Silicon Alloys Market to Attain US$ 13.69 Bn by 2027 Advances in Metal Forming

The silicon alloys market has evolved rapidly on the back of the fact that silicon imparts substantial tribological properties to its alloys, particularly when mixed with iron and aluminum. Extensive utilization of ferrosilicon alloys in various forms such as steel alloys has helped market players reap substantial, consistent revenue gains. Continuous advances made in refining silicon alloys have led to plethora of materials with desired structural properties, thereby expanding the scope of competition in the silicon alloys market. Growing adoption of advanced metal forming technologies will likely keep the landscape increasingly competitive.

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Growing utilization of silicon alloys in the automotive industry has helped the market expand over the past few years. Proliferating demands for iron and steel in numerous end-use industries have kept the market increasingly competitive. The global silicon alloys market stood at a whopping US$8.40 bn in 2018 and the revenues are expected to rise at the CAGR of 5% during 2019 – 2027.

Emerging Economies of World Seeing Extensive Utilization in Making Automotive

Strides made by production of cast iron and steel in industrialized nations are key factors propelling the expansion of the silicon alloys market. Sheer pace of industrialization has spurred the demands. Numerous rapidly emerging regions, notably ASEAN, Brazil, and Brazil have seen surge in infrastructural development propelling the uptake of silicon alloys. The markets in these regions have also benefitted from the growing production of industrial machinery.

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Some of the well-entrenched players in the silicon alloys market are Georgian American Alloys, Jindal Stainless Ltd., SKP Group, Alkem ASA, Tata Steel Ltd., and OM Holdings Ltd.