(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global ferroalloys market size was remunerated at USD 42.7 billion in 2020 and is estimated to record a strong CAGR of 7.1% over 2021-2027, eventually reaching a valuation of USD 69.02 billion by the end of study period.
The study expounds on the various market segments, including product type, application range and regional divisions. An exclusive study of industry value chain, from the suppliers to the distributors and consumers, is provided in the document. The document also compiles detailed profiles of prominent players to provide readers a clear view of the competitive sphere of this domain.
Rapid expansion of steel sector and increasing production of steel is a major factor driving global ferroalloys market growth. In addition, expanding government initiatives for steel supply is generating lucrative opportunities for the market development.
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For the record, ferroalloy is a crude alloy of iron made up of one or more other elements. It is mainly used for deoxidizing the molten steel and making alloy steels.
As per Statista, the total steel production in 2018 accounted for around 1826 million metric tons which then reached 1880 metric tons in 2019. As a result, rising production of steel worldwide is likely to impel the use of ferroalloys in the production of steel, which in turn will augment the overall industry dynamics.
Speaking of the negatives, strict legal and political regulations along with high costs are likely to hinder the market progression over the estimated timeline.
Geographical outlook
Analysts cite that Asia Pacific is likely to serve as a lucrative growth avenue for the worldwide ferroalloys market over the assessment period, owing to mounting production of steel and cast iron.
Meanwhile, Europe market is expected to expand at a significant growth rate over the forecast duration 2021-2027, on account of large-scale production of industrial components across the region.
Summarizing the competitive scope
Prominent players swaying the global ferroalloys industry trends are Steel Authority of India Limited, China Minmetals Corporation, ArcelorMittal S.A., Tata Steel Limited, SC Feral S.r.l, Ferro Alloys Corporation Limited., Shanghai Shenjia Ferroalloys Co. Ltd., Samancor Chrome Ltd, Glencore plc, and Jindal Steel and Power Limited.
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Global Ferroalloys Market by Product Type (Revenue, USD Billion, 2018-2027)
- Ferrochrome
- Ferro manganese
- Ferro Silico Manganese
- Ferrosilicon
Global Ferroalloys Market by Application Type (Revenue, USD Billion, 2018-2027)
- Carbon & low alloy steel
- Stainless steel
- Alloy steel
- Cast Iron
- Others
Global Ferroalloys Market Regional Terrain (Revenue, USD Billion, 2018-2027)
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
North America
Latin America
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
Rest of the World
Global Ferroalloys Market by Competitive Dashboard (Revenue, USD Billion, 2018-2027)
- Steel Authority of India Limited
- China Minmetals Corporation
- ArcelorMittal S.A.
- Tata Steel Limited
- SC Feral Srl
- Ferro Alloys Corporation Limited
- Shanghai Shenjia Ferroalloys Co. Ltd.
- Samancor Chrome Ltd.
- Glencore plc
- Jindal Steel and Power Limited
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Ferroalloys Market, by region, 2019-2027 (USD Billion)
1.2.2. Ferroalloys Market, by Product Type, 2019-2027 (USD Billion)
1.2.3. Ferroalloys Market, by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Ferroalloys Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Ferroalloys Market Dynamics
3.1. Ferroalloys Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Incessant production of steel around the world
3.1.1.2. Expansion of the steel sector
3.1.2. Market Restraint
3.1.2.1. Stringent Legal and Political Regulations
3.1.2.2. High cost
3.1.3. Market Opportunities
3.1.3.1. Rising government initiatives for steel supply
Chapter 4. Global Ferroalloys Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Ferroalloys Market, by Product Type
5.1. Market Snapshot
5.2. Global Ferroalloys Market by Product Type, Performance - Potential Analysis
5.3. Global Ferroalloys Market Estimates & Forecasts by Product Type 2018-2027 (USD Billion)
5.4. Ferroalloys Market, Sub Segment Analysis
5.4.1. Ferrochrome
5.4.2. Ferromanganese
5.4.3. Ferro Silico Manganese
5.4.4. Ferrosilicon
Chapter 6. Global Ferroalloys Market, by Application
a. Market Snapshot
6.1. Global Ferroalloys Market by Application, Performance - Potential Analysis
6.2. Global Ferroalloys Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.3. Ferroalloys Market, Sub Segment Analysis
6.3.1. Carbon & Low Alloy steel
6.3.2. Stainless Steel
6.3.3. Alloy Steel
6.3.4. Cast Iron
6.3.5. Others
Chapter 7. Global Ferroalloys Market, Regional Analysis
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Global nickel superalloy market size is poised to witness notable growth with the extensive product application across numerous end-use sectors. On the basis of alloy type, the industry is classified into alloy 600/601/602, alloy 625, alloy 825, alloy 925, alloy 718, waspaloy, Hastelloy C276/C22/X, and others. The demand for alloy 600/601/602 is projected to increase at a healthy 5% CAGR through 2026, driven by extensive application in aerospace and chemical manufacturing sectors. Considering the regional outlook, the demand for nickel superalloys across Latin American countries is likely to grow at a CAGR of over 4% through the next few years. Middle East and Africa nickel superalloy market trends will be driven by supportive government regulations in the oil & gas sector.
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