"Innovative Market Solutions to Help Businesses Make Informed Decisions"

U.S. Ferrochrome Market Size, Share & COVID-19 Impact Analysis, By Product Type (High Carbon, Low Carbon, Others), By Application (Stainless Steel, Specialty Steel, Others), and Forecast, 2023-2030

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI108298

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The U.S. ferrochrome market size was worth USD 515 million in 2022 and is projected to record a CAGR of 4.7% during the forecast period.


Ferrochrome is a ferroalloy with high manganese content. It is used to produce high-tension steel and gives strength to steel. Low-carbon iron-manganese is widely used to produce alloy, tools, and structural steel.


The increase in stainless steel production is driving the demand for ferrochrome, thereby boosting the ferrochrome market growth in the country. The demand for stainless steel is increasing steadily due to urbanization, further driving the market's growth.


The U.S. has a much larger market than other countries. Decreasing imports of stainless steel due to the ongoing trade war between China and the U.S. are anticipated to boost stainless steel production in the country. However, escalating prices of stainless steel due to high demand from domestic manufacturers may hinder the demand. This uncertainty is likely to affect the country's ferrochrome industry dynamics.


The spread of the COVID-19 pandemic in the U.S., led to the government announcing lockdowns, limiting the flow of raw materials and products. This impacted the market significantly. However, the manufacturers have ramped up production to meet the rising demand for stainless steel solutions and regain their pre-pandemic levels.


LATEST TRENDS


Growing Demand for High-Strength Steel for Production of Machine Tools


Machine tools include extensive equipment, right from small workshop tools to large robotic machines and rolling mills in factories used in numerous industries. They also include construction equipment, such as bulldozers, drills, cranes, scaffolding, and reusable & portable shelters used on construction sites. Steel has become an integral part of several industrial operations.


Additionally, mechanical manufacturing/engineering is one of the largest, most complex, and competitive sectors, requiring many objects with different requirements to meet today's challenges. Ferrochrome lowers the risk of corrosion in the final product during the production of steel and increases the tensile strength of the final product. Therefore, the use of this ferroalloy in producing stainless steel has augmented due to the increasing demand for high-strength steel from machine tools.


According to the World Steel Association, steel production is growing yearly and is projected to continue in the coming years. As a result, the consumption of ferrovanadium will increase. Such factors will drive the U.S. market growth during the forecast period.


DRIVING FACTORS


Increasing Product Demand in Building & Construction Sector to Aid Market Growth


The building & construction sector is growing due to population explosion, urbanization, and rapid industrialization. Construction activity is increasing, and ferrochrome is broadly used as a technical alloy for brick-making, paving, and as an aggregate in the concrete industry. It is also used in cement for construction of roads. Therefore, the growing construction sector is projected to drive the U.S. ferrochrome market development during the forecast period.


RESTRAINING FACTORS


Impact of Chromite Mining is a Major Challenge that May Hinder the U.S. Ferrochrome Market Growth


Chromite is the main raw material used in the production of ferrochrome. Pollution of water and air and the destruction of the local landscape are some of the major negative effects of chromite mining. High water consumption during chromite production is also projected to hinder the growth of the U.S. ferrochrome market. The governments of several countries have raised concerns about the negative impact of mining. These factors will also hinder the demand for ferrochrome, which as a result, will restrict the market growth.


SEGMENTATION


By Product Type Analysis


Based on product type, the market is segmented into high carbon, low carbon, and others.


The high carbon segment held the largest U.S. ferrochrome market share in 2022. The segment will dominate the market during the forecast period as well due to the lower cost, easy availability, and its large consumption among stainless steel manufacturers.


Ferrochrome with low carbon content is used in stainless steel, carbon & low-alloy steels, and tool steels.


By Application Analysis


Based on application, the market is segmented into stainless steel, specialty steel, and others.


The stainless steel segment accounted for the largest market share and is anticipated to grow during the forecast period owing to the growing product consumption in the construction industry.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, the market depicts the presence of established and emerging companies. Key players include Tata Steel Mining Limited, MM Metals U.S.A. LLC., Atlantic Equipment Engineers, and MBR METALS OÜ. These companies compete primarily on the price and application areas of the product. They are emphasizing on product innovation, social marketing, acquisitions, and collaborations.


LIST OF KEY COMPANIES PROFILED:



REPORT COVERAGE


The U.S. market research report thoroughly examines key factors such as leading companies, applications, and products. It also provides information on market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years along with the factors listed above. It examines the industry's newest market dynamics, opportunities, historical data, and revenue growth estimates at the country level.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation


















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.7% from 2023 to 2030



Unit



Value (USD Million) and Volume (Kiloton)



Segmentation



By Product Type and Application



By Product Type




  • High Carbon

  • Low Carbon

  • Others



By Application




  • Stainless Steel

  • Specialty Steel

  • Others






Frequently Asked Questions

Fortune Business Insights says that the U.S. market value was worth USD 515 million in 2022.

The market is expected to exhibit a CAGR of 4.7% during the forecast period of 2023-2030.

The stainless steel segment is expected to lead the market during the forecast period.

Tata Steel Mining Limited, MM Metals USA LLC., Atlantic Equipment Engineers, and MBR METALS OÜ are the top players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 125

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X