Ferro Silicon Market by Type (Atomized Ferrosilicon, Milled ferrosilicon), Application (Deoxidizer, Inoculants), End-use Industry (Stainless Steel, Cast Iron, Magnesium), and Region (Asia Pacific, Europe, North America, MEA, SA) - Global Forecast to 2028

The ferrosilicon market is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The growing automotive and construction industry is a key catalyst for the expansion of the steel market, consequently propelling the demand for ferrosilicon. This demand surge is primarily propelled by factors like the growth of industries, increased investments in infrastructure projects, smart cities, and advancements in technology. Additionally, increasing global population, rising middle-class incomes, and changing consumer preferences for durable goods contribute to the growing demand for ferrosilicon in various industries.  

Stainless- steel segment is expected to account for the second-largest share in 2022.

Stainless steel, a highly versatile and widely used alloy, relies on the significant contributions of ferrosilicon in its production process. Ferrosilicon acts as a deoxidizing agent and facilitates the removal of impurities, ensuring the desired chemical composition and microstructure of stainless steel. Stainless steel finds extensive use in industries such as construction, automotive, manufacturing, and consumer goods, where its corrosion resistance, hygiene, and aesthetic appeal are highly valued. Its applications range from kitchen appliances, cutlery, and medical equipment to architectural components, industrial machinery, and transportation infrastructure.

Based on region, Asia Pacific region was the largest market for ferrosilicon in 2022, in terms of value.

The Asia Pacific market is experiencing a significant surge in the demand for ferrosilicon, attributable to the rapid industrialization, infrastructure expansion, and robust manufacturing activities in the region. The flourishing automotive sector, coupled with the expanding construction industry and increasing investments in diverse manufacturing processes, has led to a substantial requirement for ferrosilicon to cater to the escalating need for superior-quality steel and other alloy products. Moreover, the region's continuous technological advancements and emphasis on energy-efficient materials have further accentuated the significance of ferrosilicon, primarily for its role in enhancing the properties of steel and other alloys. The Asia Pacific market's strong inclination toward sustainable and long-lasting materials, combined with its sustained economic growth and evolving consumer preferences, continues to drive the demand for ferrosilicon across various industries. 

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.

A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-Level - 35%, Director Level - 25%, and Others - 40% 
By Region: North America - 30%, Europe - 20%, Asia Pacific - 40%, Middle East & Africa-5%, and Latin America-5%

The key players in this market are include Elkem (Norway), RFA International (Switzerland), DMS Powders (South Africa), Ferroglobe (UK), Eurasian Resources Group (Luxembourg), Feng Erda Group (China), Finnfjord AS (Norway), Mechel PAO (Russia), Om Holdings Ltd (Singapore), Maithan Alloys Ltd (India).

Research Coverage

This report segments the market for ferrosilicon market on the basis of type, application, end-use industry region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for ferrosilicon market.

Key benefits of buying this report

This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the ferrosilicon market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following:

• Analysis of key drivers (Robust demand for steel in automotive, construction, and manufacturing industry), restraints (Stringent environmental regulations), opportunities (Expansion of industrialization and infrastructure development in the emerging markets, the shift towards electric vehicle from internal combustion engines) and challenges (Fluctuations in raw material cost) influencing the growth of the ferrosilicon market 
• Market Penetration: Comprehensive information on ferrosilicon market offered by top players in the global ferrosilicon market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the ferrosilicon market.
• Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for ferrosilicon market across regions.
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global ferrosilicon market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the ferrosilicon market