Silico Manganese Market

The global silico manganese market was valued at USD 16,102.6 million in 2018 and is projected to reach USD 22,710.3 million by the end of 2025, at a CAGR of 5.14% during the forecast period. In terms of volume, the market was pegged at 15,702 kilotons in 2018, and the demand is projected to reach 20,891 kilotons by the end of 2025.

The prominent factor driving the growth of the global silico manganese market is increasing the demand for silico manganese in the production of steel and stainless steel. Silico manganese is used over other alternatives such as ferrosilicon and high-carbon ferromanganese, owing to its low carbon content and high yield of silicon. The demand for steel is expected to increase significantly during the forecast period driven by increasing demand form construction, automotive, and shipbuilding industries. Furthermore, the increasing use of silico manganese in the production of coarse aggregates for various types of railroad tracks expected to drive the growth of the global silico manganese market during the forecast period.

The global silico manganese market has been segmented in terms of product and application.

Based on product, the global silico manganese market has been segmented into high carbon silico manganese, medium carbon silico manganese, and low carbon silico manganese. In terms of value, the high carbon silico manganese segment dominated the global market with a 48.2% share in 2018 and is expected to register a 4.48% CAGR during the review period. The low carbon silico manganese segment accounted for the second-largest share of the global market and is projected to register the highest CAGR of 6.19% during the forecast period. The high growth of silico manganese is attributed to the high demand for stainless steel and low carbon steel from various industries such as construction, automotive, and domestic appliances, among others.

Based on application, the global silico manganese market has been divided into road rails, automobile bodies, cutlery, dairy equipment, hand railings, and other. The automotive bodies segment dominated with the largest market share of 29.8% in 2018. The segment was valued at USD 4,798.6 million in 2018 and is estimated to reach USD 7,024.1 million by the end of 2025, with a 5.69% CAGR during the forecast period. The market growth can be attributed to the increasing automotive production and increasing demand for high strength products.

By region, the silico manganese market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific dominated the silico manganese market with a share of 77.98% by value in 2018 and is expected to register the fastest growth during the forecast period. The market growth in the region is driven by various factors, including expanding automotive production, increasing residential construction activity, rising infrastructure spending, and growing steel production. The European silico manganese market accounted for the second-largest share in 2018 and is expected to register a 10.20% CAGR during the review period. The silico manganese market growth in Latin America and the Middle East & Africa is expected to be driven by increasing automotive production and rising construction activities.