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ALBANY, New York, September 13, 2019 – The growth of the global ferroalloys market is estimated to witness considerable growth owing to the opportunities provided by the rapid expansion in the construction industry. In addition to that, dearth of feasible options that could substitute ferroalloys in a wide variety of applications is likely to further the growth of the market during forecast period, from 2017 to 2025.
Ferroalloy Corporation Limited, NikoPol Ferroalloy Plant, Shanghai Shenjia Ferroalloys Co. Ltd., Georgian American Alloys, Steel Authority of India Limited, and Gulf Ferroalloys Company are few of the names to reckon with in the global ferroalloys market.
Making use of extensive research methods, Transparency Market Research (TMR) has prepared a report titled global ferroalloys market. The report records every minute detail of the changing dynamics of global ferroalloys market and presents the information on a palette for the stakeholders. The market is likely to register a growth rate of 5.9% CAGR during the forecast period of 2017 to 2025. The market is expected to reach a value of US$ 188.7 mn through 2025.
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Asia Pacific and Middle East and Africa to Offer Lucrative Growth Opportunities
For the purpose of analysis, the global ferroalloys market has been segmented into the principal regions of Latin America, Asia Pacific, Middle East and Africa, Europe, and North America.
In the past, Asia Pacific accounted for a large chunk of the global ferroalloys market and is estimated to continue with its regional supremacy throughout the period of assessment, 2017 to 2025. Booming construction and automotive industries in the region accelerate the growth of the market in the region.
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Middle East & Africa is another region that exhibits lucrative growth opportunities for the global ferroalloys market. Phenomenal growth in the construction sector due to a large number of expatriates working there and rising number of towering skyscrapers are bolstering the demand for stainless steel in the region, which fuels the marker. In addition to that, Middle East & Africa is the hub of global oil production. Presence of oil and gas reserves throughout the region necessitates the use of steel in the making of casings, pipes, and tubes.
Ferroalloy products are widely used in the downstream, midstream, and upstream sections of the petrochemical and oil and gas industries. Increased production and exploration activities pertaining to the crude oil are likely to catapult demand for steels, which will further boost the global ferroalloys market over the assessment period.
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Expansion of the Construction Industry Spurs Demand for Ferroalloys
Rising demand for steel in many end-use industries like shipbuilding, construction, and automotive is the main factor that is supporting the growth of the global ferroalloys market. Various ferroalloys find extensive use in the process of steel making and it enhances its performance as industrial material. So far, additive alloys are being made as iron alloys, which are now known as ferroalloys owing to their high content of iron. Following recent technological progress in the steel making procedure, ferroalloys now include silicon, manganese, and chromium as well.
Ferroalloys are now classified into ferromanganese, ferrosilicon, and ferrochrome. Ferromanganese refers to an iron allow, which is extensively used in the making of steel as desulfurizer. It also removes nitrogen bubbles that are formed at the time of making of steel and diminishes the amount of iron oxide that comes out as a by-product.
Used as a deoxidizer in the manufacturing of stainless steels, ferrosilicon also finds use in the magnesium making process of Pidgeon. Ferrochrome is utilized for stainless steel production. The use of ferroalloys is imperative in the making of steel and with the remarkable expansion of the steel industry; the growth of the global ferroalloys market looks unstoppable.
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The information shared in this review is based on a TMR report, bearing the title, “Ferroalloys market (Type – Bulk Alloys and Noble Alloys; Application – Steel, Superalloys and Alloys, Wire Production, and Welding Electrodes) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”
The global ferroalloys market is segmented based on:
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