According to IMARC Group latest report titled “Ferroalloys Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on ferroalloys market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global ferroalloys market reached a value of US$ 71 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 105 Billion by 2027, exhibiting a CAGR of 7.3% during 2022-2027.
Ferroalloys refer to iron-based alloys consisting of iron and different elements which are generally used to produce steel. These alloys are used in steelmaking to improve the specific properties of steel products. It helps improve properties, such as fatigue strength, tensile strength, corrosion resistance, and elasticity. It is widely used for deoxidizing molten steel and making alloy steels. The presence of iron ore in abundance is strengthening the market growth worldwide.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is majorly driven by the rapid expansion of the steel industry. In line with this, the increasing steel production is significantly contributing to the market across the globe. Furthermore, the rising demand for ferroalloy to offer corrosion resistance and improve the quality and strength of iron and steel products are positively influencing the market growth. Besides this, significant growth in the construction industry is providing a boost to the market. Additionally, the widespread applications of ferroalloys in various end-use industries, such as general engineering, aerospace, defense, railway, and others, are providing an impetus to the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Arcelor Mittal
- Brahm Group
- China Minmetals Group Co. Ltd.
- Glencore plc
- Gulf Ferro Alloys Company (SABAYEK)
- Jindal Group
- Nikopol Ferroalloy Plant
- OM Holdings Ltd.
- SC Feral Srl
- SAIL
- Samancore Chrome
- Tata Steel Limited
Ferroalloys Market Segmentation:
Our report has categorized the market based on region, product and application.
Market Breakup by Product:
- Ferrochrome
- Ferromanganese
- Ferro Silicomanganese
- Ferrosilicon
- Others
Market Breakup by Application:
- Carbon and Low Alloy Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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