Global Ferroalloy market projected to reach USD 98.10 billion by 2033, driven by steel demand growth

From GlobeNewswire: 2024-07-01 02:00:00

The Global Ferroalloy Market is projected to grow from USD 52.7 billion in 2023 to USD 98.10 billion by 2033, with a CAGR of 6.40%. Ferroalloys are crucial components used in steel production, providing enhanced strength and other benefits. The market growth is linked to the rise in steel demand globally, driven by various industries. The ferromanganese segment is expected to dominate the market due to its application in steel-making and foundry industries.

The stainless steel segment is anticipated to hold the largest share of the global ferroalloy market. Ferrochrome and ferromanganese are essential for providing stainless steel with the necessary properties for various applications. Asia Pacific is expected to lead the global market due to high steel and cast iron production levels in the region. The market is also supported by the growth of industries and availability of resources in the region.

North America is projected to grow at a rapid pace in the ferroalloy market. The region’s steel industry and demand for stainless steel are driving market growth, fueled by infrastructure development and technology innovation. Asia Pacific, especially emerging nations, will drive market demand due to urbanization and development efforts. Major players in the market include Arcelor Mittal S.A., Glencore plc, Jindal Group, Tata Steel Limited, among others.

In April 2022, Tata Steel acquired S&T Mining shares from SAIL, simplifying its portfolio and restructuring for coal exploration and mining. The market is segmented by product (ferrochrome, ferromanganese, etc.) and application (stainless steel, cast iron, etc.). The report offers insights on key players, market trends, developments, and forecasts revenue at global, regional, and country levels from 2020 to 2033.



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