New York, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global Ferrosilicon Market size is projected to expand at ~ 3% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 17 billion by the end of 2033, up from a revenue of ~USD 13 billion in the year 2022. Ferrosilicon alloy is crucial for the production of cast iron, stainless steel, stainless steel magnetic, electric steel, carbon & other alloy steels as the alloy possesses high specific gravity and high magnetism, allowing easy magnetic recovery, besides good resistance to abrasion and corrosion.
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Moreover, with the rising manufacturing of ferrous alloys as well as the increasing production of cast and pig iron globally, the demand for ferrosilicon is expected to increase as it is used as an inoculant in the production process of cast iron. It was found that the total global production of pig iron grew to around 1,400 million metric tons in 2021 as opposed ~1,310 million metric tons in 2020.
Global Ferrosilicon Market: Key Takeaways
- Market in Asia Pacific to fuel the highest growth
- Deoxidizers segment to garner the highest growth
- Market in Europe to grow at the highest rate
Escalating Demand for Stainless Steel to Boost Market Growth
The major factors attributed to the ferrosilicon market growth over the projected years primarily include the radically increasing demand for stainless steel as well as the exponential production of finished steel globally, as well as the growing emphasis placed on the ferrosilicon's uses to deoxidize steel and other ferrous alloys as it acts as a master alloy in the production of stainless steel. It was found that the production of finished steel across the globe grew from around 1.76 billion tons in 2020 to around 1.84 billion tons in 2021. The rapidly increasing global industrialization, combined with rising environmental concerns, is driving the use of steel in manufacturing, construction, transportation, infrastructure, energy, packaging, machinery, and other end-use industries, which is expected to drive market growth in the forecasted time frame. As per a study, it is anticipated that, compared to the current levels, the use of steel will rise by almost 20% by 2050 in order to meet the needs of the radically increasing population.
Global Ferrosilicon Market: Regional Overview
The global ferrosilicon market is classified into a few prominent regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The Presence of Leading Steel Suppliers to Drive Growth in the Asia-Pacific Region
The ferrosilicon market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the regional market in the given assessment period can be attributed to the increasing production of steel in the region, marked by the presence of the two largest global steel manufacturing countries, viz., China and India, in the region, along with the growing export of fabricated metal, the existence of most giant automotive producers, and burgeoning development in the Asia Pacific region. It was found that steel production in India rose to nearly 119 million tons in 2021 from some 100.3 million tons in 2020. Moreover, in 2020, China accounted for more than 67% of the total global production of silicon materials.
Sustainable Development Goals (SDGs) to Drive Growth in the European Region
The ferrosilicon in Europe market is estimated to garner the highest CAGR by the end of 2033. The growing amount of production of steel and other ferrous alloys as well as the increasing export of stainless steel and fabricated steel, along with the rising adherence to the United Nations’ sustainable development goals in the European region, with a special focus on the green economy, innovation, and environmental sustainability, are expected to elevate market growth in the region over the forecasted period. It was observed that the crude steel production in Europe grew from ~132.2 million tonnes in 2020 to ~152.6 million tonnes in 2021, slowly bouncing back to pre-COVID levels, which were around 160 million tons in 2017 and 2018. Moreover, over 8.7 million metric tons of stainless steel were exported from Western European countries in 2021, with almost 8 million metric tons traded internally.
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Global Ferrosilicon, Segmentation by Application
- Deoxidizers
- Inoculants
The deoxidizer segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment is attributed in the forecasted period to the rising production of silicon as well as the steel industry globally, along with the growing utilization of steel in the automotive industry, which prospers persistently with its burgeoning sales. For instance, it was found that the overall global production volume of silicon accounted for nearly 8 million metric tons in 2020. Furthermore, global automobile sales increased from approximately 62 million units in 2020 to more than 67 million in 2021. Furthermore, the rapid modernization of the global economy as well as the growing manufacturing industries and rising demand for consumer electronics, along with the rising GDP per capita, are expected to further boost segment growth in the upcoming years.
Global Ferrosilicon, Segmentation by End-Use
- Stainless Steel
- Cast Iron
- Electric Steel
The stainless steel segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the flourishing construction and automotive industries globally, which exponentially employ ferroalloys such as ferrosilicon alloy, as well as the increasing demand for steel by end-use industries owing to its elasticity and strength, as well as the rising environmental awareness amongst global industries to reduce the global carbon footprint, in addition to the growing utilization of eco-friendly, bio-degradable, and recyclable raw materials in future development activities.
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It is worth noting that steel is the world’s most recycled material and is 100% recyclable. Moreover, the building and construction sector currently utilizes ~50% of the steel produced, making it the largest consumer of steel today.
Global Ferrosilicon, Segmentation by Product
- Atomized Ferrosilicon
- Milled Ferrosilicon
A few of the well-known market leaders in the global ferrosilicon market that are profiled by Research Nester are Feng Erda Group, DMS Powders, Eurasian Resources Group, Elkem ASA, Ferroglobe PLC, Finnfjord AS, Hindustan Alloys Private Limited, Russian Ferro-Alloys Inc., Mechel PAO, OM Holdings Ltd., Westbrook Resources Ltd., and other key market players.
Recent Development in the Global Ferrosilicon Market
- Mechel PAO announced the inception of an upgraded furnace at the Bratsk Ferroalloy Plant. The plant will now raise the furnace's output by 40%.
- Finnfjord AS a ferrosilicon producer together with Carbon Recycling International, an Emissions-to-Liquids technology provider, and Statkraft AS a hydropower company announced the joint development of a commercial e-methanol project with a production capacity of 100 ktons per year in northern Norway.
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