Global Ferroalloy Market: Snapshot
Ferroalloys are alloys of iron composed with high proportion of elements such as silicon, aluminum, or manganese, used in production of alloys and steels. Manufactured through blast furnace or electric arc, ferroalloys are used to eradicate oxygen during production of steel and iron, and can be used to manufacture products such as road rails, automobile bodies, cutlery, dairy equipment, hand railings, and watch bodies.
Ferroalloys are prominently used in production of steel to improve its properties like corrosion resistance, fatigue strength, ductility, and tensile strength. Moreover, ferroalloys could be used in deoxidation, refining, and control of non-metallic inclusions and precipitates. Ferrochrome, a type of ferroalloys, is used to produce stainless steel and contains about 50% to 70% chromium by weight. Stainless steel utilizes chromium to enhance its resistance to corrosion and its appearance. Ferrochrome is produced by carbothermic reduction operating at high temperature. Whereas, ferromanganese, another ferroalloy is used as a deoxidizer in the manufacturing of steel.
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Abundance of iron ore and the increasing demand for various grades of steel, and the lack of viable substitutes are expected to boost the global market for ferroalloys. Furthermore, the growing use of stainless steel for applications such as food and beverage containers, underground and underwater pipelines, automobiles, architectural designs, and household products and utensils is anticipated to fuel the demand for stainless steel, eventually driving the market for ferroalloys. The growing industrialization in India and China has backed the growth of the ferroalloy market inAsia Pacific, in turn boosting the global market of ferroalloys.
Global Ferroalloy Market: Overview
Ferroalloys are studied to hold a high fraction of one or more types of substances such as silicon, manganese, and aluminum and form a wide range of iron alloys. These alloys are used for the eradication of oxygen during the manufacture of iron and steel. They could also be employed for the manufacture of watch bodies, hand railings, dairy equipment, cutlery, automobile bodies, and road rails. Electric arc and blast furnace are the two key methods utilized for producing ferroalloys. Out of the principal sorts of ferroalloy, ferromanganese, ferrosilicon, and ferrochrome are prominently used.
Global Ferroalloy Market: Key Trends
Ferroalloy is involved in the manufacture of various steel grades, including stainless steel and carbon steel. In the years to come, the demand in the world ferroalloy market is prognosticated to thrive significantly as it looks to ride on the availability of abundant iron ore and need for practicable substitutes in the steel sector. It is estimated that the production volume of the worldwide steel industry could rise considerably. Some of the other important factors of growth are anticipated to take birth from other sectors such as construction, shipbuilding, and automotive.
The demand for ferromanganese alloy is prophesied to gain strength, owing to its easy availability, low cost, and application in foundry sectors for the purpose of improving physical properties. The ferrochrome alloy market could rake in a handsome revenue growth in respect of its ability to enhance physical properties, offer rust-proof features, and provide stainless characteristic to steel.
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Global Ferroalloy Market: Market Potential
The ferroalloy market in India is engaged in a close combat with the Malaysia and Indonesia markets as they allow for cheap imports into the Indian land. While an additional capacity of 180,000 tons of ferroalloy is scheduled to hit the market in 2017, a whopping 365,000 tons was brought in the previous year. Besides this, the power tariff in India is extortionate compared to that of the other markets producing ferroalloy. This is likely to put the non-captive producers in a challenging position. There is an upward pressure expected on the part of ferroalloy production because of the anti-dumping duty on phos coke in China. The challenge is anticipated to aggravate with the less availability of low phos coke in India.
Howbeit, the growth in the stainless steel sector displaying a decent percentage is predicted to cover up for the losses. On the backs of India and China alone, the stainless steel market is forecasted to be backed by a telling advancement. Moreover, a differentiating increase in the supply of silico manganese is envisaged to raise the hopes of the global ferroalloy market players.
Global Ferroalloy Market: Regional Outlook
Throughout the span of the forecast period, Asia Pacific is envisioned to not lose hope in the light of aggressive construction and industrialization activities. The demand in this ferroalloy market could be catapulted as shipbuilding and automobile sectors see a rise and pave way for pronounced infrastructural developments. All of these factors are expected to help Asia Pacific gain a higher share in the world market.
The Europe ferroalloy market is foreseen to witness a steady growth because of the significant presence of automobile manufacturing firms and strong industrial population in countries such as France, the U.K., and Germany.
Global Ferroalloy Market: Competitive Landscape
The top five companies slated to make a difference in the international ferroalloy market could be Shanghai Shenjia, China Minmetals, S.C. Feral, Sinosteel Jilin, and Eurasian Natural Resources Corp. Due to the presence of a multitude of small, medium, and large scale manufacturers, the global market is projected to possess a highly fragmented nature.