Manganese Alloy Market By Type (Silicomanganese, High Carbon Ferromanganese, Medium and Low Carbon Ferromanganese, Others), By Application (Steel, Welding, Foundry, Superalloys, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global manganese alloy market was valued at $24.7 billion in 2021, and is projected to reach $44.0 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
Manganese alloys are metals that contain some percentage of magnesium, carbon, sulfur, and other trace elements. They are strong, ductile, and extremely corrosion resistant. They serve as a deoxidizer of molten steel and controls its sulfur content. In addition, they enhance strength and hardness of the alloy and its resistance to corrosion. They are used in high-temperature, stainless, & manganese steels and in nickel, chromium, & aluminum alloys. They are also used as a catalyst during preparation of oxygen from potassium chlorate.
Factors such as increase in disposable income, technological upgrades, and spurring rise in number of original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth. For instance, according to a report published by India Brands Equity Foundation, the domestic automobile production increased by a CAGR of 2.36% from 2016-20 with 26.36 million vehicles being manufactured in India in 2020. The surge in fuel processing has led the key automotive manufacturers such as Maruti Suzuki and Hyundai others to produce lightweight vehicles to enhance fuel mileage.
High manganese alloys provide a favorable combination and balance of properties such as ductility, formability, strain hardening, and strength level parameters. These significant properties enable reducing the weight of vehicles and at the same time improves resistance against the effects of automobile accidents. This factor has led the auto makers to increasingly use manganese alloy for producing lightweight vehicles to enhance mileage. This is expected to fuel the demand for manganese alloy in the growing automotive sector during the forecast period.
Furthermore, both developed and developing economies, such as the U.S., China, India, and others have put more emphasis on producing high tech aircrafts equipped with modern armor facilities wherein high carbon ferromanganese is widely used in conjunction with steel for building various aircraft and fighter jet’s components. This factor may act as one of the key drivers responsible for the growth of the manganese alloy market. Furthermore, the increase in demand for consumer goods surged the shipment activities which in turn has surged the manufacturing of cargo ships where high carbon ferromanganese is widely used for manufacturing lightweight ship components. This may augment the growth of the manganese alloy market during the forecast period. However, health hazards associated with the production of manganese alloys may restrain the growth of the manganese alloy market during the forecast period.
On the contrary, factors such as rise in awareness for eco-friendly activities coupled with rise in disposable income has surged the demand for electric vehicles where medium carbon ferromanganese is widely used to produce electrodes that is used in lithium-ion batteries. This factor may create remunerative opportunities for the manganese alloy market in the coming future. Furthermore, the rise in demand for high quality refined steel has led the steel fabricating sectors to use low carbon ferromanganese used for removing excess sulfur content and producing high-strength steel. This factor may fuel the demand for low carbon ferromanganese in the growing steel fabrication sector; thus, creating lucrative opportunities for the manganese alloy market.
The manganese alloy market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into silicomanganese, high carbon ferromanganese, medium & low carbon ferromanganese, and others. On the basis of application, it is divided into steel, welding, foundry, superalloys, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global manganese alloy market profiles leading players that include Ferroglobe, Maithan Alloys Ltd., Nava Limited, Eramet, Vale, Tata Steel, Hickman Williams and Company, SIMPAC Inc., Gulf Manganese Corporation Limited, and MOIL. The global manganese alloy market report provides in-depth competitive analysis as well as profiles of these major players.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the manganese alloy market analysis from 2021 to 2031 to identify the prevailing manganese alloy market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the manganese alloy market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global manganese alloy market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeSilicomanganese
High Carbon Ferromanganese
Medium and Low Carbon Ferromanganese
Others
By ApplicationSteel
Welding
Foundry
Superalloys
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Ferroglobe
Maithan Alloys Ltd.
Nava Limited
Eramet
Vale
Tata Steel
Hickman Williams & Company
SIMPAC Inc.
Gulf Manganese Corporation Limited
MOIL
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