ALBANY, New York, August 30, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Ferroalloys (Type: Bulk Alloys (Ferrosilicon, Ferromanganese, Ferrochromium, and Others), Noble Alloys (Ferromolybdenum, Ferronickel, Ferrotungsten, Ferrovanadium, Ferrotitanium, and Others); Application: Steel, Superalloys and Alloys, Wire Production, Welding Electrodes, and Others Applications) Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2025" According to the report, the global ferroalloys market was valued at US$ 112.8 Bn in 2016 and is estimated to reach US$ 188.7 Bn by 2025, expanding at a CAGR of 5.9% between 2017 and 2025.
Ferroalloys are the alloys of iron metal used for steelmaking. One or more chemical additives sometimes noble earth elements, are added into molten iron for the production of special grades of steel. General properties of the iron metal are enhanced by mixing appropriate quantities of ferroalloys such as strength and flexibility. Steel making is one of the primary consumer of ferro alloys and consumes a significant part of the total ferroalloys produced around the globe. Ferroalloys can be divided into two major categories: bulk ferroalloys and noble ferroalloys. Most of the noble ferroalloys are made from rare earth minerals and are expensive to produce as compared to bulk ferroalloys.
Bulk ferroalloys constitutes of ferrosilicon, ferromanganese, ferrochromium, ferro-silico-manganese, and ferro-silico-chromium. Most of the noble alloys are made from adding chromium, tungsten, nickel, boron, vanadium, niobium, titanium, cobalt, copper, molybdenum, phosphorus, and zirconium. Most of the special properties and character is added to iron metal by the addition of rare earth metals to produce various grades of alloy steel and specialty metals.
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Electric and blast furnaces are used for the production of ferroalloys. Most commonly used furnace used for the production of ferroalloys are. Exothermic (metallothermic) reaction furnaces, submerged electric arc furnaces, and electrolytic cells are commonly used for the production of ferroalloys. Submerged arc electric furnaces are commonly used nowadays for the production of ferroalloys.
Stainless steel and steel production are the primary consumer of ferroalloys. Major quantities of the bulk ferro alloys and noble alloys are used in enhancing the properties of steel according to different end users. Other important applications of ferro alloys are: steel production, production of superalloys, wire production, and production of welding electrodes. Around 80% of the ferroalloys production is consumed for the steel production and rest of the ferroalloys are consumed into other major applications.
There are several factors that have driven the market for ferroalloys market around the globe. Stringent environmental rules for pollution control and declining consumption of ferroalloys in previous years have contributed towards major fluctuations in the consumption of ferroalloys around the globe. Decreasing demand for steel in Europe attributed by slowing economy and global recession would also restrain the growth of ferroalloys market in Europe. Recovering economy in North America, economic growth in Asia Pacific, and increased production of ferroalloys in the countries of Africa have driven the market for ferroalloys around the globe. Emerging technologies for the production of ferroalloys, increased consumption and exports from China, Japan, and India would drive the market for ferroalloys around the globe. Recovering global steel industry with the introduction of new exporters of cheap raw material, emergence of China as a major consumer, and modern technology in the production of ferroalloys would result in increased consumption of ferroalloys around the globe in upcoming times.
Major players in the Ionic Exchange based liquid nuclear waste treatment market include AreArcelor Mittal, O.F.Z A.S., Tata Steel, Vale S.A., Pertama Ferroalloys Sdn. Bhd, Sakura Ferroalloys Sdn Bhd, China Minmetal Ltd., and Ferroalloy Corporation Ltd.
The global ferroalloys market has been segmented as follows:
Ferroalloys Market - By Type
- Bulk Alloys
- Noble Alloys
Ferroalloys Market - By Application
- Superalloys and Alloys
- Wire Production
- Welding Electrodes
Ferroalloys Market - By Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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SOURCE Transparency Market Research