The comprehensive market research on Ferrosilicon conducted by Polaris Market Research includes a detailed growth analysis and identification of key drivers in the report.
According to the latest study, the global ferrosilicon market is on a steady growth path. Valued at USD 10.54 billion in 2023, it is projected to reach USD 13.62 billion by 2032, exhibiting a CAGR of 2.9% over the forecast period from 2024 to 2032.
Market Overview:
Ferrosilicon (FeSi) is an alloy consisting of silicon and iron, with silicon content typically ranging between 15% and 90% by weight. It also contains significant amounts of iron silicide. High-silicon-content ferrosilicon is produced in electric arc furnaces by reducing sand or silica with coke in the presence of iron. The product is commonly available as metallic-grey lumps but can also be found as pre-formed briquettes. Ferrosilicon is classified based on minor component quantities, including low-carbon ferrosilicon, low-titanium ferrosilicon, low-aluminum ferrosilicon, and special ferrosilicon.
Primarily, ferrosilicon is used in steelmaking as a convenient silicon alloying element. It serves as an essential deoxidizer, facilitating the rapid removal of oxygen from molten steel. Additionally, some steel mills use ferrosilicon to generate heat within furnaces, helping to reduce energy costs. The increasing global infrastructural developments are expected to boost ferrosilicon demand.
Essential Report Takeaways:
- The global ferrosilicon market was valued at USD 10.54 billion in 2023 and is expected to grow to USD 13.62 billion by 2032.
- Growth is driven by a rising global population leading to increased investments in commercial and residential infrastructure.
- Market segmentation is based on type, application, end use, and region.
- North America holds the highest revenue share in the global market.
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Leading Market Players:
Key industry participants are heavily investing in research and development initiatives to fuel growth. They are also undertaking strategic efforts to expand their global presence.
Prominent players included in the research are:
- Anyang Jinfang Metallurgy Co., Ltd.
- Anyang Yuneng Metallurgy Refractory Co., Ltd.
- DMS Powders
- Elkem ASA
- Eurasian Resources Group
- Ferroglobe
- FINNFJORD AS
- OM Holdings Ltd.
- RFA International
- SINOGU INDUSTRY CO., LTD
Key Market Growth Aspects and Trends:
Market Drivers:
- Increasing Production Capacity: Manufacturers and governments worldwide are investing significantly in expanding production facilities and adopting advanced technologies. This expansion ensures a stable supply of ferrosilicon and supports market growth.
- Rise in Steel Production: Growing demand for steel in sectors like automotive, construction, oil and gas, and industrial machinery drives the need for ferrosilicon to produce high-quality, strong steel.
Market Trends:
- Growing Automobile Production: Modern automobile manufacturing requires advanced steel grades enriched with silicon for various components. The surge in electric vehicle production, which demands strong and lightweight materials, has further increased the need for specialized ferrosilicon-infused steel.
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Regional Insights:
The report offers detailed insights across key regions and sub-regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- North America: Accounts for the highest revenue share due to a well-established steel industry, technological innovations, and advanced production capabilities that boost ferrosilicon use as an alloying agent.
- Asia Pacific: Expected to register significant CAGR driven by rapid industrialization in countries like India and China, along with substantial investments by major nations fueling demand.
Ferrosilicon Market Segmentation:
By Type:
- Atomized Ferrosilicon
- Milled Ferrosilicon
By Application:
- Deoxidizer
- Inoculants
- Others
By End-Use:
- Carbon & Other Alloy Steel
- Cast Iron
- Electric Steel
- Stainless Steel
- Others
By Region:
- North America: US, Canada
- Europe: Germany, France, UK, Italy, Spain, Netherlands, Russia, Rest of Europe
- Asia-Pacific: China, Japan, India, Malaysia, South Korea, Indonesia, Australia, Rest of Asia-Pacific
- Middle East & Africa: Saudi Arabia, UAE, Israel, South Africa, Rest of Middle East & Africa
- Latin America: Mexico, Brazil, Argentina, Rest of Latin America
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FAQs:
At what CAGR is the ferrosilicon market anticipated to grow?
The market is projected to grow at a CAGR of 2.9% from 2024 to 2032.
Which application segment held the highest market share?
The deoxidizer segment accounted for the highest share in 2023.
Who are the key players in the market?
Key players include Anyang Jinfang Metallurgy Co., Ltd., Anyang Yuneng Metallurgy Refractory Co., Ltd., DMS Powders, Elkem ASA, Eurasian Resources Group, Ferroglobe, and FINNFJORD AS.
Which end-use had the highest market CAGR?
The cast iron segment recorded the highest CAGR globally.
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