Ferroalloys Market

The global ferroalloys market was valued at USD 58,705.01 million in 2021 and is projected to reach USD 96,257.87 million by the end of 2030, at a CAGR of 6.04% during the forecast period. In terms of volume, the market was valued at 43,827.53 kilotons in 2021 and the demand is projected to reach 68,111.34 kilotons by the end of 2030.

The prominent factor driving the growth of the global ferroalloys market is the increasing demand for ferroalloy in the steel industry. Ferroalloy increases tensile strength, and durability and enhances the properties of the core metal. Ferroalloy is widely adopted in the production of steel which is further used in the construction and automotive sectors.

The global ferroalloys market has been segmented by production, application, end use, and region.

Based on production, the global ferroalloys market has been segmented into a blast furnaces and electric arc furnaces. In terms of value, the electric arc furnace segment dominated the global market with a 52.95% share in 2021 and is expected to register a CAGR of 6.31% during the forecast period.

Based on application, the global ferroalloys market has been segmented into ferro-manganese, silicomanganese, ferro-silicon, ferro-chrome, ferro-molybdenum, ferro-vanadium, magnesium ferro-silicon, ferro-silicon-zirconium, ferro-titanium, ferro-boron, ferro-niobium, and others. The ferromanganese segment accounted for the largest share of 23.69% in 2021 due to the exceptional properties offered by ferroalloy to the steel industry. The segment was valued at USD 13,909.47 million in 2021; it is expected to register a CAGR of 6.35% to reach USD 23,432.48 million by the end of 2030.

Based on the end use, the global ferroalloys market has been segmented into stainless steel, carbon & low alloy steel, and others. The carbon & low alloy steel segment accounted for the largest share of 43.09%in 2021 due to the exceptional properties offered by ferroalloy to the steel industry. The segment was valued at USD 25,294.38 million in 2021; it is expected to register a CAGR of 5.78% to reach USD 40,574.27 million by the end of 2030.

By region, the global ferroalloys market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific dominated the global ferroalloys market with a share of 65.11% by value in 2021 and is expected to register the fastest growth during the forecast period. The market growth in Asia-Pacific is driven by various factors including its growing steel industry, increasing construction activities, and an increase in the production of automobiles in the region.