Ferroalloys Market Size To Reach $86.72 Billion By 2030

Ferroalloys Market Growth & Trends

The global ferroalloys market size is anticipated to reach USD 86.72 billion by 2030, growing at a CAGR of 8.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing consumption of steel across key industries has led to steady ferroalloy requirements. Moreover, the government initiatives to provide affordable housing to the masses, the rising number of megacities worldwide, and ongoing industrialization activities are anticipated to contribute to the global demand for steel. This is expected to subsequently drive the growth of the ferroalloys market in the coming years.

Increasing use of ferro silico manganese in the electric vehicle (EV) and aerospace industries is anticipated to sustain the global demand for ferroalloys over the forecast period. The ongoing transition of industries to clean energy and the growing interest in green steel have led to research and development activities to produce new grades of steel that have a low carbon footprint. Moreover, the global demand for cast iron is anticipated to remain high during the forecast period and sustain revenues for the ferroalloys market in the coming years. Apart from its extensive usage in conventional internal combustion engines (ICEs), it is also used in cast iron cookware, a low-cost and healthy alternative to modern traditional cookware.

Initiatives by governments of different countries across the world are anticipated to boost global steel consumption. For instance, the Bipartisan Infrastructure Law and Inflation Reduction Act in the U.S., the National Investment and Infrastructure Fund in India, and the G7-based Partnership for Global Infrastructure and Investment are expected to drive the steel consumption and provide impetus to the ferroalloy market over the forecast period.

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Ferroalloys Market Report Highlights

• Based on product, the ferro silico manganese segment accounted for the largest revenue share of over 45.0% of the market in 2023. Ferro silico manganese is used as an alloying and deoxidizing agent during the production of steel, stainless steel, and manganese-rich steel. It is extensively used in the EV and aerospace industries.

• Based on application, the cast iron segment of the market is projected to grow at the highest revenue CAGR of 7.0% over the forecast period. The segment’s growth can be attributed to the use of cast iron for producing cookware.

• Based on region, the Asia Pacific region witnessed the highest demand for ferroalloys in 2023 owing to the large production volume of crude steel in the region.

• In May 2023, Indian Metals and Ferro Alloys Limited (IMFA) announced its USD 65.2 million (INR 547 crore) ferrochrome expansion project in Kalinganagar, Odisha, India with 100,000 MTPA installed capacity is expected to be commissioned in mid-2026.

Ferroalloys Market Segmentation

Grand View Research has segmented the global ferroalloys market based on product, application, and region:

Ferroalloys Product Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

• Ferrochrome

• Ferromanganese

• Ferro Silico Manganese

• Ferro Silicon

Ferroalloys Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

• Carbon & Low Alloy Steel

• Stainless Steel

• Alloy Steel

• Cast Iron

• Others

Ferroalloys Region Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Turkey

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

List of Key Players in the Ferroalloys Market

• Gulf Ferro Alloys Company (Sabayek)

• Glencore

• Jindal Group

• S.C. Feral S.R.L

• SAIL

• Samancore Chrome

• Shanghai Shenjia Ferroalloys Co. Ltd

• Tata Steel Limited