With Europe having a history of dominance over industrial steel production up until recent years, its rising exports of stainless steel and fabricated steel to different parts of the world, along with the increasing number of ferroalloy manufacturers in the region, are expected to escalate the segment growth in the estimated time period. The ferroalloys market in Europe is estimated to garner the highest CAGR by the end of 2033. Increasing Stainless Steel Exports to Drive Growth in Europe Additionally, the burgeoning presence of ferroalloys plants in the region together with the functioning of varied types of ferroalloy furnaces such as exothermic (metallothermic) reaction furnaces, submerged electric arc furnaces, and electrolytic cells that are used for the distinctive ferroalloys production will bolster the regional growth. Moreover, China was found to produce the highest volume of stainless steel slabs across the Asia-Pacific region in 2021, with the production of stainless steel comprising nearly 30 million tons. It was observed that the production of steel in India swiftly increased from ~100.3 million tons in 2020 to almost 119 million tons in 2021. The growth of the market in the Asia Pacific region over the forecast period is attributed to the existence of giant ferroalloy manufacturers in India and China, which make these nations lucrative & prominent for steel production. The ferroalloys market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. For instance, when compared to the current levels, the use of steel by 2050 is projected to rise by about 20% in order to meet the needs of the burgeoning population.Īugmenting Production of Steel to Drive Growth in the Asia Pacific Region Additionally, steel is a crucial raw material for industries such as infrastructure, energy, automotive and transportation, construction, packaging, and machinery, and their demand is expected to skyrocket in the near future. 84 billion tons in 2021, the demand for high-grade alloys with low-carbon content is expected to escalate.
With the increasing production of finished steel globally, which grew from ~1.
They are used for the deoxidization and refining of steel, besides improving properties like ductility, tensile strength, fatigue resistance, and corrosion resistance in steel. The key factor responsible for the growth of the ferroalloys market in the upcoming years is mainly its use in the steel-making process. Growth in Demand for Steel to Boost Market Growth Market in Europe to grow at the highest rate Market in Asia Pacific to propel the highest growthīulk segment to garner the highest growth Ferroalloys entail several iron alloys that contain a significant amount of one or more other elements, such as silicon, manganese, or aluminium. Geological Survey, it was observed that the production of pig iron worldwide climbed from ~1,310 million metric tons in 2020 to 1,400 million metric tons in 2021. The growth of the market over the forecast period can be attributed to the surging production of pig iron as well as growing demand for cast iron with specific properties to perform crucial tasks during manufacture together with the augmenting need for ferroalloys in the making of cast iron which are injected into the process as an inoculant. The market is poised to garner a revenue of USD 160 billion by the end of 2033, up from a revenue of ~USD 94 billion in the year 2022. New York, J(GLOBE NEWSWIRE) - The global ferroalloys market size is slated to expand at ~5% CAGR between 20. Major ferroalloys market players include Ferroglobe PLC, Elkem ASA, Feng Erda Group, DMS Powders, Eurasian Resources Group, Finnfjord AS, Hindustan Alloys Private Limited, Russian Ferro-Alloys Inc., Mechel PAO, OM Holdings Ltd., and Westbrook Resources Ltd.
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