Market Research Future (MRFR) expects the Ferro Alloy Market 2020 to attain a decent growth rate of 5.6% over the forecast period, which is from 2019 to 2025. We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Renowned Industry Players:
Some of the highly renowned players actively pursuing a bigger share in the global industry are Georgian American Alloys (USA), Brahm Group (India), OM Holdings Ltd. (Singapore), AKURA FERROALLOYS (1036989-M). (Malaysia), Ferroalloy Corporation Limited (India), SAIL (India), China Minmetals Corporation (China), Tata Steel (India), (Saudi Arabia), OFZ, Nikopol Ferroalloy Plant (Ukraine), Pertama Ferroalloys Sdn. Bhd. (Malaysia), Gulf Ferroalloys Company (SABAYEK) a.s (Slovakia), MORTEX GROUP (India), Shanghai Ferroalloys Works (China), Bafa Bahrain (Bahrain), to name a few.
Key Boosters and Main Challenges:
Over the years, a sharp spike in the demand for steel has been observed among prominent end use industries like automotive, shipbuilding, construction, and more, which has been highly favorable for the Ferro Alloy Market. Ferro Alloy finds primary use in the manufacturing of different steels such as carbon steel, alloy steel, stainless steel, among others. The abundant presence of iron ore worldwide coupled with the widespread demand for a variety of steel grades in light of the scarcity in feasible substitutes can lend a significant thrust to the Ferroalloy Market in the following years.
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The crude steel production worldwide in 2017 was close to 1.6 billion tons and exhibited a CAGR of nearly 5.3% compared to the previous year. Some of the fast-emerging countries like India and China hold the prime shares in these numbers, making hefty demand for steel. To add to that, some of the most renowned automobile manufacturers are headquartered in these nations, who are primarily focused on meeting with the growing demand of the local customers. Burgeoning population paired with the advancing living standard has boosted the growth of the construction industry in these countries, which is touted to be a significant opportunity of the key companies in the near future.
Going ahead, the latest trend witnessed in the market can be the gradual shift of the steelmakers from blast furnace to EAF/Electric Arc Furnace for manufacturing steel. Since EAF requires low investment, reduced chemical reaction and provides better efficiency compared to a blast furnace, this trend is only expected to gain high traction in the coming years. EAF also helps steelmakers to create steel from completely scrap metal feedstock, bringing down the total energy consumed compared to steel produced from ores. Apart from this, a number of vendors currently hold a substantial share in the competitive market of Ferro Alloys and are consistently adopting various strategies such as boosting production capacity, mergers and acquisitions to stay ahead of the game.
To illustrate, in May 2020, reports confirmed that YDD Corp has planned to target the sales of ferro-silicon in North America. Helvetia Resources (USA) will be the distributor of the ferro-silicon manufactured by YDD Corporation in the North American market. YDD is ready to export between 5,000 tons and 8,000 tons of ferro-silicon to the region this year.
Ferro Alloys Market has been considered for Type and End-Use Industry.
Production-Wise, the Ferro Alloys Market caters to blast furnace as well as electric arc furnace.
The Main Types of Ferro Alloys are bulk ferro alloys along with noble ferro alloys.
Some of the key End-Use Industries in the global market are automotive & transportation, superalloys, steel, electronics, construction, and others.
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Ferro Alloys Market has been regionally dissected with respect to Asia Pacific/APAC, Europe, North America, MEA/Middle East & Africa as well as Latin America.
APAC has remained unbeatable since 2018 and can even procure a significant growth in the years to follow, thanks to the substantial steel production and the mounting demand in the construction industry. China, being the global leader in the steel sector, has taken the top position in the regional market. The country had seen a jump in its crude steel production by up to 51.3% in the year 2018, which indicates promising future prospects for the market. India, among other Southeast Asian nations, also contributes majorly to the market growth, given the rapid expansion of the automotive industry and the rising applications of ferrochrome in the manufacturing of different car components like rods, sprocket assemblies, crankshafts, couplings, and more. Macroeconomic aspects including the increasing disposable income and the surge in the industrialization rate in the region also create attractive opportunities for the Ferro Alloy Makers.
North America is all set to record a substantial CAGR over the conjectured period, on account of the soaring demand for Ferro Alloys in well-established sectors like metallurgical, construction, automotive, electronics, medical devices and aerospace. The rapid growth in commercial and residential construction activities across the United States/US in recent years, in the wake of the economic recovery, has driven the steel demand to a large extent, resulting in higher demand for Ferroalloys.
MEA and Latin America are observing considerably growth, as a result of the rising spending on construction across various gulf countries and the rise in industrialization in several Latin American countries.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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