Ferrochrome Market Report 2026

The ferrochrome market size has grown strongly in recent years. It will grow from $8.68 billion in 2025 to $9.19 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth of stainless steel production, increasing demand for high carbon ferrochrome, adoption of blast furnace method, rising powder metallurgy applications, development of standard high carbon ferrochrome.

The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $11.94 billion in 2030 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to expansion of low carbon ferrochrome production, increasing electric furnace usage, demand for very low carbon ferrochrome, growth of high purity ferrochrome applications, rising ferrochrome consumption in emerging markets. Major trends in the forecast period include increasing production of stainless steel, adoption of electric furnace and blast furnace methods, focus on high-purity and low-carbon ferrochrome, rising use in powder metallurgy applications, expansion of global ferrochrome distribution networks.

The growth of the ferrochrome market is expected to be boosted by the expanding stainless-steel industry. This sector involves the production and processing of stainless steel, which is an environmentally neutral and inert alloy made from steel, iron, chromium, and other metals. Ferrochrome, a chromium-iron alloy, is widely used in stainless steel production due to its excellent corrosion and oxidation resistance, as well as its strength, hardness, ductility, and other mechanical properties. For example, in January 2024, the Geological Survey reported that the World Steel Association projects a 1.8% increase in global finished steel consumption for 2023, followed by a 1.9% rise in 2024. Thus, the growing stainless-steel industry is driving demand for ferrochrome.

Leading companies in the ferrochrome market are focusing on developing advanced proprietary production technologies to improve sustainability and production efficiency. Proprietary production technology refers to specialized processes that allow scaling up the production of enriched ferrochrome and chromium metal with a lower carbon footprint and higher purity, targeting premium end-use markets. For example, in October 2025, Outokumpu Oyj, a Finland-based company, announced an investment of approximately USD 45 million in a chromium metal and enriched ferrochrome pilot plant in New Hampshire, U.S. The plant is expected to be operational in the first half of 2027 and aims to scale production from pre-pilot levels to one ton per day. The pilot plant will produce enriched ferrochrome with 65% chrome and chromium metal exceeding 90% chrome content using a process that supports melt shop utilization, enables higher-priced external sales, reduces carbon footprint, and opens new pathways for high-purity metals in aerospace, defense, and energy sectors. Following the pilot phase, Outokumpu plans to establish an industrial-scale plant with an annual capacity of around 10,000 tons by 2029-2030 to fully realize the commercial potential of the technology.

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 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ferrochrome market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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