Ferroalloy Market to witness 6% growth over 2018 to 2024 from APAC
Date: 2018-09-11   Author: Rahul Varpe  Category: #market

Ferroalloy Market to witness 6% growth over 2018 to 2024 from APAC

Asia Pacific Ferroalloy Market is driven by massively growing automotive sector. In addition, the rapid industrialization and the growth of the construction and shipbuilding sectors across the region will also augment the business expansion. APAC ferroalloy market was worth more than USD 25 billion in 2015 and is forecast to observe a CAGR of 6% over 2016-2024. The extensive utilization of steel in infrastructural developments and the huge availability of iron ore deposits will impel the regional ferroalloy industry. Japan, India, and China are slated to be the major revenue pockets.

The rapidly growing automotive sector is expected to act as a major catalyst for the expansion of Ferroalloy Market. Iron alloys are extensively used to manufacture various grades of steel such as stainless steel, carbon steel, alloy steel, and tool steel. The rising demand for steel in various end-use sectors such as automotive and chemicals and the high abundancy of iron ore are anticipated to be major drivers for ferroalloy industry. As per estimates, global ferroalloy market size will cross USD 65 billion by 2024, growing at a CAGR of 6% over 2016-2024.

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Ferroalloys are heavily used in the production of steel. Global steel market was worth more than 1.5 billion tons in 2015, in terms of volume, and is expected to register a growth rate of 5% over 2016-2024. The surging demand for steel in medical & chemical equipment and automotive parts will inevitably lead to a massive demand for ferroalloy industry. Ferrochrome alloy, especially, is one of the most extensively used products in the manufacturing process of stainless steel. These alloys, with varied quantities of chromium are used to impart the features such as rust endurance that enhances the physical properties of stainless steel, segmenting their global demand, and thereby providing a positive impetus to ferroalloy market. Pertaining to its heavy end-use spectrum, ferrochrome held more than 33% of the overall ferroalloy market in 2015 and is slated to experience a growth rate of nearly 6% over 2016-2024.

The application array of ferroalloy industry is inherently distinct. These alloys find applications in the production of stainless steel, alloy steel, and carbon steel. Stainless steel, among these, is one of the most widely used alloys and finds applications in architectural design, automotive parts, food and beverage containers, household products and utensils, bolts, nuts, & screws, and underground and underwater pipelines. Stainless steel held more than 75% of the overall ferroalloy market in 2015 and is anticipated to experience a CAGR of 6% over 2016-2024.

Speaking of the growing automotive sector, Europe is not far behind when it comes to the expansion of ferroalloy market. This is primarily due to the highly-established automotive sector in Germany that is consistently co-dependent on the steel sector. Europe held more than 20% of the global ferroalloy industry in 2015, primarily due to the growing industrialization across Eastern Europe, France, Germany, and UK. Subject to the increasing growth graph of the automotive sector and the presence of various medical and chemical equipment manufacturing firms, Europe ferroalloy market is expected to grow at a rate of 5% over 2016-2024.

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Ferrosilicon is one of the most easily available and highly effective products for inoculating iron to speed up graphitization, modifying the properties of steel, and deoxidizing steel, pertaining to which it encompasses a rather attractive application spectrum. On these grounds, ferrosilicon industry accounted for a valuation of more than USD 7 billion in 2015. However, this segment is expected to witness a slightly slow growth rate, subject to the fact that the amorphous silica content of the alloy has led to the occurrence of pulmonary diseases such as tuberculosis, pneumoconiosis, and silicosis.

Considering the number of abundantly available iron ore deposits, ferroalloy market is rather fragmented, with both, large corporations and small and medium-sized businesses partaking in the revenue share. The top five participants of ferroalloy industry had contributed toward less than 10% of the overall share in 2015. Major players operating in this business include S.C. Feral, Shanghai Shenjia, Eurasian Natural Resources Corp., China Minmetals, Sinosteel Jilin, Tata Steel, Nikopol, ArcelorMittal, MidUral Group, Jindal Group, Pertama Ferroalloys, OM Holdings, LEMETCO GmbH, Ferro Alloys Corporation, Sakura, and Georgian American Alloys.

Several governmental and regulatory bodies across the globe have mandated certain rules and norms pertaining to mining processes on account of the environmental impact of these industrial procedures. For instance, the EPA implemented the Iron and Steel Effluent Guidelines and Standards in 1974 and had it amended several times until 2005. A rise in these regulatory norms may slightly hinder ferroalloy market over the years to come. However, the application scope of these alloys is extensively vast – the products are used majorly in industrial development, such as tubes, forgings, springs, railways, etc. On these grounds, it would be safe to declare that the growth graph of ferroalloy industry is slated to increase exponentially over the coming seven years.

 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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