Ferro Alloys Market Overview:
The global ferro alloys market is progressing towards a positive direction and is anticipated to touch USD 59.4 Bn at 5.1% CAGR over the forecast period (2018-2025). This market is witnessing a noteworthy growth due to the growing application of ferro alloys in various industries including metallurgy, cutlery, automobile bodies, road rails and others. Also called the alloy of iron metal, ferro alloys have one or above chemical additives that are added to molten iron to make steel. It serves a vital function in the steelmaking’s overall process by improving the iron metal’s general properties. Steel making is a key consumer of ferro alloys which consumes a major part of the complete ferroalloys that is produced across the world. The market witnessed a significant growth over the forecasted period owing to growing applications such as road rails, automobile bodies, cutlery, metallurgy, and others across various industries.
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Ferro Alloys Market Key Players:
Leading players profiled in the ferro alloys market include Anyang Mingrui Inductry Co., Ltd (China), Felman Production LLC (US), Eramet Marietta Inc. (US), Vietnam Youngsun Tungsten Industry Co., Ltd (China), Chengdu Huarui Industrial Co., Ltd. (China), Atc Alloys Limited (Australia), Georgian American Alloys, Inc. (US), FACOR Group (India), Maithan Alloys Ltd (India), and Tata Steel India (India).
Ferro Alloys Market Regional Analysis:
Based on region, the ferro alloys market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the APAC region will lead the ferro alloys market. China is the largest consumer and producer of ferro alloys that dominates this market segment. Rising demand from auto industries and rapid industrialization is expected to fuel the growth of the market.
Besides, the growing demand for metallurgy, cutlery, automobile bodies, road rails in Japan, Australia and India has boosted the demand of this market. Europe holds the second largest share owing to the growing demand in different industrial applications which is followed by North America and Middle East. The ferro alloys market in the Rest of the World is poised to grow at a slow pace during the forecast period.
Ferro Alloys Market Segment Analysis:
As per MRFR report, the global ferro alloys market is segmented on the basis of types and application.
Based on types, it is segmented into ferrovanadium, ferrotungsten, ferrotitanium, ferrosilicon, ferronickel, ferromolybdenum, ferromanganese, ferrochromium and others. Of these, the ferromanganese segment will have the maximum share in the ferro alloys market.
Based on applications, the ferro alloys market is segmented into metallurgy, cutlery, automobile bodies, road rails and others.
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