The ferrosilicon market is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The market growth is driven by influencing factors such as robust demand for steel in automotive, construction, and manufacturing industry, and growing focus on renewable energy to reduce carbon emissions.
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The market size of the ferrosilicon market is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The robust demand for steel in automotive, construction, and manufacturing industries, coupled with growing focus on renewable energy to reduce carbon emissions, will contribute to the rapid growth in the demand for ferrosilicon.
Based on type, the ferrosilicon market has been segmented into atomized ferrosilicon and milled ferrosilicon. Atomized ferrosilicon, known for its fine, spherical particle structure, finds applications in complex steel alloys and stainless steel, owing to its superior flowability and uniform distribution. Conversely, milled ferrosilicon, with its coarser particle size, serves as a cost-effective solution in applications such as heavy-medium separation in dense media plants and the production of welding agents. Both variants play vital roles in meeting diverse industrial demands.
Based on application, the ferrosilicon market has been segmented into deoxidizers and inoculants. Ferrosilicon is a critical alloy serving as both a deoxidizer and an inoculant in the steel and iron industry. Its deoxidizing properties aid in eliminating impurities from molten steel, ensuring the production of high-quality, durable steel for various applications. Additionally, as an inoculant, ferrosilicon enhances the mechanical properties of cast iron, improving its strength and wear resistance. Its versatile role in enhancing the integrity and performance of steel and iron products underscores its significance across diverse industrial sectors.
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Asia Pacific is the fastest-growing market for ferrosilicon. This growth is mainly attributed to the rapidly increasing industrialization & urbanization, which drives the demand for steel in booming economies in China, and India. As a result, the demand for ferrosilicon experiences a corresponding upswing, as it serves a critical role in the production of steel and various other alloys. The region’s large population coupled with a growing middle class and increasing disposable income boosts the demand. Low labor costs and easy raw material availability attract manufacturers to cater to the local emerging markets better.
The key global players in the ferrosilicon market include Elkem (Norway), RFA International (Switzerland), DMS Powders (South Africa), Ferroglobe (UK), Eurasian Resources Group (Luxembourg), Feng Erda Group (China), Finnfjord AS (Norway), Mechel PAO (Russia), Om Holdings Ltd (Singapore), Maithan Alloys Ltd (India) are the key players in the ferrosilicon market. These companies are strong in their home region and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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