Pune, India, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The global ferromanganese market size is expected to gain momentum by reaching USD 96.08 billion by 2028 from USD 73.12 billion in 2021 while exhibiting a CAGR of 4% between 2021 to 2028. In its report titled, “Ferromanganese Market Size, Share & COVID-19 Impact Analysis, By Grade (High Carbon FeMn, Medium Carbon FeMn, and Low Carbon FeMn), By Application (Iron and Steel, Alloy Steel, and Others), and Regional Forecast, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 70.85 billion in 2020.
The increasing use of stainless steel in various architectural structures worldwide, and other construction projects, has increased its demand. Furthermore, its application in various other industries is expected to drive the market for ferromanganese materials in the upcoming years.
COVID-19 Impact
Amid the COVID-19 pandemic, demand for ferromagnetic substances was reduced. As to curb the spread of the virus, government-imposed Import and export restrictions. This led to disruptions in both demand and supply of the Mn ore. Thereby affecting the ferroalloy industry globally. Moreover, the second wave in countries such as India impacted the imperative growth of this industry, and the manufacturing companies indulged in supplying liquid medical oxygen (LMO) to hospitals due to the ongoing shortage of available oxygen. For instance, in April 2021, Jindal Steel & Power Ltd (JSPL) announced that more than 500 tons of LMO stock are available at its Angul plant, India. All this heavily impacted this market.
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What does the Report Provide?
The research report of the market for ferromanganese provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.
Driving Factor
Increasing Demand for Stainless Steel in Construction Industry to Drive Market Growth
The rising construction activities worldwide have increased the demand for excellent corrosion resistance, toughness and offers good strength properties, stainless steel. For instance, in a report by the World Steel Association, around 52% of steel is occupied by the construction industry. These are more prominently used in architectural cladding, handrails, roofing, drainage and water systems, and fixings. Furthermore, these are also used in the making of beams, columns, canopies, atriums, swimming pool sheds, and others for giving it an aesthetic appeal, which is the foremost requirement of modern-day construction and thus driving the ferromanganese market growth.
Regional Insights
Asia Pacific to Dominate Backed by Presence of Renowned Key Players
Asia Pacific is expected to remain at the forefront and hold the highest position in the market during the forecast period owing to the presence of major manufacturers in the region. Moreover, the rising demand for material in construction activities in developing economies is promoting the margin. It generated USD 27.83 billion in terms of revenue in 2020.
Europe is expected to witness significant growth in the ferromanganese market share in upcoming years. This is attributable to its extensive use in the automobile industry. As in the region, demand for steel has upsurge in the manufacturing of electric cars. Thereby, this industry is also expected to witness significant growth.
Regional Segmentation:
By grade, the market is segmented into high carbon FeMn, Medium Carbon FeMn, and low carbon FeMn. By application, the market is divided into iron & steel, alloy steel, and others.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape
Key Players to Focus on Acquisitions to Strengthen Their Positions in This Market
The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in May 2021, Maithan Alloys acquired Impex Metals & Ferro Alloys for Rs 74.22 crore. This acquisition will increase the production capacity of the Maithan Alloys by 70,355 TPA of Ferro and silicomanganese. Such strategic moves will help in establishing a strong market prospectus in upcoming years.
Fortune Business Insights profiles some of the prominent companies operating in the ferromanganese market. They are as follows:
- Monnet Group (New Delhi, India)
- Maithan Alloys Limited (Kolkata, India)
- Tata Steel (Mumbai, India)
- Gulf Manganese Corporation Limited (Perth, Western Australia)
- Vale (Rio de Janeiro, Brazil)
- Ferroglobe (London, UK)
- OM Holdings Ltd. (Singapore)
- South32 (Perth, Western Australia)
- Nippon Denko (Tokyo, Japan)
- Other Key Players
Significant Industry Developments of the Ferromanganese Market include:
April 2021: Salasar launched a new steel manufacturing unit in Hapur, Uttar Pradesh. This newly launched plant has a total production capacity of 15000 tonnes per annum.
Major Table of Content for Ferromanganese Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Ferromanganese Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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