Ferrochrome Alloy Market Size, Share, Growth, and Industry Growth by Type (High Carbon Ferrochrome, Medium Carbon Ferrochrome, Low Carbon Ferrochrome and Micro-Carbon Ferro Chrome) By Application (Steel Industry, Smelting Industry and Other), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Ferrochrome Alloy Market REPORT OVERVIEW

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The global ferrochrome alloy market size was USD 19150 million in 2022 and market is projected to touch USD 38990 million by 2031, at a CAGR of 8.2% during the forecast period.

An alloy of iron and chromium is called a ferroalloy, and ferrochromium (FeCr) is one variety of it. Chromium content in ferrochromium is typically between 50% and 70%. Production of castings, stainless steel, and special steel uses it. Carbothermic reduction of chromite in an electric submerged arc furnace is the typical method for producing ferrochrome (SAF).

A ferroalloy with a high manganese concentration is ferrochrome. It gives steel strength and is employed in the production of high- tension steel. In the production of alloy steel, tool steels, and structural steels, low carbon ferro manganese is widely employed. Due to its cheaper price and accessibility of greater reserves than other goods, "high carbon ferrochrome" is the type category with the fastest rising market share. As a result, producers of stainless steel mostly use this high carbon ferrochrome.

COVID-19 Impact: Decreased Consumer Demands to Hinder the Market

Over the past few years, the majority of sectors worldwide have had unfavorable effects. This can be linked to massive lockdowns and other restrictions implemented by governments throughout the world that have severely disrupted industrial and supply-chain activities. The market for ferrochromes worldwide is likewise affected by this. Because the general economic situation of the majority of people has been severely impacted by the covid- 19 pandemic, consumer demand has also decreased as a result of people cutting back on non-essential spending in their individual budgets. Over the projected period, these factors are expected to adversely affect the revenue trajectory of the worldwide ferrochrome market.

LATEST TRENDS

"Rise in Investments and Industrial Activities to Augment the Market Demands"

Some of the key elements that will boost the demand for stainless steel and generate profitable prospects for the expansion of the ferrochrome market globally include rising foreign investments and rising industrial activities. The rise of manufacturing sectors including consumer products, construction, heavy equipment, and automotive is aided by foreign investment. For instance, the United Nations Conference on Trade and Development study found that Asia had the greatest rate of inbound foreign direct investment (FDI) of any area.

Ferrochrome Alloy Market Segmentation

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• By Type Analysis

By type, market is segmented into high carbon ferrochrome, medium carbon ferrochrome, low carbon ferrochrome and micro-carbon ferro chrome. The western high carbon ferrochrome segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into steel industry, smelting industry and other. The steel industry segment will lead the global share through 2031.

DRIVING FACTORS

"High Use in Stainless Steel Industry to Propel the Market Demands"

In order to give corrosion resistance and enhance its look, ferrochrome is added to stainless steel. The worldwide ferrochrome industry is growing mostly due to stainless steel. It is projected that the widespread usage of chromium-grade stainless steel and chromium-manganese grade steel in the transportation and construction sectors would have a significant beneficial influence on the growth of the ferrochrome industry. As a result, it is anticipated that the main driver propelling the expansion of the ferrochrome market throughout the forecast period will be the increased demand for stainless steel from the transportation, construction, and metallurgical industries.

"High Demand in Construction and Building Industry to Boost the Market"

Urbanization, fast industrialisation, and the population increase are all contributing to the growth of the construction and building industry. The number of building projects is increasing, and ferrochrome is frequently employed as an engineering alloy in the production of bricks, the construction of paving, and the production of aggregate for the concrete industry. For the construction of roads, it is often used into cement. As a result, it is anticipated that throughout the projection period, the expanding construction and building industry would fuel demand for ferrochrome and accelerate market expansion.

RESTRAINING FACTORS

"Availability of Alternatives to Restrain the Market"

Among other important factors, the automotive industry's use of carbon fiber to replace stainless steel and the substantial amount of electricity needed to produce ferrochrome are some of the main ones that will act as restraints and further impede the growth of the ferrochrome market over the course of the forecast period in question.

Ferrochrome Alloy Market REGIONAL INSIGHTS

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"North America’s Astrology App Market’s Share to Grow Exponentially with the Forecast Period."

In terms of revenue and market share, Asia-Pacific commands the ferrochrome market. This is as a result of increased stainless- steel output in this area. China is the world's top producer of stainless steel, accounting for a sizable portion of worldwide output, according to ISSF estimates. Asia really produced a fair amount of stainless steel.

The demand for ferrochrome is fueled by the industrialization of emerging economies, particularly those in the Asia-Pacific region, and the increased manufacturing of stainless steel, which propels the market for ferrochrome worldwide. Because urbanization is increasing, there is a steady increase in demand for stainless steel, which supports the market's expansion.

Due to the presence of several auto component manufacturers and automakers in North America, this region is anticipated to see the quickest growth over the projection period.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Afarak (Finland)
• ENRC (UK.)
• GLENCORE (Switzerland)
• Tata Steel (India)
• Samancor (South Africa)
• Hernic Ferrochrome (South Africa)
• Fondel Corporation (Canada)
• Tharisa (South Africa)
• Westbrook Resources (UK.)
• ICT Group (U.S.)
• Sinosteel (China)
• Rohit Ferro Tech (India)
• Tennant Metallurgical Group (UK.)
• Ferro Alloys Corporation (India)
• ZIMASCO (Zimbabwe)
• ZimAlloys (Zimbabwe)
• Maranatha Ferrochrome (Zimbabwe)
• Oliken Ferroalloys (India)
• Vargon Alloys (Sweden)
• Indsil (India)
• Harsco (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.