New Study from StrategyR Highlights a $12.1 Billion Global Market for Ferrosilicon by 2026

SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Ferrosilicon - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 21; Released: May 2022
Executive Pool: 1197
Companies: 50 - Players covered include China National BlueStar (Group) Co., Ltd.; Elkem AS; Ferroglobe PLC; The Rima Group; M & M Alloys Limited; Imexsar; Sinoferro Dense Medium Powders Limited; Anyang Xinchuang Metallurgy Material Co., Ltd.; DMS Powders (Pty) Ltd; Westbrook Resources Ltd; Eurasian Resources Group; Ferro Alloys Corporation Limited (FACOR); Mechel PAO; Finnfjord AS and Others.
Coverage: All major geographies and key segments
Segments: Application (Deoxidizer, Inoculants, Other Applications); End-Use (Carbon & Alloy Steel, Stainless Steel, Electric Steel, Cast Iron, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Ferrosilicon estimated at US$10.7 Billion in the year 2022, is projected to reach a revised size of US$12.1 Billion by 2026, growing at a CAGR of 2.9% over the analysis period. Deoxidizer, one of the segments analyzed in the report, is projected to grow at a 2.8% CAGR, while growth in the Inoculants segment is readjusted to a revised 3.3% CAGR. Ferrosilicon is an alloy of silicon, iron, coke, and coal. The content of silicon in ferrosilicon ranges from 15 wt% to 90 wt%. It is primarily used in cast iron and steel applications owing to its superior properties such as hardness, high strength, and resistance to high temperatures and corrosion. Close to 90% of ferrosilicon is used in producing steel and iron. The raw materials required in the production of ferrosilicon are mill scale, quartz, and charcoal. Ferrosilicon is also used in arc welding for electrode coatings. Ferrosilicon is also used in production of ductile iron. It is added to alloys to improve the physical properties such as high temperature, corrosion resistance and heat resistance of the resultant compound. Ferrosilicon is also used in producing semiconductor pure silicon in the electric industry.

Growing demand for ferrosilicon as an inoculant and deoxidizer across several end-use industries is anticipated to impact the global ferrosilicon market significantly in the future. Electrical steel, which is also known as silicon steel, utilizes considerable amount of ferrosilicon and silicon to enhance steel's electrical properties such as resistivity. Additionally, increasing demand for electrical steel in manufacturing motors, transformers and other power generating devices is expected to boost the demand for ferrosilicon further during the forecast period. Over the recent past, the consumption of ferrosilicon has declined due to the slowdown in the production of crude steel and growing preference of substitute materials such as crude steel in several countries. In addition, rapid growth of iron castings results in greater utilization of aluminum in manufacturing automobiles. As a result, utilization of substitute materials is considered to be a major challenge in the market. All these factors are expected to hinder the global ferrosilicon market growth during the forecast period.

Ferrosilicon is widely applied in metallurgy. It is also extensively used in steel production industries. Corrosion reduces strength and resistance of the surface to fluids. It decreases the chemical and mechanical properties of certain materials. Abrasion and corrosion resistance are other properties of ferrosilicon. The demand for corrosion resistant materials has been growing significantly in the automobile and construction industries. Automotive bodies, structural supports and bridges are required to last long without undergoing corrosion. Hence, several companies have been preferring ferrosilicon in automobile and construction for long lasting quality. Alloying ferrosilicon with other metals makes it useful in producing semiconductors, which are in great demand by the electronics industry. Increasing demand for electronics and rapid industrialization have been resulting in a surge in the use of ferrosilicon. The global impact of COVID-19 on production industries is expected to reduce the use of ferrosilicon temporarily. Furthermore, demand for automotive in Asian countries such as India and Japan is expected to increase in the future once the COVID-19 impact ceases.

Increasing adoption of ferrosilicon in manufacturing steel and metal alloys is foreseen to drive the global ferrosilicon market during the analysis period. The demand for steel in industries such as construction, automotive, and manufacturing is very high. Ferrosilicon offers high resistance to corrosion and enhances tensile strength and hardness of steel. Growing investments in the steel sector is a major factor driving the market. For instance, Steel Authority of India Limited is aiming at increasing its steel production capacity from 13 million tons per annum to 50 million tons per annum by 2025. Furthermore, strategic collaborations among key players and entry of international manufacturers into steel production are expected to augment the market growth during the forecast period. Huge demand for renewable energy is another important factor boosting the market.

Growing ferrosilicon demand in the cast iron and steel industries is likely to augment growth in the global ferrosilicon market over the analysis period. The steel industry uses ferrosilicon as an essential deoxidizer to prevent carbon loss during steel production. Hence, growth in steel industry investments is likely to spur growth in the global market. For example, POSCO set up a joint venture with HBIS for the production of galvanized steel sheets and started construction work on a plant in Tangshan, Hebei province, China in 2022. With an estimated 900-kiloton production capacity per year, the $600-million plant will ensure a steady galvanized steel sheet supply for the automotive industry. Plumbing applications widely utilize cast iron pipes owing to their remarkable compressive strength and longevity.

The silicon alloys market has been evolving rapidly due its ability to impart significant tribiological properties to the alloys, when mixed with aluminum and iron. Excessive use of ferrosilicon alloys in different forms such as steel alloys has benefited the market player to gain consistent revenues. Advancements made in silicon alloys refining have resulted in several materials with desired structural properties, increasing the competition in the silicon alloys market. Increasing adoption of metal forming technologies is expected to keep the landscape more competitive. Increasing utilization of silicon alloys in automotive industry has resulted in market expansion over the recent years. Also, demand for iron and steel in several end-use industries has made the market highly competitive. Advancements made in producing steel and cast iron in the industrialized nations are the major factors boosting the silicon alloys market. Rapid industrialization in such economies has increased the demand significantly. Markets in the rapidly emerging regions such as ASEAN and Brazil have witnessed rise in infrastructural development augmenting the utilization of silicon alloys. New avenues are opening up in the silicon alloys market due to new methods in metal matrix composite formation. These advances are prominently witnessed in the automotive components market, and hence the APAC region is anticipated to witness huge growth in the silicon alloys market in the coming years due to the region's vast strides in the automotive manufacturing.

However, the availability of substitute products such as ferrochromium, ferromagnesium, and ferroaluminum and their growing preference over ferrosilicon in the steel industry due to their ease of availability could present challenges for the market. Regular exposure to ferrosilicon is proved to cause cancer among the mining workers, which is another major market restraining factor. More

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SOURCE Global Industry Analysts, Inc.