What are the Historical Developments and Current Growth Metrics of the Ferrochrome Market?
The ferrochrome market has seen considerable growth due to a variety of factors.
•In the past years, the size of the ferrochrome market has seen a robust expansion. It is projected to surge from $9.92 billion in 2024 to $10.97 billion in 2025, with a compound annual growth rate (CAGR) of 10.5%.
The significant growth experienced during the historic period can be credited to factors such as the increase in stainless steel production, booming infrastructure and construction sectors, a thriving automotive industry, global economic advancement, and urbanization trends.
What Does Future Hold for The Ferrochrome Market Size?
The ferrochrome market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the ferrochrome market is projected to witness robust growth, climbing to a value of $14.61 billion by 2029, with a compound annual growth rate of 7.4%.
Factors such as renewed investment in infrastructure, developments in energy infrastructure, growing interest in electric vehicles, and strategic moves in stainless steel production are driving this growth. The future trends to watch include greater emphasis on ferrochrome recycling, the use of ferrochrome in renewable energy technologies, resilience and diversity in the supply chain, strategic investments in ferrochrome production facilities, and the market's reaction to regulatory evolutions.
What Are The Key Drivers Fueling Growth In The Ferrochrome Market?
The growth of the ferrochrome market is anticipated to be fueled by the burgeoning stainless-steel industry. The phrase "stainless-steel industry" signifies the sector involved in the production and processing of stainless steel, an environmentally friendly and stable alloy comprised of steel, iron, chromium, and other metals. Ferrochrome, an alloy of chromium and iron, is routinely used in stainless steel production owing to its superior resistance to corrosion and oxidation, along with its strength, hardness, ductility, and other mechanical advantages. For example, The World Steel Association, as reported by a US-based government unit, the Geological Survey, in January 2024, predicts a 1.8% upturn in global consumption of finished steel for the year 2023, followed by a 1.9% increase in 2024. As a result, the growing stainless-steel industry is significantly driving the growth of the ferrochrome market.
What Are The Principal Market Segments In The Global Ferrochrome Industry?
The ferrochrome market covered in this report is segmented –
1) By Product Type: High Carbon, Low Carbon, Other Product Type
2) By Production Method: Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
3) By Application: Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications
Subsegments:
1) By High Carbon: Standard High Carbon Ferrochrome, High Carbon Ferrochrome
2) By Low Carbon: Low Carbon Ferrochrome, Very Low Carbon Ferrochrome
3) By Other Product Types: Micro Carbon Ferrochrome, High Purity Ferrochrome
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Which Emerging Market Trends Are Altering The Ferrochrome Sector?
The trend currently picking up steam in the ferrochrome market is the establishment of strategic partnerships. To solidify their market standing, a significant number of key players in the ferrochrome sector are opting for strategic alliances. For example, in September 2022, SAL STEEL LTD., a manufacturer of ferrochrome, ferroalloys, and steel based in India, signed a three-year procurement contract with AIA Engineering (AIA). This $15.1 million contract for the continuous provision of ferrochrome is intended to repay the company's loan and meet their working capital needs. AIA Engineering is an Indian organization specializing in the design, manufacture, and installation of high-chromium, abrasion, and corrosion-resistant components.
Who Are the Key Players in the Ferrochrome Market?
Major companies operating in the ferrochrome market include:
• Glencore PLC.
• Nippon Steel Corporation
• United States Steel Corporation.
• Outokumpu
• Mitsubishi Corporation
• Jindal Steel & Power Ltd.
• Tata Steel Mining Limited.
• Sinosteel Corporation
• Eurasian Resources Group S.à r.l.
• TNC KAZCHROME JSC
• China Baowu Steel Group Corp Ltd.
• Tharisa PLC.
• Balasore Alloys Limited
• Assmang Limited
• Singhania International Limited
• Samancor Chrome Ltd.
• Indian Metals & Ferro Alloys Ltd. (IMFA)
• Visa Steel Ltd.
• Fushan Ferroalloy Group
• Mintal Group
• Westbrook Resources Ltd.
• Minmat Ferro Alloys Private Limited
• Afarak Group
• Kermas Group
• International Ferro Metals
• Mtc Business Private Limited
What are the Regional Insights into the Ferrochrome Market?
Asia-Pacific was the largest region in the ferrochrome market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
