The ferroalloys market size was valued at US$ 170.04 billion in 2023 and is expected to reach US$ 300.64 billion by 2031; it is estimated to register a CAGR of 7.4% from 2023 to 2031.
Ferroalloys are a group of alloys of iron containing one or more additional elements other than carbon. Ferroalloys have a high percentage of such elements as manganese, silicon, chromium, aluminum etc. Ferroalloys are mainly used as master alloys in the iron & steel industry since it is the most economical way to introduce an alloying element into the steel melt. Moreover, the global ferroalloys market size is likely to surge by 2031 owing to the growth in the global aerospace & defense industry. The aerospace industry is experiencing significant growth in technological advancements. In the industry, there is a rise in innovative ferroalloy applications, as ferroalloys contribute to fuel efficiency by reducing the overall aircraft weight and improving safety and reliability. The pursuit of sustainable transportation solutions and electrification in the aerospace industry has gained momentum. The utilization of ferroalloys in the production of lightweight, high-capacity batteries for electric aircraft aligns with the global transition toward green aviation.
According to the European Commission, the European Union established Horizon Europe in 2021, a research and innovation program with a total budget of ~US$ 103 billion, which includes aerospace research. Moreover, increased security risks and the need to enhance national border security have prompted governments of various countries to increase investments in defense and ballistic protection. Additionally, the rising demand for wind energy contributes significantly to the ferroalloys market growth.
Based on type, the market is segmented into ferrochrome, ferromanganese, ferro silico manganese, special alloys, and others. The special alloys segment accounts for the significant ferroalloys market share. Special alloys, also known as noble alloys, refer to a group of specialized alloys that contain one or more noble metals such as titanium (Ti), zirconium (Zr), tantalum (Ta), niobium (Nb), and vanadium (V), along with iron (Fe) and other elements. The alloys are characterized by their exceptional properties, including high strength, corrosion and heat resistance, and compatibility with various industrial processes. Ferrovanadium is one of the most widely used noble ferroalloys. It typically contains iron, vanadium, and small amounts of other elements such as aluminum (Al) and silicon (Si). Ferrovanadium is primarily used as an additive in the production of high-strength, low-alloy (HSLA) steels, which are widely used in structural applications, automotive components, and machinery manufacturing. The addition of ferrovanadium enhances the strength, toughness, and weldability of steel, making it suitable for demanding applications where durability and reliability are paramount. Ferrotitanium, another noble ferroalloy, is composed of iron and titanium, with trace amounts of carbon and other elements. Ferrotitanium is renowned for its exceptional strength-to-weight ratio, corrosion resistance, and heat resistance, making it an ideal choice for aerospace, defense, automotive, and medical applications.
In 2022, Asia Pacific held the largest share in the ferroalloys market. The region's extensive steel manufacturing industry drives substantial demand for ferroalloys, particularly ferrochrome, ferromanganese, and ferrosilicon, which are major raw materials in the steel-making industry. India has a strong steel industry fueled by infrastructure development, automotive manufacturing, and construction activities. Further, the emerging role of China and India as a global hub for electric vehicle manufacturing is expected to boost demand for ferrosilicon for the production of specialty steel used in automotive production.
Glencore Plc, Samancor Chrome, Jindal Stainless Ltd, Ferro Alloys Corporation Limited (FACOR), Erdos Group, Pertama Ferroalloys Sdn Bhd, Brahm Group, Tata Steel Ltd, Nikopol Ferroalloy Plant, and Nava Limited are among the prominent players profiled in the ferroalloys market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The ferroalloys market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.
The overall global ferroalloys market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the ferroalloys market.
Ferroalloys are a group of alloys of iron containing one or more additional elements other than carbon. Ferroalloys have a high percentage of such elements as manganese, silicon, chromium, aluminum etc. Ferroalloys are mainly used as master alloys in the iron & steel industry since it is the most economical way to introduce an alloying element into the steel melt. Moreover, the global ferroalloys market size is likely to surge by 2031 owing to the growth in the global aerospace & defense industry. The aerospace industry is experiencing significant growth in technological advancements. In the industry, there is a rise in innovative ferroalloy applications, as ferroalloys contribute to fuel efficiency by reducing the overall aircraft weight and improving safety and reliability. The pursuit of sustainable transportation solutions and electrification in the aerospace industry has gained momentum. The utilization of ferroalloys in the production of lightweight, high-capacity batteries for electric aircraft aligns with the global transition toward green aviation.
According to the European Commission, the European Union established Horizon Europe in 2021, a research and innovation program with a total budget of ~US$ 103 billion, which includes aerospace research. Moreover, increased security risks and the need to enhance national border security have prompted governments of various countries to increase investments in defense and ballistic protection. Additionally, the rising demand for wind energy contributes significantly to the ferroalloys market growth.
Based on type, the market is segmented into ferrochrome, ferromanganese, ferro silico manganese, special alloys, and others. The special alloys segment accounts for the significant ferroalloys market share. Special alloys, also known as noble alloys, refer to a group of specialized alloys that contain one or more noble metals such as titanium (Ti), zirconium (Zr), tantalum (Ta), niobium (Nb), and vanadium (V), along with iron (Fe) and other elements. The alloys are characterized by their exceptional properties, including high strength, corrosion and heat resistance, and compatibility with various industrial processes. Ferrovanadium is one of the most widely used noble ferroalloys. It typically contains iron, vanadium, and small amounts of other elements such as aluminum (Al) and silicon (Si). Ferrovanadium is primarily used as an additive in the production of high-strength, low-alloy (HSLA) steels, which are widely used in structural applications, automotive components, and machinery manufacturing. The addition of ferrovanadium enhances the strength, toughness, and weldability of steel, making it suitable for demanding applications where durability and reliability are paramount. Ferrotitanium, another noble ferroalloy, is composed of iron and titanium, with trace amounts of carbon and other elements. Ferrotitanium is renowned for its exceptional strength-to-weight ratio, corrosion resistance, and heat resistance, making it an ideal choice for aerospace, defense, automotive, and medical applications.
In 2022, Asia Pacific held the largest share in the ferroalloys market. The region's extensive steel manufacturing industry drives substantial demand for ferroalloys, particularly ferrochrome, ferromanganese, and ferrosilicon, which are major raw materials in the steel-making industry. India has a strong steel industry fueled by infrastructure development, automotive manufacturing, and construction activities. Further, the emerging role of China and India as a global hub for electric vehicle manufacturing is expected to boost demand for ferrosilicon for the production of specialty steel used in automotive production.
Glencore Plc, Samancor Chrome, Jindal Stainless Ltd, Ferro Alloys Corporation Limited (FACOR), Erdos Group, Pertama Ferroalloys Sdn Bhd, Brahm Group, Tata Steel Ltd, Nikopol Ferroalloy Plant, and Nava Limited are among the prominent players profiled in the ferroalloys market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The ferroalloys market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.
The overall global ferroalloys market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the ferroalloys market.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Ferroalloys Market Landscape
5. Ferroalloys Market - Key Market Dynamics
6. Ferroalloys Market - Global Market Analysis
7. Ferroalloys Market Volume and Revenue Analysis - by Type
8. Ferroalloys Market Revenue Analysis - by Application
9. Ferroalloys Market - Geographical Analysis
10. Ferroalloys Market - Impact of COVID-19 Pandemic
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Tables
Companies Mentioned
- Glencore Plc
- Samancor Chrome
- Jindal Stainless Ltd
- Ferro Alloys Corporation Limited (FACOR)
- Erdos Group
- Pertama Ferroalloys Sdn Bhd
- Brahm Group
- Tata Steel Ltd
- Nikopol Ferroalloy Plant
- Nava Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 271 |
| Published | May 2024 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 170.04 Billion |
| Forecasted Market Value ( USD | $ 300.64 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
