Albany, NY -- (SBWIRE) -- 09/18/2014 -- ALBANY, New York, September 2, 2014 – Transparency Market Research, in its latest research report states, the global ferroalloy market will grow significantly in the coming years. The ferroalloy market was valued at $37.25 billion in 2013, and is expected to reach a figure of $53.56 billion in 2020, at a CAGR of 5.4% between 2014 and 2020. The report “Global Ferroalloy Market (Ferrochrome, Ferromanganese, Ferrosilicon and Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020” is available for sale on the company’s website.
Ferroalloy market is growing rapidly as ferroalloy happens to be a crucial raw material used in manufacturing of steel. Ferroalloy is extensively used for desulfurizing, deoxidizing, and as a reinforcing agent. This essentially translates to ferroalloy market suppling the raw material for removing oxygen, phosphorus, and sulfur impurities from iron ores, which are later transformed into steel. Thus, as the steel industry grows, it will give the much-need impetus to the ferroalloy market too. In addition to these developments, the growth of ferroalloy market will also be fueled by expanding construction industry in the BRICS countries that demand steel. Growth in steel industry due to demand by automobile industry for lightweight and high tensile material, will definitely boost the global ferroalloy market.
In terms of volume this market accounted for 37% market share in 2013. One of the biggest consumers of the ferroalloy market is the stainless steel industry. Ferrochrome, an integral material of the ferroalloy market, is in high demand as the automobile industry seeks an anticorrosive type of steel. Ferrosilicon, another alloy of iron and silicon, is being used for deoxidizing and alloying agent in manufacturing of steel. This entire demand is set to augment the ferroalloy market in the coming years.
As of 2013, China was leading the global ferroalloy market. As China has several steel manufacturers with high production capacities, the country is expected to boost the this market further. China’s market share is expected to grow at a CAGR of 4.6% between 2014 and 2020 in terms of volume. Europe follows this demand of the raw material as automobile sector continues to grow. In the near future, Asia Pacific is also showing signs of an emerging ferroalloy market due to growing construction businesses in Japan and India. However, this market is expected to remain rather sluggish in the Rest of the World and North America as economy continues to recover from recession.
Some of the major players studied in this report of ferroalloy market are Sinosteel Jilin Ferroalloy Corporation Limited, Eurasian Natural Resources Corporation PLC (ENRC), S.C. Feral S.R.L., and Shanghai Shenjia Ferroalloys Co. Ltd.