LEMETCO GmbH, and Pertama Ferroalloys.
Ferroalloy market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Ferroalloy Market By Product
Ferroalloy Market By Application
- Carbon steel
- Alloy steel
- Stainless steel
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa