New York, NY, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Ferroalloy Market By Type (Ferrochromium, Ferromanganese, Ferromolybdenum, Ferronickel, Ferrosilicon, Ferrotitanium, Ferrotungsten, Ferrovanadium, and Others) and By Application (Steel, Superalloys and Alloys, Wire Production, Welding Electrodes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global ferroalloy market was approximately USD 47.48 billion in 2018 and is expected to generate around USD 72.86 billion by 2026, at a CAGR of around 5.5% between 2019 and 2026.
Ferroalloy is one of the major materials required for steel production. Ferroalloy is produced via the carbothermic reaction process. Primarily, ferroalloy is formed with chromium, silicon, and manganese. The major function of the ferroalloy is to enhance the properties of different metals, such as increasing resistance to erosion and oxidation and improving tensile strength in high temperature and with other chemical reactions. The rising demand for steel across various end-user industries, such as construction, automotive, shipbuilding, etc., is one of the major factors driving the ferroalloy market globally. The global ferroalloy market is also expected to witness substantial growth in the future, owing to the flourishing building and construction industry, particularly in emerging economies. However, stringent government regulations regarding environmental protection and high operational costs may limit the global ferroalloys market.
Browse through 37 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Ferroalloy Market: Industry Type, Size, Share, Industry Segments, Demand, Growth, Analysis and Forecast, 2018–2026”.
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The global ferroalloy market is fragmented based on type and application. Bay type, the ferroalloy market includes ferrovanadium, ferromanganese, ferrochromium, ferromolybdenum, ferrosilicon, ferronickel, ferrotungsten, ferrotitanium, and others. Ferromanganese is expected to show the fastest growth rate over the estimated time period, due to its wide usage in steel production. The process of steel production requires ferromanganese as a desulfurizing agent, as it removes nitrogen bubbles and reduces the amount of iron oxide that is undesirable during production.
Steel, wire production, welding electrodes, superalloys and alloys, and others form the application segment of the global ferroalloy market. Steel manufacturing is the primary application of ferroalloys and is expected to dominate the global ferroalloy market over the forecast timeframe. Most of the bulk ferroalloys are used in intensifying the properties of steel, due to the low prices of bulk production of ferroalloys.
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The Asia Pacific is expected to hold a major share of the global ferroalloy market over the forecast time period, owing to the flourishing end-use industries in the region. The Asia Pacific has established itself as a hub of various end-user industries, such as oil and gas, steel, electronics, automotive, and consumer electronics. Ferroalloy is used in the production of automotive radiators, switches, wires, water heaters, metal casting, refrigerators, and various other chemical processing machines. Emerging technologies for the production of ferroalloys along with increased ferroalloy consumption and exports from China, Japan, and India is also expected to drive the region’s ferroalloy market in the upcoming years.
The European ferroalloy market is expected to witness notable growth, owing to the growing regional steel demand. Europe accounts for a large share of the steel market, owing to the presence of several steel-producing countries like Germany, France, the UK, and Spain, which have a huge manufacturing base. In addition, various infrastructural re-development activities are also expected to aid the region’s ferroalloy market over the forecast time period.
Browse the full “Ferroalloy Market By Type (Ferrochromium, Ferromanganese, Ferromolybdenum, Ferronickel, Ferrosilicon, Ferrotitanium, Ferrotungsten, Ferrovanadium, and Others) and By Application (Steel, Superalloys and Alloys, Wire Production, Welding Electrodes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/ferroalloy-market
The North American ferroalloy market is expected to witness moderate growth in the years ahead, owing to the well-established regional automobile industry. Ferroalloy is used in the production of automotive radiators, which is an essential part of automobiles. Moreover, the increasing regional construction of commercial spaces is also expected to fuel the ferroalloy usage.
The Middle East and Africa is expected to show significant growth in the global ferroalloy market over the forecast time period, owing to the flourishing manufacturing industry. The growth of the manufacturing industry in Saudi Arabia and the UAE is substantial that will increase the steel structures demand in industrial and commercial sectors, which, in turn, is expected to propel the region’s ferroalloy market.
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The Latin American is expected to witness moderate growth over the forecast years, owing to growing ferroalloy demand from the Brazilian steel industry. Brazil is a major regional contributor.
Some key players operating in the global ferroalloy market are Nikopol Ferroalloy Plant, Tata Steel, ArcelorMittal, Sakura Ferroalloys, Ferroalloy Corporation, OM Holdings, Pertama Ferroalloys, SAIL, Gulf Ferroalloys, Brahm Group, MORTEX, China Minmetals, Shanghai Shenjia Ferroalloys, BAFA Bahrain, Vale, Georgian American Alloys, and OFZ.
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This report segments the global ferroalloy market into:
Global Ferroalloy Market: Type Analysis
- Ferrochromium
- Ferromanganese
- Ferromolybdenum
- Ferronickel
- Ferrosilicon
- Ferrotitanium
- Ferrotungsten
- Ferrovanadium
- Others
Global Ferroalloy Market: Application Analysis
- Steel
- Superalloys and Alloys
- Wire Production
- Welding Electrodes
- Others
Global Ferroalloy Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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