The ferrochrome market size has grown rapidly in recent years. It will grow from $8.85 billion in 2023 to $9.81 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The increase observed in the historical period can be ascribed to the expansion of stainless steel production, an upswing in infrastructure and construction activities, the burgeoning automotive industry, global economic growth, and prevailing urbanization trends.
The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated expansion in the forecast period can be credited to renewed investments in infrastructure, the transformation of energy infrastructure, the increasing preference for electric vehicles, and strategic efforts in stainless steel production. Key trends expected in the forecast period involve an emphasis on recycling ferrochrome, the incorporation of ferrochrome in renewable energy technologies, the resilience and diversification of the supply chain, strategic investments in ferrochrome production facilities, and market responses to regulatory changes.
The anticipated growth of the ferrochrome market is expected to be propelled by the expanding stainless-steel industry. The stainless-steel sector encompasses the production and processing of stainless steel, an environmentally neutral and inert alloy consisting of steel, iron, chromium, and other metals. Ferrochrome, being a chromium-iron alloy, is widely utilized in stainless steel production due to its exceptional corrosion and oxidation resistance, providing strength, hardness, ductility, and other essential mechanical properties. As evidenced in December 2021 by the International Stainless-Steel Forum (ISSF), a non-profit research organization based in Belgium, stainless steel melt shop production witnessed a year-on-year increase of 16.9%, reaching 43.0 million metric tons in the first nine months of 2021. Consequently, the expansion of the stainless-steel industry remains a driving force for the ferrochrome market.
The growth in automotive production is anticipated to contribute to the expansion of the ferrochrome market. Automotive production involves the manufacturing of various vehicles, including cars, trucks, motorcycles, and other motor vehicles. Ferrochrome plays a crucial role in automotive production as a key alloying element in stainless steel, enhancing corrosion resistance and durability, thereby ensuring the longevity and performance of critical automotive components across diverse environmental conditions. As indicated in May 2023 by reports from the European Automobile Manufacturers Association (ACEA), a Belgium-based association for automobile manufacturers, global motor vehicle production reached 85.4 million units, marking a 5.7% increase compared to 2021. Thus, the upsurge in automotive production acts as a significant driver for the growth of the ferrochrome market.
Strategic partnerships emerge as a prominent trend gaining traction in the ferrochrome market, with major companies actively pursuing alliances to fortify their market positions. An illustrative example of this trend is evident in the actions of SAL STEEL LTD., an India-based manufacturer specializing in ferrochrome, ferroalloys, and steel. In September 2022, the company entered into a three-year procurement deal valued at $15.1 million with AIA Engineering (AIA) for the unrestricted supply of ferrochrome. The proceeds from this arrangement are intended for repaying SAL STEEL LTD.'s loan and addressing working capital obligations. AIA Engineering, also based in India, focuses on designing, manufacturing, and installing high-chromium, abrasion, and corrosion-resistant parts.
Major players in the ferrochrome market are directing their efforts toward technological innovation, exemplified by the implementation of a cloud-based online portal for enhanced customer convenience. A cloud-based online portal is a web-based platform hosted on remote servers that centralizes access to information, services, and applications. Tata Steel Ltd., an India-based company in the steel industry, took a significant step in this direction in May 2022 by launching an e-sales portal specifically designed for the online sale of ferrochrome, ferro alloys, and other minerals. This platform enables customers to submit inquiries, finalize orders, and track real-time order status, contributing to the alleviation of supply chain challenges within the ferrochrome market.
In March 2023, Ironveld PLC, a UK-based mining company, acquired Ferrochrome Furnace Ltd for an undisclosed amount. This acquisition aligns with Ironveld's strategy to reduce dependency on a single income source and diversify its holdings. Beyond improving overall financial performance, this acquisition is expected to mitigate risks associated with market fluctuations. Ferrochrome Furnace Ltd., the acquired entity, is based in South Africa and operates in the ferrochrome sector.
Major companies operating in the ferrochrome market report are Glencore PLC., Nippon Steel Corporation, United States Steel Corporation., Outokumpu, Mitsubishi Corporation, Jindal Steel & Power Ltd., Tata Steel Mining Limited., Sinosteel Corporation, Eurasian Resources Group S.à r.l., TNC KAZCHROME JSC, China Baowu Steel Group Corp Ltd., Tharisa PLC., Balasore Alloys Limited, Assmang Limited, Singhania International Limited, Samancor Chrome Ltd., Indian Metals & Ferro Alloys Ltd. (IMFA), Visa Steel Ltd., Fushan Ferroalloy Group, Mintal Group, Westbrook Resources Ltd., Minmat Ferro Alloys Private Limited, Afarak Group, Kermas Group, International Ferro Metals, Mtc Business Private Limited
Asia-Pacific was the largest region in the ferrochrome market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ferrochrome market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary types of ferrochrome include high carbon, low carbon, and others. High-carbon ferrochrome is characterized by a composition comprising 4% to 9% carbon, 60% to 70% chromium, and 1% to 3% silicon. It finds application in the manufacturing of stainless steel and high-chromium steels. Various production methods, such as the blast furnace method, electric furnace method, and plasma furnace method, are employed in the production of ferrochrome, and it is utilized in industries such as stainless steel, cast iron, powder metallurgy, and others.
The ferrochrome market research report is one of a series of new reports that provides ferrochrome market statistics, including ferrochrome industry global market size, regional shares, competitors with a ferrochrome market share, detailed ferrochrome market segments, market trends and opportunities, and any further data you may need to thrive in the ferrochrome industry. This ferrochrome market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ferrochrome market consists of sales of charge chrome, high carbon ferro Chrome, and ferrochrome-silico-chrome (FeSiCr). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated expansion in the forecast period can be credited to renewed investments in infrastructure, the transformation of energy infrastructure, the increasing preference for electric vehicles, and strategic efforts in stainless steel production. Key trends expected in the forecast period involve an emphasis on recycling ferrochrome, the incorporation of ferrochrome in renewable energy technologies, the resilience and diversification of the supply chain, strategic investments in ferrochrome production facilities, and market responses to regulatory changes.
The anticipated growth of the ferrochrome market is expected to be propelled by the expanding stainless-steel industry. The stainless-steel sector encompasses the production and processing of stainless steel, an environmentally neutral and inert alloy consisting of steel, iron, chromium, and other metals. Ferrochrome, being a chromium-iron alloy, is widely utilized in stainless steel production due to its exceptional corrosion and oxidation resistance, providing strength, hardness, ductility, and other essential mechanical properties. As evidenced in December 2021 by the International Stainless-Steel Forum (ISSF), a non-profit research organization based in Belgium, stainless steel melt shop production witnessed a year-on-year increase of 16.9%, reaching 43.0 million metric tons in the first nine months of 2021. Consequently, the expansion of the stainless-steel industry remains a driving force for the ferrochrome market.
The growth in automotive production is anticipated to contribute to the expansion of the ferrochrome market. Automotive production involves the manufacturing of various vehicles, including cars, trucks, motorcycles, and other motor vehicles. Ferrochrome plays a crucial role in automotive production as a key alloying element in stainless steel, enhancing corrosion resistance and durability, thereby ensuring the longevity and performance of critical automotive components across diverse environmental conditions. As indicated in May 2023 by reports from the European Automobile Manufacturers Association (ACEA), a Belgium-based association for automobile manufacturers, global motor vehicle production reached 85.4 million units, marking a 5.7% increase compared to 2021. Thus, the upsurge in automotive production acts as a significant driver for the growth of the ferrochrome market.
Strategic partnerships emerge as a prominent trend gaining traction in the ferrochrome market, with major companies actively pursuing alliances to fortify their market positions. An illustrative example of this trend is evident in the actions of SAL STEEL LTD., an India-based manufacturer specializing in ferrochrome, ferroalloys, and steel. In September 2022, the company entered into a three-year procurement deal valued at $15.1 million with AIA Engineering (AIA) for the unrestricted supply of ferrochrome. The proceeds from this arrangement are intended for repaying SAL STEEL LTD.'s loan and addressing working capital obligations. AIA Engineering, also based in India, focuses on designing, manufacturing, and installing high-chromium, abrasion, and corrosion-resistant parts.
Major players in the ferrochrome market are directing their efforts toward technological innovation, exemplified by the implementation of a cloud-based online portal for enhanced customer convenience. A cloud-based online portal is a web-based platform hosted on remote servers that centralizes access to information, services, and applications. Tata Steel Ltd., an India-based company in the steel industry, took a significant step in this direction in May 2022 by launching an e-sales portal specifically designed for the online sale of ferrochrome, ferro alloys, and other minerals. This platform enables customers to submit inquiries, finalize orders, and track real-time order status, contributing to the alleviation of supply chain challenges within the ferrochrome market.
In March 2023, Ironveld PLC, a UK-based mining company, acquired Ferrochrome Furnace Ltd for an undisclosed amount. This acquisition aligns with Ironveld's strategy to reduce dependency on a single income source and diversify its holdings. Beyond improving overall financial performance, this acquisition is expected to mitigate risks associated with market fluctuations. Ferrochrome Furnace Ltd., the acquired entity, is based in South Africa and operates in the ferrochrome sector.
Major companies operating in the ferrochrome market report are Glencore PLC., Nippon Steel Corporation, United States Steel Corporation., Outokumpu, Mitsubishi Corporation, Jindal Steel & Power Ltd., Tata Steel Mining Limited., Sinosteel Corporation, Eurasian Resources Group S.à r.l., TNC KAZCHROME JSC, China Baowu Steel Group Corp Ltd., Tharisa PLC., Balasore Alloys Limited, Assmang Limited, Singhania International Limited, Samancor Chrome Ltd., Indian Metals & Ferro Alloys Ltd. (IMFA), Visa Steel Ltd., Fushan Ferroalloy Group, Mintal Group, Westbrook Resources Ltd., Minmat Ferro Alloys Private Limited, Afarak Group, Kermas Group, International Ferro Metals, Mtc Business Private Limited
Asia-Pacific was the largest region in the ferrochrome market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ferrochrome market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary types of ferrochrome include high carbon, low carbon, and others. High-carbon ferrochrome is characterized by a composition comprising 4% to 9% carbon, 60% to 70% chromium, and 1% to 3% silicon. It finds application in the manufacturing of stainless steel and high-chromium steels. Various production methods, such as the blast furnace method, electric furnace method, and plasma furnace method, are employed in the production of ferrochrome, and it is utilized in industries such as stainless steel, cast iron, powder metallurgy, and others.
The ferrochrome market research report is one of a series of new reports that provides ferrochrome market statistics, including ferrochrome industry global market size, regional shares, competitors with a ferrochrome market share, detailed ferrochrome market segments, market trends and opportunities, and any further data you may need to thrive in the ferrochrome industry. This ferrochrome market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ferrochrome market consists of sales of charge chrome, high carbon ferro Chrome, and ferrochrome-silico-chrome (FeSiCr). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Ferrochrome Market Characteristics3. Ferrochrome Market Trends and Strategies32. Global Ferrochrome Market Competitive Benchmarking33. Global Ferrochrome Market Competitive Dashboard34. Key Mergers and Acquisitions in the Ferrochrome Market
4. Ferrochrome Market - Macro Economic Scenario
5. Global Ferrochrome Market Size and Growth
6. Ferrochrome Market Segmentation
7. Ferrochrome Market Regional and Country Analysis
8. Asia-Pacific Ferrochrome Market
9. China Ferrochrome Market
10. India Ferrochrome Market
11. Japan Ferrochrome Market
12. Australia Ferrochrome Market
13. Indonesia Ferrochrome Market
14. South Korea Ferrochrome Market
15. Western Europe Ferrochrome Market
16. UK Ferrochrome Market
17. Germany Ferrochrome Market
18. France Ferrochrome Market
19. Italy Ferrochrome Market
20. Spain Ferrochrome Market
21. Eastern Europe Ferrochrome Market
22. Russia Ferrochrome Market
23. North America Ferrochrome Market
24. USA Ferrochrome Market
25. Canada Ferrochrome Market
26. South America Ferrochrome Market
27. Brazil Ferrochrome Market
28. Middle East Ferrochrome Market
29. Africa Ferrochrome Market
30. Ferrochrome Market Competitive Landscape and Company Profiles
31. Ferrochrome Market Other Major and Innovative Companies
35. Ferrochrome Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Ferrochrome Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on ferrochrome market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for ferrochrome? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product Type: High Carbon; Low Carbon; Other Product Type
2) By Production Method: Blast Furnace Method; Electric Furnace Method; Plasma Furnace Method
3) By Application: Stainless Steel; Cast Iron; Powder Metallurgy; Other Applications
Key Companies Mentioned: Glencore PLC.; Nippon Steel Corporation; United States Steel Corporation.; Outokumpu; Mitsubishi Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Glencore PLC.
- Nippon Steel Corporation
- United States Steel Corporation.
- Outokumpu
- Mitsubishi Corporation
- Jindal Steel & Power Ltd.
- Tata Steel Mining Limited.
- Sinosteel Corporation
- Eurasian Resources Group S.à r.l.
- TNC KAZCHROME JSC
- China Baowu Steel Group Corp Ltd.
- Tharisa PLC.
- Balasore Alloys Limited
- Assmang Limited
- Singhania International Limited
- Samancor Chrome Ltd.
- Indian Metals & Ferro Alloys Ltd. (IMFA)
- Visa Steel Ltd.
- Fushan Ferroalloy Group
- Mintal Group
- Westbrook Resources Ltd.
- Minmat Ferro Alloys Private Limited
- Afarak Group
- Kermas Group
- International Ferro Metals
- Mtc Business Private Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 9.81 Billion |
| Forecasted Market Value ( USD | $ 13.77 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 26 |
