ALBANY, N.Y., Jan. 21, 2021 /PRNewswire/ -- Ferroalloys are a group of alloys of iron and these materials come with high content of one or more non-ferrous metal, which are the form of alloying elements. Inclusion of other substances into a liquid metal requires utilization of these alloys, which are used as addition agents. Increased demand for steelmaking is expected to foster growth of the global bulk ferroalloys market over the timeframe of analysis, from 2019 to 2027. Bulk ferroalloys are made in huge quantities and in electric arc furnaces.
High demand for bulk ferroalloys from the electric vehicles sector is foreseen to create augmented demand for bulk ferroalloys. Clocking ~6% CAGR, the global bulk ferroalloys market is likely to reach US$ 79 Bn by 2027.
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Key Findings of Bulk Ferroalloys Market Study
Extensive Use in the Steelmaking Process to Foster Market Growth
Bulk ferroalloys impart steel its desired properties, such as increased resistance to fatigue corrosion, strength, and ductility. This factor is expected to work in favor of the global bulk ferroalloys market in the forthcoming years. These alloys are widely used in the steel industry for the process of steel de-oxidation and cast iron.
These days, steel is considered an important material in the construction sector. Steel finds use in various end use industries that are involved with production of welding electrodes, wire, and super alloy. Reasonable price and plentiful production of ferroalloys makes them preferred materials in the steelmaking industry. In addition to that, other alloys are costlier than bulk ferroalloys, which are expected to widen the scope of growth of the global bulk ferroalloys market over the assessment timeline, from 2019 to 2027.
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Growing Demand for Electric Vehicles to Accelerate Demand for Bulk Ferroalloys
The development of the global bulk ferroalloys market is expected to considerably influenced by the manufacturers of automotives. In the automotive industry, these alloys find increasing use in the production of vehicles due to its ability to diminish overall weight of the automobile.
In addition, cost effectiveness of steel makes it a popular product in the automobile sector. Increased demand for electric vehicles has led to augmented demand for steel in the automobile industry, which is likely to benefit the global bulk ferroalloys market in the near future.
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Asia Pacific Presents Lucrative Growth Opportunities to the Market Participants
Asia Pacific is one of the leading regions in the global bulk ferroalloys market accounting for a large chunk of the market. Japan, India, and China have been the prominent producers of steel in the region, which leads to the increased demand for bulk ferroalloys in these countries. Exponential growth in the automobile and construction sectors of the Asia Pacific region increases its lucrativeness to the players in the global bulk ferroalloys market.
Favorable demand-supply dynamics present in the Indian steel industry, comprising the permission for 100 % FDI (foreign direct investment) in coal mining and related infrastructure are expected to make Asia Pacific a promising region for the market. In addition, high allocation of budget for activities pertaining to the development of infrastructure is anticipated to bode well for the bulk ferroalloys market in the region.
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Bulk Ferroalloys Market: Key Driving Factors
- Demand for steel is estimated to rise on the back of augmented production of electric vehicles. Increased demand for steel is expected to benefit producers of bulk ferroalloys.
- Development of smart cities, especially in Asia Pacific, is foreseen to generate demand for steel, which is anticipated to drive demand for bulk ferroalloys.
- The global bulk ferroalloys market is faced with the serious threat of depleting natural reserves that enable production of these alloys. Several countries in the world rely heavily on its import, which increases price of bulk ferroalloys.
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