Pune, India, April 05, 2023 (GLOBE NEWSWIRE) -- The global ferrochrome market size was assessed at USD 16.10 billion in 2022. The market is projected to grow from USD 16.92 billion in 2023 to USD 24.03 billion by 2030, exhibiting a CAGR of 5.1% during the 2023-2030 period. Growing product demand from developing countries and rising stainless steel production for end-use industries such as automotive and construction will drive market proliferation in the coming years. This information is provided by Fortune Business Insights™, in its report titled, “Ferrochrome Market, 2023-2030.”
COVID-19 Impacts:
Disturbances in Automotive and Construction Sectors Hindered Market Growth Amid the Pandemic
The spread of COVID-19 worldwide resulted in the implementation of stringent lockdowns and social distancing norms in several economies across the world. Manufacturing facilities were shutdown to curb the spread of the virus. This affected the flow of products and resources negatively. Disturbances in the automotive and construction sector due to labor and raw material shortages caused by the pandemic acted as challenges and affected the market negatively. This decreased the consumption of stainless steel in these industries even further.
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List of Key Players Mentioned in the Ferrochrome Market Report:
- Tata Steel Mining Limited (India)
- Samancor Chrome (South Africa)
- TNC KAZCHROME JSC (Kazakhstan)
- Ferro Alloys Corporation Ltd. (FACOR) (India)
- HERNIC (South Africa)
- Eurasian Resources Group (Luxembourg)
- IMFA (India)
- Daido Steel Co., Ltd. (Japan)
- Sandvik AB (Sweden)
- Baosteel Group Corporation (China)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.1% |
| 2030 Value Projection | USD 24.03 Billion |
| Base Year | 2022 |
| Ferrochrome Market Size in 2021 | USD 2.53 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Segments Covered | By Application and Regional |
| Ferrochrome Market Growth Drivers | Rising Foreign Investments and Manufacturing Activities to Boost Market Growth |
| High Usage in the Stainless Steel Industry to Aid Market Expansion |
Segments
High Carbon Segment to Dominate Stoked by Lower Costs of Easy Availability
As per product type, the market is split into high carbon, low carbon, and others. Among these, the high carbon segment held majority of the market share due to its lower costs and easy availability as compared to other alternatives. The growing demand for high carbon ferrochrome (FeCr) from stainless steel sector will further propel growth of this segment.
Stainless Segment to Hold Major Share Due to Growing Demand from the Construction Industry
According to application, the market is divided into stainless steel, specialty steel, and others. Among these, the stainless-steel segment dominated the market in 2022 owing to surging demand from the construction industry. The decreased cost of steel due to technological developments in this domain has made it more accessible than before. Moreover, its longevity and corrosion resistance has made stainless steel the ideal choice for construction. These factors will boost stainless steel demand in the forecast period, thus contributing to the expansion of the segment.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report provides a deep-dive analysis of the global market including drivers, opportunities, threats, and restraints affecting market dynamics in the upcoming years. The market is analyzed at both micro and macro levels systematically. Market share, growth rate, sales amassed, profit margins, and valuation of each region and segment are documented as well. Furthermore, latest developments such as partnerships, collaborations, and agreements signed by industry leaders to strengthen market positioning are also given.
Drivers and Restraints:
Surging Demand for Ferrochrome for Stainless Steel Products to Aid Market Expansion
Ferrochrome is added to stainless steel to improve its corrosion resistance and appearance, and thus rising demand from stainless steel manufacturers will facilitate the ferrochrome market growth in the upcoming years. Chromium stainless steel and chromium manganese grade are usually used in the construction and transportation industries. Additionally, the surging demand for stainless steel from the construction, transportation, and metallurgical industries is likely to aid market proliferation as well.
On the other hand, the availability of alternatives such as carbon fiber and the large amount of electricity needed for FeCr manufacturing will hamper market augmentation in the forecast period.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Developments
- Insights on Regulatory Scenario
- Latest Technological Advancements
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
Regional Insights:
Asia Pacific to Hold Largest Share Owing to Rising Urbanization and Stainless Steel Production
Asia Pacific captured majority of the ferrochrome market share in 2022 due to rising product demand from stainless steel manufacturers in India and China. Growing stainless production due to rising urbanization is propelling product demand and facilitating market growth in this region.
The North America market is projected to grow significantly in the coming years. Increasing stainless production in the U.S. due to decreasing imports owing to the ongoing trade war with China will propel market growth in this region. Surging demand for steel from domestic manufacturers will further contribute to market augmentation.
The Europe market is slated to record substantial growth in the forecast period. Growing research and development activities and expansion of automotive sector are the factors attributing to market elevation in this region. Advancements in the product will propel its consumption in this region, thus aiding market expansion.
Competitive Landscape:
Efforts to Enhance Production Capacity by Industry Leaders to Aid Market Proliferation
Leading companies often make tactical moves such as partnerships, mergers and acquisitions, and product launches to enhance their market position and maximize profits. One such move is investing in research & development or collaborations to improve production capacity and boost sales. For example, in April 2021, Tata Steel Mining Limited, a wholly-owned subsidiary of Tata Steel, announced its plans to increase its FeCr production capacity to 900,000 tonnes per year.
Key Industry Development:
February 2021: TNC Kazchrome JSC, a subsidiary of Eurasian Resources Group, achieved a new production record for manufacturing 1.84 million tonnes of ferroalloys in 2020, which is 1.7% higher than the amount produced in 2019.
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