The Global Ferroalloys Market is projected to reach a value of over USD 75.4billion by 2027 at a CAGR of around 5.1%.
Ferroalloys are the iron alloys composed with high proportion of elements such as aluminum, silicon, or manganese which is used in production of alloys and steel. Ferroalloys have been developed to improve the alloy and steel by introducing specific alloying element in desirable quantities. It’s properties such as ductility, strength, and fatigue or corrosion resistance of steel are making it popular across various industries. Additionally, they have application in several tasks such as deoxidation, refining, modification, and control of non-metallic inclusion and precipitates.
Market Driver:
Ferroalloy is used widely in manufacturing of variety of steel such as alloy steel, carbon steel,stainless steel, and others. Presence of iron ore is abundant across the globe which is intensifying the demand for various types of steel grades. According to worldsteel Association, the global crude steel production reached 1,869.9 million tons (Mt) in 2019, which has increased by 3.4% as compared to previous year. Thus, growing steel production has attributed to raise its demand from various end use industries such as automotive, construction, and aerospace & defense. Ferroalloy is used in steel for improve its properties such as ductility, strength, and fatigue. Thus, growing steel demand from various end use industries such as automotive, construction, and aerospace & defense has expected to surge the demand for ferroalloys market during the forecasted period.
Market Challenge:
Steel industry is responsible for emission of carbon dioxide which is released in various stages of steel producing. According to worldsteel Association, on an average 1.85 tons of CO2 was emitted for every tone of steel produced in 2018. Thus, various government bodies have imposed stringent regulations and industry standard for iron and steel production industries. For instance, Environmental Protection Agency (EPA), has introduced Greenhouse Gas Reporting Program (GHGRP) for metals with an aim to keep track of greenhouse gas emission during each production facilities of the metal. Thus, stringent regulations imposed by various governing bodies to control the release of greenhouse gases may pose challenge to the ferroalloy market growth.
The report on the ferroalloys market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million), Volume (Kiloton) |
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Segments Included |
Product, Application, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Ferroalloys Market, by Product
Ferroalloys Market, by Application
Ferroalloys Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE FERROALLOYS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
