DUBLIN, Aug. 22, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Ferroalloy (Ferrochrome, Ferromanganese, Ferrosilicon and Others) Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2020" report to their offering.
Ferroalloy refers to compounds that contain iron as well as other elements such as silicon, manganese and chromium. Ferroalloy is commonly manufactured through the carbothermic reaction process. This process entails reduction of oxides with carbon in the presence of iron. Ferroalloy is usually classified as bulk ferroalloys and other ferroalloys. Bulk ferroalloys include ferrosilicon, ferrochrome and ferromanganese. Bulk ferroalloys are manufactured and utilized in large quantities as compared to other ferroalloys. Other ferroalloys include ferrotitanium, ferrouranium, ferrocerium, ferromolybdenum and ferrovanadium. Ferroalloys are widely used in the manufacture of different types of steel such as stainless steel, carbon steel and alloy steel.
With over two-third share of total consumption in 2013, stainless steel industry was the major application segment of the ferroalloy market. Ferroalloy is used to impart distinctive physical properties to steel by addition of various elements such as manganese, chromium and silicon. Ferromanganese is primarily used to counteract the harmful effects of sulfur during the production of virtually all types of steel and cast iron. Ferrosilicon is primarily used as a deoxidizing and alloying agent in the steel manufacturing process. On the other hand, ferrochrome imparts corrosion resistance to stainless steel.
Thus, growth in the steel industry is expected to boost the overall demand for ferroalloys. Additionally, growth in the construction industry, especially in BRICS countries, is anticipated to boost the overall demand for steel. This, in turn, is anticipated to drive the ferroalloy market. The ferroalloy industry largely depends on the supply of electric power, ores & concentrates, and coal and natural gas. Therefore, high operational cost coupled with stringent environmental regulations is estimated to hamper the overall growth of the ferroalloy market. However, development of lightweight, high strength steel grades is projected to open new avenues for the ferroalloy market in the near future.
Ferromanganese accounted for over 37% share of total ferroalloy consumed in 2013. In terms of volume, the global ferromanganese market is likely to grow at a CAGR of 4.5% between 2014 and 2020. Ferromanganese is widely used in steelmaking and foundry activities. Furthermore, ferromanganese is one of the cheapest alloys. It enhances mechanical properties such as toughness and strength. Ferrochrome is widely used in the manufacture of stainless steel. Ferrochrome provides corrosion resistance to stainless steel. Demand for ferrochrome is rising due to increasing demand for anticorrosive steel from the automobile industry. Ferrosilicon is primarily used as a deoxidizing and alloying agent in the steel manufacturing process. In terms of revenue, the ferrosilicon market is anticipated to be valued at USD 9.27 billion by 2020.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Ferroalloy - Industry Analysis
Chapter 4 Ferroalloy Market - Product Segment Analysis
Chapter 5 Ferroalloy Market - Regional Analysis
Chapter 6 Company Profiles
- China Minmetals Corporation
- Eurasian Natural Resources Corporation PLC
- Ferro Alloys Corporation Limited
- Georgian American Alloys, Inc.
- Nikopol Ferroalloy Plant
- OM Holdings Ltd.
- S.C. Feral S.R.L.
- Shanghai Shenjia Ferroalloys Co. Ltd.
- Sinosteel Jilin Ferroalloy Corporation Limited
- Tata Steel Limited - Ferro Alloys & Minerals Division
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SOURCE Research and Markets