FrontMet B.V. has many years of experience in supplying Ferro Alloys to the global metals industries worldwide. The stainless steel industry is the top application segment of the market for Ferro Alloys. Ferro Alloy refers to a number of Alloys of Iron having a high percentage of one or more elements including Aluminum, Silicon, and Manganese.
A new Transparency Market Research report states that the global Ferro Alloy market was valued at US$37.2 bn in 2013 and is expected to reach US$53.5 bn by 2020, by expanding at a 5.40% CAGR between 2014 and 2020. The title of the report is “Global Ferro Alloy Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020.”
The expansion in the global steel industry is a key growth driver for the market for Ferro Alloy. In addition, the rising construction industry within Brazil, Russia, India, China, and South Africa will also stimulate the development of the market. Furthermore, the advancement of high strength and lightweight steel grades will bring in new growth opportunities in the Ferro Alloy market. However, the strict environmental regulations enforced by the governments of various nations and the soaring operational costs associated with Ferro Alloys may impede the development of the market.
On the basis of product, the report segments the Ferro Alloy market into ferrochrome, ferrosilicon, ferromanganese, and others including ferronickel, ferrotungsten, and ferroboron. Amongst these, in 2013, ferromanganese led the market with a share of more than 37%. This is owing to the fact that ferromanganese is majorly utilized in foundry activities and steelmaking and is amongst the cheapest alloys utilized globally. By volume, the market for ferromanganese is predicted to expand at a 4.50% CAGR from 2014 to 2020. On the other hand, the market for ferrochrome is also rising exponentially owing to its growing utilization in stainless steel manufacturing. In addition, the increasing demand for anticorrosive steel from the automotive industry is also augmenting the growth of the ferrochrome market.
Geographically, the market is segmented into China, Europe, North America, Rest of Asia Pacific, and Rest of the World. Amongst these, China led the market in 2013 owing to the presence of a number of steel manufacturers within this country. By volume, China constituted a share of 46.6% in the market for Ferro Alloy in the same year. Europe trailed China and held the second-largest share in the market owing to the development of the automotive industry in this region. Rest of Asia Pacific is predicted to be one of the most promising Ferro Alloy markets due to the expansion of the steel industry here, particularly within Japan and India. On the other hand, Rest of the World and North America are poised to register a slow growth rate on the basis of demand for Ferro Alloys during the forecast horizon.