The ferrochrome market size has grown rapidly in recent years. It will grow from $9.92 billion in 2024 to $10.97 billion in 2025 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to growth in stainless steel production, rise in infrastructure and construction activities, expanding automotive industry, global economic growth, urbanization trends.
The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $14.61 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to renewed infrastructure investments, evolution of energy infrastructure, rising popularity of electric vehicles, strategic initiatives in stainless steel production. Major trends in the forecast period include focus on ferrochrome recycling, integration of ferrochrome in renewable energy technologies, supply chain resilience and diversification, strategic investments in ferrochrome production facilities, market response to regulatory changes.
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.
The growth of the ferrochrome market is expected to be fueled by rising automotive production. This sector encompasses the manufacturing of vehicles, including cars, trucks, motorcycles, and other motor vehicles. Ferrochrome plays a crucial role as an alloying element in stainless steel, enhancing the corrosion resistance and durability of components, which ensures the longevity and performance of essential automotive parts in various environmental conditions. For instance, in 2023, the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based international association for global automotive production, reported a surge to 84.83 million units produced in 2022, up from 80 million in 2021, demonstrating the industry's resilience. This growth is indicative of increasing consumer demand and a recovery from previous disruptions. Therefore, the rise in automotive production is driving the ferrochrome market's growth.
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 include 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 2024. 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.
Ferrochrome, an alloy of chromium and iron containing between fifty percent and seventy percent chromium, is utilized in the production of highly durable steel. This alloy is formed by melting chromite, an iron magnesium chromium oxide, through the use of an electric arc - an essential process for extracting chromium, a crucial mineral.
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 $14.61 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to renewed infrastructure investments, evolution of energy infrastructure, rising popularity of electric vehicles, strategic initiatives in stainless steel production. Major trends in the forecast period include focus on ferrochrome recycling, integration of ferrochrome in renewable energy technologies, supply chain resilience and diversification, strategic investments in ferrochrome production facilities, market response to regulatory changes.
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.
The growth of the ferrochrome market is expected to be fueled by rising automotive production. This sector encompasses the manufacturing of vehicles, including cars, trucks, motorcycles, and other motor vehicles. Ferrochrome plays a crucial role as an alloying element in stainless steel, enhancing the corrosion resistance and durability of components, which ensures the longevity and performance of essential automotive parts in various environmental conditions. For instance, in 2023, the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based international association for global automotive production, reported a surge to 84.83 million units produced in 2022, up from 80 million in 2021, demonstrating the industry's resilience. This growth is indicative of increasing consumer demand and a recovery from previous disruptions. Therefore, the rise in automotive production is driving the ferrochrome market's growth.
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 include 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 2024. 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.
Ferrochrome, an alloy of chromium and iron containing between fifty percent and seventy percent chromium, is utilized in the production of highly durable steel. This alloy is formed by melting chromite, an iron magnesium chromium oxide, through the use of an electric arc - an essential process for extracting chromium, a crucial mineral.
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 Strategies4. Ferrochrome Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Ferrochrome Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Ferrochrome Market34. Recent Developments in the Ferrochrome Market
5. Global Ferrochrome Growth Analysis and Strategic Analysis Framework
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 High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Ferrochrome Global Market Report 2025 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.
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Description
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? The ferrochrome market global 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- 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.
Scope
Markets Covered:
1) By Product Type: High Carbon; Low Carbon; Other Product Type2) By Production Method: Blast Furnace Method; Electric Furnace Method; Plasma Furnace Method
3) By Application: Stainless Steel; Cast Iron; Powder Metallurgy; Other Applications
Subsegments:
1) By High Carbon: Standard High Carbon Ferrochrome; High Carbon Ferrochrome2) By Low Carbon: Low Carbon Ferrochrome; Very Low Carbon Ferrochrome
3) By Other Product Types: Micro Carbon Ferrochrome; High Purity Ferrochrome
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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 10.97 Billion |
| Forecasted Market Value ( USD | $ 14.61 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 26 |
