COVID-19:FERROALLOYS MARKET TO REACH USD 75.4 BILLION BY 2027 | CAGR 5.1% — FORENCIS RESEARCH

Global Ferroalloys Market: Key Highlights

• According to the new market research report “Ferroalloys Market by Product (Ferrochrome (FeCr), Ferro Silicomanganese (FeSiMn), Ferromanganese, Ferrosilicon, Others), by Application (Stainless Steel, Carbon & Low Alloy Steel, Alloy Steel, Cast Iron, Others)by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global ferroalloys market is estimated to reach USD 75.4 Billion by 2027 at a CAGR of around 5.1% during the review period.
• Ferroalloy refers to various alloys of iron with high proportion of one or more different elements such as aluminum, silicon, and manganese
• It has superior properties such as high tensile strength and excellent durability owing to which it is gaining popularity in various industries such as aerospace & defense, construction, and automotive
• Ferronickel and Ferromanganese are types of ferroalloy which are used in manufacturing sectors to produce low carbon steel, jaw of rock crusher, and high speed cutting tools.

Global Ferroalloys Market: Key Market Dynamics

• Growing prosperity of the building & construction industry in emerging economies has expected to drive the growth of ferroalloy market
• Blooming constructions industry in emerging nations has expected to drive the growth of ferroalloy market during forecasted period
• Higher cost incurred for production of ferroalloy has expected to hinder the growth of the product market

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Global Ferroalloys Market: Regional Overview

• Europe

Europe is anticipated to witness prominent growth in ferroalloys market due to ferroalloys in automotive industry. According to European Automotive Manufacturers Association (ACEA), 18.5 million vehicles were produced in Europe in 2019. Additionally, increasing use of matrix alloy in order to reduce metal toxicity has anticipated to drive the product market growth. However, the manufacturing activities and industrial production were severely affected in the first half of 2020 due to the COVID-19 pandemic.

• Asia-Pacific

Asia-Pacific is anticipated todominate the growth in ferroalloy market during the forecasted period owing to rising demand of steel in construction activities, and increasing production of steel in the region. For instance, according to worldsteel association, monthly crude steel production in China of 87,533 thousand tons in 2019. Additionally, growing automotive industry coupled with use of ferrochrome in manufacturing of various car components such as crankshafts, rods, coupling, and other parts has further expected to drive the growth of product market in the region.

Global Ferroalloys Market: Key Players Overview

• Vedanta limited:

Vedanta limited is a subsidiary of Vedanta Resources Limited and is one of the leading petroleum and metal company. The company operated through oil & gas, lead, zinc, silver, iron ore, copper, steel, aluminum, and power business segments. Vedanta limited generated revenue of USD 15.4 billion in 2018. In January 2020, the company acquired Ferro AlloysCorporation Limited (“FACOR”) with an aim to extend its existing steel business which will in turn help to increase in its steel business portfolio.

• Ferroglobe:

Ferroglobeis the UK based company and is one of the leading producers of silicon metal and its alloy, and manganese alloys. The company has global presence withwide range of products of electrometallurgy, mining, and solar photovoltaic technologies. Ferroglobe has its operational units located in France, Canada, South Africa, Spain, and the US in February 2018, Ferroglobe acquired Glencore’s manganese alloys plants in Mo i Rana (Norway) and Dunkirk (France) with an aim to increase the production capacity of manganese alloy.

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