Wilmington, Delaware, United States, October 27, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – In 2021, the value of the global ferrosilicon market was US$11.3 billion. The global market is expected to grow at a CAGR of 2.5% during the forecast period of 2022 to 2031. It is estimated that the global ferrosilicon market is expected to reach US$15.1 billion by 2031. Industry is exploring possibilities for metallic additives used in the manufacture of steel and iron to add an alloying element to refined steel or molten metal. In the manufacture of iron and steel, ferrosilicon is used as a master alloy.
To reduce the release of harmful particles into the environment, companies are expected to take extra precautions, such as: B. the storage of ferroalloys in watertight containers and the isolation of equipment and machinery used for handling raw materials. Due to the fact that steel is a crucial raw material for most end-use sectors, leading players in the ferrosilicon market have been creating steady streams of income in the steel sector since the outbreak of COVID-19.
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The main use of ferrosilicon in steel mills is in the manufacture of steel. Ferro silicon has advantages such as high strength, high temperature resistance, high magnetism and hardness, and high specific gravity. It is also corrosion and abrasion resistant. As a result, a number of companies are investing in the production of ferrosilicon, which is believed to be one of the most important recent developments in the ferrosilicon market.
Key Findings of the Market Report
- As more electrical steel is needed to manufacture transformers, motors, and other power generation equipment, demand for ferrosilicon is expected to increase. Ferro-silicon, a component of electrical steel, is used in magnetic motor cores. This increases the range, reduces the required battery capacity and improves engine efficiency.
- In the construction and automotive industries there is an increasing need for corrosion-resistant materials. Durable, corrosion-free construction is required for automotive components, bridges and building materials. Because of these desirable properties, ferrosilicon is used in both construction and automobiles. Future market demand for ferrosilicon should benefit from the expanding automotive and construction sectors.
- The category of carbon and other alloy steels accounted for 46.7% of the global ferrosilicon market in 2021, depending on the end-use. The increasing use of cast iron and alloy steel in the construction and automotive sectors should boost demand for ferrosilicon.
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Global ferrosilicon Market: growth driver
- In 2021, the Asia-Pacific region held a significant portion of the global market with 74.7% of the market share. In Asia-Pacific, China accounts for about a third of the regional ferro-silicon market and is the fastest growing ferro-silicon market. This is due to the region’s increasing investment in the construction and automotive industries, as well as the industry’s phenomenal growth.
Global ferrosilicon market: Important Competitors
- SC Feral Srl
- DMS Powders (Pty) Ltd
- Singapore International Limited
- Ferroglobe OM Holdings Limited
- Hindustan Alloys Private Limited
- Eurasian resource group
- Finnfjord AS
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Global ferrosilicon market: segmentation
- Atomized ferrosilicon
- Milled ferrosilicon
stop using it
- carbon steel and other alloy steels
- Stainless steel
- electric steel
- cast iron
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