A fresh intelligence study by Transparency Market Research (TMR) reports that the global ferroalloys market is highly fragmented among a vast number of small, medium, and large scale manufacturers, and the chances of a certain company to gain dominance in the near future are slender. Some of the companies identified by the report who are currently holding respectable positions in the global ferroalloys market are: ArcelorMittal, OM Holdings LTD, Sakura Ferroalloys, Pertama Ferroalloys, Tata Steel, NikoPol Ferroalloy Plant, Gulf Ferroalloys Company, BAFA Bahrain, Brahm Group, China Minmetals Corporation, Shanghai Shenjia Ferroalloys Co. Ltd., Ferroalloy Corporation Limited, MORTEX Group, Vale S.A., Georgian American Alloys, SAIL, and OFZ S.A. Most of these companies cater to various engineering sectors such as automotive, railways, and tubes.
As per the projections of the TMR report, the demand in the global ferroalloys market will increase at a CAGR of 5.9% during the forecast period of 2017 to 2025. The report estimates the ferroalloys market, worldwide, to be worth US$188.7 bn by the end of 2025, considerably up from its evaluated valuation of US$112.8 bn in 2016. Partnerships for sharing technology and strategic acquisitions are two common practices by the leading market players to gain ground over their competitors. In addition to that, research and development in order to enhance the characteristics of steels via involvement of specific elements is also expected to help the global ferroalloy market players to add to their shares.
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The report segments the global ferroalloys market into noble and bulk. Noble ferroalloys are made from rare earth minerals and are expensive to produce in comparison to bulk ferroalloys, and hence occupy smaller share but offer greater profits. Application-wise, around 80% of the ferroalloys produced globally is consumed for steel production. Geographically, Asia Pacific is currently most lucrative region in the global ferroalloys market, accounting for 79.5% of the total demand in 2017, followed by Europe.
Demand Witnessed in Various End-use Industries to Drive Growth
Ubiquitous usage of steel and flourishing building and construction industry in various emerging economies are two key factors driving the demand in the global ferroalloys market. Ferroalloys are widely used for various end-use industries, particularly steel production, production of superalloys, wire production, and production of welding electrodes. Iron ore is abundant, and the lack of a viable alternative is expected to keep the ferroalloys market in good stead in the near future. In the BRICS nation, rapid urbanization is propelling the building and construction industry, which heavily depend on ferroalloys for various purposes, and thereby providing traction to the global market for the same.
Recovering economy in North America, economic growth in Asia Pacific, and increased production of ferroalloys in the countries of Africa have driven the market for ferroalloys around the globe. Emerging technologies for the production of ferroalloys, increased consumption and exports from China, Japan, and India would drive the market for ferroalloys around the globe. Growing water treatment industry is also expected to augment the demand in the global ferroalloys market. The development of lightweight and high strength steel grades are expected to open new opportunities in the ferroalloys market.
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Regulations Pertaining to Pollution May Create Obstacles
On the other hand, stringent environmental rules for pollution control and declining consumption of ferroalloys in previous years have made the ferroalloy industry to fluctuate a bit. Decreasing demand for steel in Europe is attributed to its slowing economy and global recession, which would also restrain the growth of the ferroalloys market in Europe. High operational cost is another obstruction faced by the vendors operating in the global ferroalloys market.
Key Segments of the Global Ferroalloys Market
Ferroalloys market – By Type
- Bulk Alloys
- Ferrosilicon
- Ferromanganese
- Ferrochromium
- Others
- Noble Alloys
- Ferromolybdenum
- Ferronickel
- Ferrotungsten
- Ferrovanadium
- Ferrotitanium
- Others
Ferroalloys market – By Application
- Steel
- Superalloys and Alloys
- Wire Production
- Welding Electrodes
- Others
The information presented in this review is based on a Transparency Market Research report, titled, “Ferroalloys Market (Type - Bulk Alloys (Ferrosilicon, Ferromanganese, and Ferrochromium) and Noble Alloys (Ferromolybdenum, Ferronickel, Ferrotungsten, Ferrovanadium, and Ferrotitanium); Application - Steel, Superalloys and Alloys, Wire Production, and Welding Electrodes) - Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
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