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Global Ferroalloys Market Size, Share, Trends, Forecast: By Process: Carbothermic Reduction Process, Metallothermic (Alumino Thermic Process), Hall Electrolytic Process; By Product: Silicomanganese, Ferrochromium, Ferrosilicon, Ferronickel, Ferromanganese; By Application; Regional Analysis; Competitive Landscape; 2024-2032
Global Ferroalloys Market Outlook
The global ferroalloys market size was approximately 49,970 KMT in 2023. The market is estimated to grow at a CAGR of 2.1% during 2024-2032 to reach a volume of 60,662 KMT by 2032.
Key Takeaways
- More than 80% of ferroalloys produced are primarily deployed in the manufacture of steel.
- In 2020, China produced about 36,000 thousand tons, while South Africa produced about 2,984 thousand tons of ferroalloys.
- The construction sector accounts for about 50% of the total steel consumption. The global construction sector is estimated to witness a 3.9% annual growth rate by 2030.
Ferroalloys are widely used in the production of steel. The inclusion of ferroalloys improves properties such as strength, ductility, and fatigue or corrosion resistance, making it more suitable for structural applications that require high strength and wear resistance.
Steel is a key material in the construction, automotive, and industrial machinery and equipment sectors. According to the World Steel Organisation, about 900 kg of steel is used per vehicle. In 2022, motor vehicle production constituted to about 85.4 million, marking an increase of 5.7% compared to 2021.
The growing infrastructure and construction sector contributes to the demand for steel. About 50% of the steel produced on a global scale is consumed by the building and infrastructure sector. Globally, the construction sector is anticipated to reach USD 14.4 trillion by 2030. Infrastructure development is influenced by factors such as government investments, urbanisation, and technological improvements.
Figure: Major steel-producing countries 2021 and 2020 (MT)
| Country | 2021 | 2020 |
| China | 1,032.8 | 1,064.7 |
| India | 118.2 | 100.3 |
| Japan | 96.3 | 83.2 |
| United States | 85.8 | 72.7 |
| Russia | 75.6 | 71.6 |
| South Korea | 70.4 | 67.1 |
| Turkey | 40.4 | 35.8 |
| Germany | 40.1 | 35.7 |
| Brazil | 36.2 | 31.4 |
| Italy | 24.4 | 20.4 |
Key Trends and Developments
Technological advancements; growing manufacturing sector; demand from the construction industry; and expansion of the automobile sector are the major trends in the ferroalloys market
| Date | Company | Event |
| Jan 2024 | Ferro Alloys Corporation Limited | Ferro Alloys Corporation Limited (FACOR) and Metso Corporation joined hands on the design and delivery of a ferrochrome plant for FACOR’s expansion project in Bhadrak, Odisha, India. |
| Jul 2023 | Green Ferro Alloy | Sohar Port and Freezone have signed a land lease agreement with Green Ferro Alloy for Oman's first silicon metal plant, set to be established on a 160,000-sq-m area within the freezone |
| Apr 2022 | Tata Steel | Tata Steel successfully acquired ferroalloy assets of Stork Ferro and Mineral Industries Private Limited (SFML) for Rs 155 crore in an all-cash deal. |
| Trends | Impact |
| Increasing demand for steel and rapid infrastructure development | Increasing industrialisation and infrastructure development across emerging economies fuel the steel demand, which presents growth opportunities in the ferroalloys market. |
| Technological advancements | The increasing technological innovations in ferroalloy production processes contribute to efficiency and quality improvements. |
| Thriving automotive sector | The expanding automotive sector along with rising demand for machinery supports the demand for steel, and thus ferroalloys. |
| Expanding manufacturing sector | Ferroalloys such as ferronickel and ferromanganese play a crucial role in the manufacturing of low-carbon metallic, jaws of rock crushers, and high-speed reducing equipment at excessive temperatures. |
Global Ferroalloys Market Trends
The expanding automotive industry, along with the rising demand for machinery drives the demand for steel, one of the leading consumers of ferroalloys. With the global shift towards electric vehicles, there is a rising demand for speciality alloys used in batteries and various components. Heavy machinery requirements, supported by industrialisation in developing economies, are expected to fuel the demand of steel, and, in turn, aid the ferroalloys market expansion.
Research and development efforts to discover and commercialise new ferroalloys with enhanced properties open avenues for market expansion. This involves exploring diverse alloy compositions, production techniques, and material structures to attain targeted characteristics like enhanced strength, corrosion resistance, heat resistance, and conductivity. These innovations play a crucial role in meeting the evolving demands of various sectors. The production of ferroalloys, like ferrotungsten, is reshaping the manufacturing landscape across industries such as defense, aerospace, science and medicine, electronics, automotive, construction, energy, consumer goods, and more.
Market Segmentation
“Global Ferroalloys Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Process | Carbothermic Reduction Process, Metallothermic (Alumino Thermic Process), Hall Electrolytic Process |
| Product | Silicomanganese, Ferrochromium, Ferrosilicon, Ferronickel, Ferromanganese, Others |
| Application | Stainless Steel, Carbon Steel, Welding Electrode, Superalloys, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Stainless steel dominates the global ferroalloys market share, supported by its heightened demand from the construction sector, among other industries
The growth of the manufacturing, automotive and infrastructural sectors are key drivers aiding the demand for steel globally. The steel sector is the largest consumer of ferroalloys to enhance their performance and characteristics. While ferrochrome provides corrosion resistance to steel, ferromanganese improves the strength profile and wear and tear resistance of steel. China is the world's largest stainless-steel producer and consumer. Its output rose by 1.64% y-o-y to over 30.6 million tons in 2021, with consumption rising 1.92 % y-o-y to about 26.1 million tons.
Bulk ferroalloys, such as manganese, chrome, and silicon alloys, are widely consumed in the production of steel, including carbon steel. For instance, ferrochrome enhances the hardness and wear resistance of carbon steel.
Rapid industrialisation and urbanisation are leading to an increasing demand for improved infrastructural facilities, driving the demand for welding and welding electrodes. The powdered form of ferroalloys is one of the primary raw materials used in the electrode welding process as they improve the weld quality.
In the aviation sector, superalloys help in the production of robust jet engines with the capability to withstand elevated temperatures and extreme forces experienced by engine components.
Based on product, silicomanganese accounts for a significant share of the global ferroalloys market
The growing adoption of lightweight materials in the automotive sector is contributing to the increased inclusion of silicomanganese in steel.
Noble ferroalloys are of high value and vital inputs to produce special steels. Prominent noble ferro alloys include, ferronickel, ferromolybdenum, ferrotungsten, ferrovanadium, ferrotitanium, ferroaluminum, ferroniobium, and ferroboron.
Meanwhile, ferrosilicon (FeSi) acts as an alloying element to produce steel and iron castings. Premium grade ferrosilicon is consumed for electrical steels that are demanded by the electric vehicle and renewable energy sectors.
Competitive Landscape
The market players are optimising production capacity, economies-of-scale, access to raw materials, and customer services, among others, leveraging advanced technologies and strategic partnerships
| Company | Founded | Headquarters | Services |
| Tata Steel Limited | 1907 | India | Provides ferroalloys under three brands which are Tata Tiscrome, Tata Silcomag, and Tata Ferromag and several other products. |
| AMG Vanadium LLC | 1952 | United States | Specialises in providing ferroalloys such as ferronickel-molybdenum alloy, and low-aluminium ferrovanadium. |
| Metraco NV | 1993 | Belgium | Provides ferroalloys such as ferromolybdenum, ferrovanadium, ferrotitanium, ferronobium, ferroboron, ferrotungsten, etc. |
| DS Alloyd Pvt. Ltd. | 1994 | India | Provides ferroalloys such as ferro manganese low carbon, ferro vanadium, ferro molybdenum, ferro niobium, ferro silicon, and ferro alloy powder |
Other notable players operating in the global ferroalloys market include LekonGermess Ltd., Glencore Plc., Ferro Alloys Corporation Limited, and Essel Mining & Industries Limited, among others. Manufacturers are upgrading their production capacities and incorporating the latest capabilities to meet the increasing consumer demand.
Global Ferroalloys Market Analysis by Region
The Asia Pacific is the largest market for ferro alloys globally, representing more than half of the global demand. Further, China is the largest market in APAC, contributing to 71.5% of the demand in 2023. China is the world's largest consumer and producer of crude steel as well as the largest ferroalloys producer and consumer.
China is one of the key countries engaged in ferroalloy production. The top ten ferro-alloy-producing provinces in China include Inner Mongolia, Ningxia, Guangxi, Shaanxi, Qinghai, Hunan, Guizhou, Shanxi, Shandong, and Gansu. As per the China Ferroalloy Industry Association, in the first four months of 2023, China produced 1.168 million tons of ferroalloy products, with the top ten provinces producing 85.55% of the total.
In Europe, the presence of efficient production processes, specific know-how, and high standards support the ferroalloys market growth. In 2020, ferrochromium production in Russia constituted 390,000 tons, ferromanganese - 240,000 tons, ferrosilicon – 830,000 tons, and ferromolybdenum - 4,700 tons.
The Middle East construction sector is dominated by the KSA and UAE with a total pipeline of USD 1.36 billion of projects (currently under development). The infrastructure sector in the region is transforming as a result of several government initiatives.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Process |
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Ferroalloys Market Analysis
8.1 Key Industry Highlights
8.2 Global Ferroalloys Historical Market (2018-2023)
8.3 Global Ferroalloys Market Forecast (2024-2032)
8.4 Global Ferroalloys Market by Process
8.4.1 Carbothermic Reduction Process
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Metallothermic (Alumino Thermic Process)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Hall electrolytic process
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Ferroalloys Market by Product
8.5.1 Silicomanganese
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Ferrochromium
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Ferrosilicon
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Ferronickel
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Ferromanganese
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Ferroalloys Market by Application
8.6.1 Stainless Steel
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Carbon Steel
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Welding Electrode
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Superalloys
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.7 Global Ferroalloys Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Ferroalloys Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Ferroalloys Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Russia
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Poland
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Others
11 Asia Pacific Ferroalloys Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Ferroalloys Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Ferroalloys Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Iran
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Turkey
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code – 7202)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
17.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
17.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Tata Steel Limited
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 AMG Vanadium LLC
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Metraco NV
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 DS Alloyd Pvt. Ltd.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 LekonGermess Ltd
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Glencore Plc.
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Ferro Alloys Corporation Limited
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Essel Mining & Industries Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Others
19 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Ferroalloys Market: Key Industry Highlights, 2018 and 2032
2. Global Ferroalloys Historical Market: Breakup by Process (KMT), 2018-2023
3. Global Ferroalloys Market Forecast: Breakup by Process (KMT), 2024-2032
4. Global Ferroalloys Historical Market: Breakup by Product (KMT), 2018-2023
5. Global Ferroalloys Market Forecast: Breakup by Product (KMT), 2024-2032
6. Global Ferroalloys Historical Market: Breakup by Application (KMT), 2018-2023
7. Global Ferroalloys Market Forecast: Breakup by Application (KMT), 2024-2032
8. Global Ferroalloys Historical Market: Breakup by Region (KMT), 2018-2023
9. Global Ferroalloys Market Forecast: Breakup by Region (KMT), 2024-2032
10. North America Ferroalloys Historical Market: Breakup by Country (KMT), 2018-2023
11. North America Ferroalloys Market Forecast: Breakup by Country (KMT), 2024-2032
12. Europe Ferroalloys Historical Market: Breakup by Country (KMT), 2018-2023
13. Europe Ferroalloys Market Forecast: Breakup by Country (KMT), 2024-2032
14. Asia Pacific Ferroalloys Historical Market: Breakup by Country (KMT), 2018-2023
15. Asia Pacific Ferroalloys Market Forecast: Breakup by Country (KMT), 2024-2032
16. Latin America Ferroalloys Historical Market: Breakup by Country (KMT), 2018-2023
17. Latin America Ferroalloys Market Forecast: Breakup by Country (KMT), 2024-2032
18. Middle East and Africa Ferroalloys Historical Market: Breakup by Country (KMT), 2018-2023
19. Middle East and Africa Ferroalloys Market Forecast: Breakup by Country (KMT), 2024-2032
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Major Importing Countries by Value
23. Major Exporting Countries by Value
24. North America Historical Price Trends and Forecast 2018-2032
25. Europe Historical Price Trends and Forecast 2018-2032
26. Asia Pacific Historical Price Trends and Forecast 2018-2032
27. Latin America Historical Price Trends and Forecast 2018-2032
28. Middle East and Africa Historical Price Trends and Forecast 2018-2032
29. Global Ferroalloys Market Structure
Key Questions Answered in the Report
The market attained a volume of 49,970 KMT in 2023.
The market is estimated to grow at a CAGR of 2.1% during 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 60,662 KMT by 2032.
The major drivers of the market include the availability of iron ore in abundance and the various advantages offered by ferroalloys.
The expansion of the construction sector, increasing demand for steel, and the growing demand from end-use sectors are the key trends propelling the growth of the market.
The key regional markets for ferroalloys are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key applications of the product are stainless steel, carbon steel, welding electrode, superalloys, others.
The key players in the market include Tata Steel Limited, AMG Vanadium LLC, Metraco NV, DS Alloyd Pvt. Ltd., LekonGermess Ltd., Glencore Plc., Ferro Alloys Corporation Limited, and Essel Mining & Industries Limited, among others.
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