Wilmington, Delaware, United States, June 07, 2022 (GLOBE NEWSWIRE) -- The global silicon alloys market is estimated to register growth at a CAGR of 5.6% during the forecast period from 2022 to 2031, according to a research report by Transparency Market Research (TMR).
Leading companies operating in the global silicon alloys market are utilizing organic and inorganic strategies such as mergers, acquisitions, and product portfolio expansions in order to gain prominent position in the market. Moreover, major players are increasing investments in R&D projects in order to improve the quality of the products they provide.
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Silicon Alloys Market: Key Findings
- Automotive is one of the key end-use industries where steel and cast iron products are utilized at larger scales. These products are manufactured using ferrosilicon. In the recent years, the demand for different vehicles including trucks, heavy-duty vehicles, and passenger cars is being increasing across the globe. According to statistics, approximately 91.5 million units of commercial vehicles and passenger cars were manufactured in 2018. Moreover, there has been a surge in the sales of commercial vehicles and cars globally in the past few years. These factors are prognosticated to result into a surge in the demand for silicon alloys during the forecast period, states the silicon alloys market demand analysis by TMR.
- Silicon alloys find application in stainless steel, carbon steel & other alloy steel, cast iron, and electrical steel. Among all, the carbon steel & other alloy steel segment held sizable market share for silicon alloys in 2021 and is prognosticated to expand at a 5.38% during the forecast period. The growth of the segment is ascribed to rising demand for carbon steel & other alloy steel owing to a surge in the use of iron and steel in the automotive industry.
- Stainless steel is being increasingly utilized in a wide range of end-use industries such as chemical, infrastructure, oil & gas, and power owing to its different properties including high strength, corrosion resistance, and high ductility. This factor is leading to revenue-generation opportunities in the global silicon alloys market, note analysts at TMR. Moreover, the stainless steel segment is likely to contribute largest revenue share in silicon alloys market during the forecast period. This growth is ascribed to many factors including swift industrialization in developing nations across the globe.
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Silicon Alloys Market: Growth Boosters
- Surge in the demand for vehicles due to improving spending power of people across the globe is resulting into profitable avenues in the silicon alloys market
- Increase in the infrastructure development activities in many developed and developing nations is generating sizable business opportunities for key players in the silicon alloys market
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Silicon Alloys Market: Regional Analysis
- The Asia Pacific market is projected expand at prominent pace during the forecast period owing to rapid industrialization and increase in the use of ferrosilicon and iron & steel in several regional nations including India and China
- The silicon alloys market is prognosticated to gain profitable prospects in Europe during the forecast period owing to rise in the demand for silicon alloys from Russia, Germany, and CIS nations
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Silicon Alloys Market: Key Players
Some of the key players profiled in the report are:
- OM Holdings Ltd.
- Elkem ASA
- Dragon Northwest Ferroalloy Co.,Ltd
- RFA International
- DMS Powder (Pty) Ltd.
- Kuwait United Chemalloys Manufacturing
- American Elements
- SKP Group
- Jindal Stainless Ltd.
- Arcelor Mittal
- Georgian American Alloys
- Metal & Alloys Corporation
- Pioneer Carbide Pvt Ltd.
- Lalwani Ferro Alloy ltd.
- Steelmin Ltd.
- Tata Steel Ltd.
Silicon Alloys Market Segmentation
Type
- Ferrosilicon
- Deoxidizers
- Inoculants
- Others
Application
- Carbon Steel & Other Alloy Steel
- Stainless Steel
- Electrical Steel
- Cast Iron
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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