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Global Ferroalloy Market is Expected to Reach USD 53.56 Billion in 2020: Transparency Market Research
|By PR Newswire
|August 11, 2014 10:30 AM EDT
ALBANY, New York, August 11, 2014 /PRNewswire/ --
Transparency Market Research has released a new report titled "Ferroalloy (Ferrochrome, Ferromanganese, Ferrosilicon and Others) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020." According to the report, the global ferroalloy market was valued at USD 37.25 billion in 2013 and is anticipated to reach USD 53.56 billion in 2020, expanding at a CAGR of 5.4% between 2014 and 2020.
Ferroalloy is one of the major raw materials used in the manufacture of steel. Ferroalloys impart distinctive qualities to steel and cast iron. Ferroalloy is widely used as deoxidizing, desulfurizing and reinforcing agents. This helps in the removal of sulfur, phosphorus and oxygen impurities that are present in iron ores and this iron ores are used in the manufacture of steel. Thus, growth in the steel industry is estimated to boost the overall ferroalloy market. Furthermore, growth in the construction industry, especially in BRICS countries, is likely to increase the demand for steel. This, in turn, is projected to drive the overall growth of the ferroalloy market. However, high operational cost coupled with stringent environmental regulations is expected to hamper growth of the ferroalloy market in the near future. Development of lightweight, high tensile strength steel is anticipated to boost demand for steel, especially in the automobile industry. This is further estimated to augment growth of the ferroalloy market.
Browse the full Global Ferroalloy Market Report at http://www.transparencymarketresearch.com/ferroalloy-market.html
Ferromanganese is one of the ferroalloy that is produced as well as consumed on a large-scale. In terms of volume, it accounted for over 37% share of the overall ferroalloy market in 2013. With over two-third share of total consumption in 2013, stainless steel industry was the major application segment of the ferroalloy market. Ferrochrome provides corrosion resistance to stainless steel. Demand for ferrochrome is rising due to increasing demand for anticorrosive steel from the automobile industry. Ferrosilicon is primarily used as a deoxidizing and alloying agent in the steel manufacturing process.
China emerged as the leading consumer of ferroalloy in 2013. Presence of large number of steel manufacturers with high production capacities is expected to boost demand for ferroalloy in China. In terms of volume, China is anticipated to grow at a CAGR of 4.6% between 2014 and 2020. China was followed by Europe, which is estimated to be the next major consumer of ferroalloy due to increasing demand for steel from the automobile industry. Rest of Asia Pacific is projected to be one of the emerging markets for ferroalloys owing to rising demand for steel from the construction industry, especially in India and Japan. North America and Rest of the World are likely to experience sluggish growth during the forecast period.
Related & Recently Published Reports by Transparency Market Research
The global ferroalloy market is highly fragmented in nature. Major players in the ferroalloy market include Eurasian Natural Resources Corporation PLC (ENRC), Sinosteel Jilin Ferroalloy Corporation Limited, S.C. Feral S.R.L. and Shanghai Shenjia Ferroalloys Co. Ltd. Entry of new players, especially in Rest of Asia Pacific, is likely to boost the overall market growth.
This report segments the global ferroalloy market as follows:
- Ferroalloy Market - Product Segment Analysis
- Others (Ferrotungsten, ferronickel, ferroboron, etc)
- Ferroalloy Market - Regional Analysis
- North America
- Rest of Asia Pacific
- Rest of the World
Browse All Metals And Minerals Market Research Reports @ http://www.transparencymarketresearch.com/metals-and-minerals-market-reports-20.html
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Browse Press Release of Ferroalloy Market at @ http://www.transparencymarketresearch.com/pressrelease/ferroalloy-market.htm
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