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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.
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.
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.
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.
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.
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.
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.
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.
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CAGR of 4.7% from 2023 to 2030
Value (USD Million) and Volume (Kiloton)
By Product Type and Application
By Product Type
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.
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