Global Ferrosilicon Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Ferrosilicon Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global ferrosilicon market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global ferrosilicon market size reached US$ 12.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2023-2028.
Ferrosilicon is a widely-used alloy predominantly composed of iron and silicon, and it may contain varying proportions of other elements like manganese, aluminum, and calcium. This alloy is highly regarded for its ability to enhance the characteristics of both steel and cast iron. By incorporating silicon into the alloy, ferrosilicon enhances strength, durability, and corrosion resistance. It plays a vital role in the production of various alloys and compounds, including stainless steel, where the addition of ferrosilicon is pivotal in achieving the desired chemical composition and performance properties. This unique combination of iron and silicon attributes makes ferrosilicon an indispensable industrial material, particularly within the iron manufacturing sector.
Global Ferrosilicon Market Trends and Drivers:
Currently, the market is experiencing significant growth driven by the increasing use of ferrosilicon to augment steel strength and quality during production. Furthermore, its expanding application in the automotive industry for vehicle manufacturing is bolstering market expansion. The adoption of ferrosilicon in the production of electrical steel, crucial for transformers and motors, is providing a favorable market outlook. Additionally, the surging demand for ferrosilicon is catalyzed by the growing preference for stainless steel in the manufacturing of various items, including kitchen appliances, utensils, and architectural components. Moreover, the market is being strengthened by the heightened reliance on high-quality ferrosilicon in the creation of ferrous and non-ferrous metals from scrap, driven by an increased focus on recycling and sustainable resource management. Additionally, the agricultural sector is positively influenced by the growing need for ferrosilicon as a micronutrient to enhance soil quality and promote plant health. Furthermore, ongoing research and development (RD) efforts in the metallurgy sector, aimed at improving ferrosilicon properties and creating innovative ferrosilicon alloys with enhanced performance characteristics, are propelling market growth.
Global Ferrosilicon Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: China National Bluestar (Group) Co. Ltd. (China National Chemical Corporation), DMS Powders, Eurasian Resources Group, Ferroglobe PLC, Finnfjord AS, Hindustan Alloys Private Limited, Indian Metals Ferro Alloys Limited, Maithan Alloys Limited, Mechel PAO, OM Holdings Ltd., Westbrook Resources Ltd., etc.
The report segmented the market on the basis of region, type, application and end user.
Breakup by Type:
- Atomized Ferrosilicon
- Milled Ferrosilicon
Breakup by Application:
- Deoxidizer
- Inoculant
- Others
Breakup by End User:
- Carbon and Other Alloy Steel
- Stainless Steel
- Electric Steel
- Cast Iron
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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