Ferrosilicon Market Size to Reach USD 14.92 Billion by 2033

The global ferrosilicon market size was valued at USD 11.62 billion in 2023 and is poised to grow from USD 11.91 billion in 2024 to USD 14.92 billion by 2033, growing at a CAGR of 2.53% during the forecast period from 2024 to 2033.

Rising demand for ferrosilicon in the?steel?and cast iron industries is anticipated to contribute to market growth over the forecast period. Ferrosilicon is used as a deoxidizer in the steel industry to prevent the loss of carbon during the production process. As a result, rising investment in the steel industry is anticipated to augment the market growth. For instance, in January 2022, POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which is jointly owned by HBIS Group.

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The USD 600 million plants are anticipated to have an annual production capacity of 900 kilotons and will supply galvanized steel sheets to the automotive industry. Furthermore, due to their long life span and good compressive strength, cast iron pipes are widely used in plumbing applications. Companies involved in cast iron pipe production are expanding their capacity, thereby fueling ferrosilicon consumption. For instance, in December 2021, AMERICAN SpiralWeld Pipe Company, a producer of cast iron pipe, announced its decision to invest USD 40 million to expand its operation in Richland County, U.S. Furthermore, rising investments in China’s construction industry are expected to benefit market growth.

For instance, China initiated five major infrastructure projects in the third quarter of 2021, one of them was an investment of USD 4,793 million in the construction of a railway line from Liuzhou to Wuzhou covering a distance of 237.78 kilometers. Such projects are aiding the consumption of steel and related products, thereby, positively influencing market growth over the forecast period. The market is competitive with a presence of a large number of players scattered across different regions. To uphold and expand their presence, market vendors are involved in acquisition activities. For instance, in February 2022, Elkem ASA acquired the remaining 50% stake in the Salten energy recovery plant from Kvitebj?rn Energi, thus, taking 100% ownership. This acquisition aims to enable the production of environmental-friendly ferrosilicon grade.

Key Takeaways

• Asia-Pacific led the market with the largest market share of 67% in 2023.
• North America is expected to expand at a CAGR of 2.21% over the forecast period.
• By application, the deoxidizers segment has generated more than 70% of market share in 2023.
• By application, the inoculants segment is expected to grow at the fastest rate of the forecast period.
• By end use, in 2023, the carbon and other alloy steel segment has accounted more than 45% of markets share in 2023.
• By end use, during the forecast period, the cast iron segment is anticipated to witness significant growth in the market.

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Recent Developments

• In May 2023,?Elkem and the Zero Environmental Foundation agreed to address industrial climate change. Zero will share expertise about climate change and policy as part of the engagement with Elkem.
• In July 2022,?Ferroglobe PLC, one of the world's leading producers of silicon metal and silicon and manganese-based ferroalloys, entered a new phase in its silicon metal powder project for batteries and other advanced technologies, reaching a high purity production (up to 99.995%), in micrometer and sub-micrometer size.
• In June 2022,?Ferroglobe PLC announced a Memorandum of Understanding ('MOU') with REC Silicon. Under the MOU, Ferroglobe commits to leveraging its asset platform in the United States to supply high-purity silicon metal to REC Silicon, aiming to jointly establish a low-carbon and fully traceable U.S.-based solar supply chain.
• In July 2022,?OM Holdings' smelting plant in Sarawak’s Samalaju Industrial Park recorded higher production volume in Q2 for ferrosilicon, manganese alloys, and manganese sinter ore.
• In January 2022,?POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which HBIS Group jointly owns.
• In February 2022,?Elkem ASA acquired the remaining 50% stake in the Salten energy recovery plant from Kvitebj?rn Energi, thus taking 100% ownership. This acquisition aims to enable environmentally friendly ferrosilicon-grade production.

Ferrosilicon Market Companies

• Elkem ASA
• Eurasian Resources Group
• Ferro Alloys Corporation Limited (FACOR)
• FINNFJORD AS
• Ferroglobe
• IMFA
• OM Holdings Ltd.
• Russian Ferro-Alloys Inc.
• SINOGU CHINA
• VBC Ferro Alloys Limited

Segments Covered in the Report

By Application

• Deoxidizer
• Inoculants
• Others

By End-use

• Carbon & Other Alloy Steel
• Stainless Steel
• Electric Steel
• Cast Iron
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Ferrosilicon Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Ferrosilicon market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (The rising use of ferrosilicon as a deoxidizer in steel production and as an inoculant in the cast iron industry are the major growth drivers for the market.), opportunities (Growth opportunities in emerging countries), restraints (High capital investments and low cost-benefit ratio and unfavourable regulatory and reimbursement scenario), and challenges (Operational barriers) influencing the growth of the Ferrosilicon market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Ferrosilicon market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the Ferrosilicon market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Ferrosilicon market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like The key players operating in the ferrosilicon market include Elkem ASA, Eurasian Resources Group, Ferroglobe, IMFA, OM Holdings Ltd., SINOGU CHINA, and Russia Ferro-Alloys Inc., among others.

Table of Contents

• Market Summary
• Economic Impact Competition Analysis by Players
• Production, Revenue (Value) by geographical segmentation
• Kinesiology Muscle Tape Market Size by Type and Application
• Regional Market Status and Outlook
• Kinesiology Muscle Tape Market Analysis and Outlook
• Market Forecast by Region, Type, and Application
• Cost Investigation, Market Dynamics
• Marketing Strategy comprehension, Distributors and Traders
• Market Effect Factor Analysis
• Research Finding/ Conclusion
• Appendix
• Continue……

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