Ferroalloy Market Size, Share, and COVID-19 Impact Analysis, By Type (Ferrosilicon, Ferromanganese, Ferrochromium, and Others), By Application (Carbon & Low Alloy Steel, Alloy Steel, Stainless Steel, Cast Iron, and Others), and Regional Forecast, 2024-2032

Ferroalloy or ferrous alloys are composed of iron and ferrous or non-ferrous metals as alloying elements. The composition of the iron with the other elements such as silicon, manganese, and chromium are the elements that strengthen the ferroalloys. These ferroalloys offer various remarkable characteristics for end-use industries, including corrosion resistance, improved hardenability, and high tensile strength. Moreover, ferroalloys are widely available, strong, and cheap, making them more suitable than non-alloy metals for the end-use industries.

Rapid growth in stainless steel is expected to drive the ferroalloys market. These alloys are utilized in stainless steel production. Stainless steel is widely utilized in the automotive and construction industries.  The most recent use of stainless steel is canopies, handrails, atriums, and general structures. As per the World Steel Association, nearly 52% of steel is occupied by the construction industry. Thus, strong growth of the stainless steel industry will surge the product demand in the market.                       

Even though ferroalloys are used in various end-use industries in enormous quantities, long time exposure to the alloying material can harm human health. For instance, manganese fumes are toxic and cause cognitive disorders when inhaled. Therefore, organizations such as National Institute for Occupational Safety and Health (NIOSH) and Occupational Safety and Health Administration (OSHA) have launched safety guidelines for recommendations and permissible exposure limits to preserve human health. Thus, such rules and regulations for producing alloys are expected to hinder the market growth.                                                      

Impact of COVID-19 on the Ferroalloy Market

The outbreak of COVID-19 affected the mining industries. The supply chain was deeply impacted as import-export was halted. Additionally, nationwide shutdowns led to an increase in raw material pricing. India is a key exporter of ferroalloys, but the demand for these materials decreased due to the sudden decline in the steel industry. Despite the uncertainties, the market has been moderately profitable in 2022 due to the recovery from the pandemic, and all the mining sites are operating at total capacity.

Key Insights

The report will cover the following key insights:

• Regulatory Scenario of Ferroalloy


• Key Development of Ferroalloy


• Impact of COVID-19 on the Ferroalloy Market

Analysis by Type

The ferroalloy market can be segmented by type into Ferrosilicon, Ferromanganese, Ferrochromium, and Others.  Ferroalloys offer various unmatched qualities to cast iron, steel, and other ferroalloys. The principal ferroalloys are made of silicon, chromium, and manganese. Chromium enables corrosion resistance, and manganese reduces the harmful effects of sulfur during steel and cast iron production. Ferrochromium is widely used in producing stainless steel, which generally contains 12% or more chromium. Therefore, using these alloys in stainless steel production is expected to drive market growth.

Regional Ferroalloy Market Analysis

Asia Pacific may dominate the ferroalloys market in 2022. The market's growth is associated with the increase in population and urbanization. Asian countries such as China and India also have the major manganese alloy producers. These alloying materials are extensively utilized in construction materials.

North America is expected to face a favorable growth rate. High disposal income and better spending capacity are driving the demand for the region's stainless steel material, which further surges the ferroalloys market growth. Additionally, increased production of stainless steel to fulfill the automotive industry’s needs is anticipated market growth in the entire region.

The ferroalloy market in Latin America is expected to grow gradually owing to rapid industrialization. Moreover, low and high ferromanganese use in the foundry application is expected to drive the market. At the same time, the Middle East is expected to grow moderately

Ferroalloy Market Key Players Covered

The report will include key players such as JAYESH, Tata Steel Ltd, Ferro Alloys Corporation Limited, Gulf Ferro Alloys Company, Nikopol Ferroalloy Plant, Sakura Ferroalloys SDN BHD, OM Holdings Limited, Brahm Group, Mortex Group, SAIL, Maithan Alloys Limited, Salasar Techno Engineering Limited, and Others

Segmentation

Key Industry Developments

• May 2021: Maithan Alloys Limited acquired Implex Metals & Ferro Alloys. The purpose of the acquisition is to increase the production capacity of Maithan Alloys by 70,335 tons per annum of ferromanganese.


• April 2021: Salasar Techno Engineering Limited announced to launch of its entirely new manufacturing site in Hapur, India. The plant has a total production capacity of 15,000 tons per annum.