What Has Driven the Growth of the Ferro Manganese Market in Recent Years?
The ferro manganese market has seen considerable growth due to a variety of factors.
•There has been a consistent increase in the ferro manganese market size in the past few years. The market is projected to escalate from $16.68 billion in 2024 to $17.48 billion in 2025, showing a compound annual growth rate (CAGR) of 4.8%.
This growth rate during the historic period is a result of multiple factors like the expansion of the steel industry, global economic patterns, industrialization, and urbanization, along with growth in automotive manufacturing, mining, and extraction activities.
What is the Market Size Forecast for the Ferro Manganese Market?
The ferro manganese market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for ferro manganese is forecasted to experience robust growth in the coming years, reaching "$21.76 billion by 2029 with a compound annual growth rate (CAGR) of 5.6%.
The increase during the projected period could be related to architectural investments, renewables, urbanization in developing markets, more stringent environmental rules, and varying costs of raw materials. Key trends for the forecast period encompass practices of environmental sustainability, unstable prices of raw materials, market's reaction to worldwide economic tendencies, investments dedicated to R&D, the transition to digital, and the integration of Industry 4.0.
What Factors Are Driving Growth In The Ferro Manganese Market?
Expectations for the ferro-manganese market's growth are tethered to the escalating demand for stainless steel. The term 'stainless steel' denotes a class of steel alloys which incorporate 10.5% or more chromium, and are resistant to rusting. Ferro-manganese is a crucial ingredient in the creation of silicon manganese for flattened steel, titanium-dense steel and other stainless-steel products. As a result, the burgeoning demand for stainless steel in sectors like construction, automotive and consumer goods is anticipated to spur the expansion of the ferromanganese market. Data from the World Steel Association, a non-profit organization based in Belgium, predicted a global steel demand spike by 1.7% in April 2024, touching 1,793 Mt, an ascension from the forecasted growth rate of 1.2% in 2025, which is projected to boost demand to 1,815 Mt. Hence, the growing requirement for stainless steel is fueling the surging development of the ferro-manganese market.
What Are The Main Segments Of The Global Ferro Manganese Market?
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
Subsegments:
1) By Alloy Steel: Low-Alloy Steel, High-Alloy Steel, Special Alloy Steel
2) By Carbon Steel: Mild Steel, High-Carbon Steel, Low-Carbon Steel
3) By Cast Iron: Gray Cast Iron, Ductile Cast Iron, White Cast Iron
4) By Stainless Steel: Austenitic Stainless Steel, Ferritic Stainless Steel, Martensitic Stainless Steel
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What Emerging Trends Are Influencing The Growth Of The Ferro Manganese Market?
The adoption of technological innovations is a vital trend rising in the ferromanganese sector. Firms in this market are incorporating new technological systems to maintain their market standing. For instance, Nio Inc., a Chinese car manufacturing company, initiated the development of 4680 lithium ferromanganese phosphate batteries in August 2022. NIO is also progressing on a budget-friendly lithium ferromanganese phosphate battery and a high-performance 4680 battery. These lithium ferro manganese phosphate batteries showcase an energy density that's 15%-20% improved compared to lithium iron phosphate batteries, yet with equivalent costs.
Who Are the Key Players in the Ferro Manganese Market?
Major companies operating in the ferro manganese market include:
• Tata Steel Limited
• Vale SA
• Eramet Group
• Eurasian Resources Group Sàrl
• Ferroglobe plc
• 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
• 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.
What Is The Most Dominant Region In The Ferro Manganese Market?
Asia-Pacific was the largest region in the ferro manganese market in 2024. The regions covered in the ferro manganese market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
