Global Ferrochrome Market Size study & Forecast, by Product (High carbon, medium carbon, Low carbon), by Application (Stainless steel, other steels) and Regional Analysis, 2023-2030

Global Ferrochrome Market Size study & Forecast, by Product (High carbon, medium carbon, Low carbon), by Application (Stainless steel, other steels) and Regional Analysis, 2023-2030

Global Ferrochrome Market is valued at approximately USD XXX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Ferrochrome is a type of alloy composed of iron, chromium, and sometimes other elements like silicon and carbon. It is primarily used in the production of stainless steel, which is known for its resistance to corrosion, heat, and staining. Ferrochrome is produced through the reduction of chromite ore (chromium oxide) in an electric arc furnace, with the addition of iron and carbon sources. The process results in a high-carbon ferrochrome alloy with varying percentages of chromium, typically ranging from 50% to 70%. The production of ferrochrome is a crucial part of the stainless steel industry, and its demand is closely tied to the demand for stainless steel. In addition, ferrochrome is also used in the manufacturing of superalloys, which are used in high-temperature applications like jet engines and gas turbines. The key factors such as high usage of ferrochrome in stainless steel industry and growing demand in construction and building industry are anticipated to support the market growth during forecast period.

Moreover, stainless-steel production is one of the main drivers of demand for ferrochrome, a key raw material used in the production of stainless steel. Ferrochrome is an alloy of chromium and iron and is produced by smelting chromite ore in an electric arc furnace. It is an essential ingredient in the production of stainless steel, which is widely used in a variety of industries, including construction, automotive, aerospace, and consumer goods. Thus, the rising stainless-steel production is anticipated to support the market growth during forecast period. According to Statista, in 2018, global stainless steel melt shop production was 50,730 thousand metric tons and the number increased significantly and reached 58,289 thousand metric tons in 2021. As a result, the rising stainless-steel production is anticipated to create a lucrative demand for the market. Additionally, rise in foreign investments and increase in manufacturing activities is anticipated to create a lucrative opportunity for the market during forecast period. However, the availability of substitutes stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Ferrochrome Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the presence of key market players, rising stainless steel production, and growing construction industry in the region. North America is expected to grow significantly during the forecast period, owing to factors such as increase prices of stainless steel due to greater demand from domestic producers may negatively affect its demand and thereby offset its production. This uncertainty is expected to influence the dynamics of ferrochrome industry in the country.

Major market players included in this report are:
Tata Steel Mining Limited (India)
Samancor Chrome (South Africa)
TNC KAZCHROME JSC (Kazakhstan)
Ferro Alloys Corporation Ltd. (FACOR) (India)
HERNIC (South Africa)
Eurasian Resources Group (Luxembourg)
IMFA (India)
Daido Steel Co., Ltd. (Japan)
Sandvik AB (Sweden)
Baosteel Group Corporation (China)

Recent Developments in the Market:
In May 2022, Ferrochrome Furnaces was acquired by Ironveld. The company will provide Ironveld access to its current melting production facility, which is situated in Rustenburg, South Africa, as well as the chance to start mining and processing.

Global Ferrochrome Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
High carbon
Medium carbon
Low carbon

By Application:
Stainless steel
Other steels

By Region:
North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Tata Steel Mining Limited (India)
Samancor Chrome (South Africa)
TNC KAZCHROME JSC (Kazakhstan)
Ferro Alloys Corporation Ltd. (FACOR) (India)
HERNIC (South Africa)
Eurasian Resources Group (Luxembourg)
IMFA (India)
Daido Steel Co., Ltd. (Japan)
Sandvik AB (Sweden)
Baosteel Group Corporation (China)

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