Global Ferro Manganese Market Size 2024, Forecast To 2033
6 Mar, 2024
The ferro manganese market has witnessed strong growth, increasing from $16.01 billion in 2023 to $16.91 billion in 2024, with a compound annual growth rate (CAGR) of 5.6% during the historical period. This growth is attributed to factors such as growth in the steel industry, industrialization and urbanization, global economic trends, automotive manufacturing, and mining and extraction activities. Moving into the future, the market is expected to experience steady growth, reaching $20.4 billion in 2028 with a CAGR of 4.8%. Anticipated growth drivers for the forecast period include infrastructure investments, renewable energy projects, urbanization in emerging markets, stricter environmental regulations, and fluctuations in raw material prices. Key trends during this period encompass environmental sustainability practices, responses to fluctuations in raw material prices, market adaptations to global economic trends, investments in research and development, and the integration of digitalization and industry 4.0 practices.
Global Ferro Manganese Market Key Driver
The increasing demand for stainless steel is expected to propel the growth of the ferro-manganese market going forward. Stainless steel is a steel alloy that is a general term for a class of corrosion-resistant alloy steels containing 10.5% chromium or higher. Ferro manganese is primarily utilized in the manufacturing of silicon manganese for flattened steel, titanium-rich steel, and stainless-steel products. Hence, the increasing demand for stainless steel across various industries, including construction, automotive, and consumer goods, is expected to propel the growth of the ferromanganese market. For instance, in April 2023, according to Arab Iron and Steel Union Highlights, an Egypt-based intergovernmental organization, world stainless steel output climbed to 56.3 million metric tons in 2021. Furthermore, global stainless-steel output climbed by 8.6% in the fourth quarter of 2022 compared to the previous quarter, reaching 13.71 million tons. Therefore, the increasing demand for stainless steel is driving the growth of the ferro-manganese market.
Get A Free Sample Of The Global Ferro Manganese Market ReportGlobal Ferro Manganese Market Segments
The ferro manganese market covered in this report is segmented –
1) By Production Methods: Alloy Steel, Carbon Steel, Cast Iron, Stainless Steel
2) By Grade: High Carbon FeMn, Medium Carbon FeMn, Low Carbon FeMn
3) By Sales Channels: Distributor, Direct Sales
4) By Applications: Alloying Element Additive, Casting, Deoxidizer, Desulfurizer, Welding
5) By End Users: Chemical Industry, Metallurgy, Steel Industry
By Geography:The regions covered in the ferro manganese market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the ferro manganese market in 2023. The regions covered in the ferro manganese market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Ferro Manganese Industry Players
Tata Steel Limited, Vale SA, Eramet Group, Eurasian Resources Group Sàrl, Ferroglobe plc, Manganese Metal Company Ltd., Compania Minera Autlan S.A.B. De C.V., Anglo American plc, Consolidated Minerals Limited., MOIL Limited., Maithan Alloys Limited., Mizushima Ferroalloy Co. Ltd., Glencore plc, JFE Mineral & Alloy Company, Maringa Ferro-liga S.A., Monnet Group, Gulf Manganese Corporation Limited, China Minmetals Group Co. Ltd, Indian Metals and Ferro Alloys Limited, Sheng Yan Group, Tsingshan Holding Group, Jiangsu Delong Nickel Industry, Rohit Ferro-Tech Limited, Shyam Ferro Alloys Limited, Visa Steel Limited, Adhunik Metaliks Limited, Shree Bajrang Alloys Limited, Sarda Energy & Minerals Limited, Ehui Group Co. Ltd., Wacker Chemie AG
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Ferro Manganese Market Overview
Ferro manganese is a ferroalloy with a high manganese concentration that is typically used as a ladle addition with ferrosilicon during steelmaking. It is used as a raw material in the production of metal and steel-related goods, as well as in the manufacturing of ceramics.
Ferro Manganese Global Market Report 2023 provides data on the global ferro manganese market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ferro manganese market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.