Ferromanganese Market
Growth Factors of Ferromanganese Market
The ferromanganese market size was valued at USD 79.27 billion in 2023, and the market is now projected to grow from USD 82.16 billion in 2024 to USD 112.34 billion by 2032, exhibiting a CAGR of 4% during the forecast period of 2023-2030.
The pandemic has pretentious many mining industries. The import and export restrictions have interrupted both demand and supply of the manganese ore. The countrywide lockdown measures had a significant impact on the global pricing of raw material. The turn down in the steel industry and disruption in the supply chain has reduced the order for these ferroalloys. Thus, the ferromanganese market growth has hindered during the COVID-19 pandemic.
The ferromanganese market share globally is increasing owing to the expanding necessity for stainless steel in the construction industry. This stainless steel is an essential substance used in the construction industry. They provide an excellent corrosion-resistant, toughness, and offer fine strength properties and support to building structures. Such steel in construction is commonly used in architectural cladding, handrails, roofing, drainage and water systems, and fixings. Steel is an energy-efficient material because of its heat radiations quickly from steel roofing and creates a cooler home environment in hot climate areas. In cold climates, double steel panel walls are well insulated to hold the heat.
A trend is that the duplex process is considered more sustainable than the commercial production process. The commercial production of FeMn is through the carbothermic smelting-reduction of manganese (Mn) ores by means of blast furnace (BF) and submerged arc furnace (SAF) technologies. Metallurgical coke is the primary solid carbon reductant that is utilized in SAF technology. The integrated duplex method that consists of natural gas is injected into molten FeMn yielding hydrogen and carbon. The dissolved carbon into the molten metal bath decreases magnesium oxide (MnO) from a coexisting molten slag that is formed from the smelting of Mn ore.
Comprehensive Analysis of Ferromanganese Market
The ferromanganese market and chemicals & advanced materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a thorough regional assessment considering the dominant supply and demand forces that impact the metals & minerals industry. These segmentations are methodically segregated by types of grade and application. The grade includes high carbon, medium carbon, and low carbon ferromanganese. Similarly, the applications are iron & steel, alloy steel, and others.
The Asia Pacific region is conducive to the global ferromanganese market, leading to a recall of USD 31.49 billion owing to the presence of major manganese alloy producing countries such as China, Japan, and India are witnessing a high demand from the steel industry as an alloying element. These alloying elements are extensively used as construction components for developing infrastructure and rapid urbanization.
The top players in the market play a critical role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players are Monnet Group (India), Maithan Alloys Limited (India),), Gulf Manganese Corporation Limited (Western Australia), Tata Steel (India), Vale (Brazil), Ferroglobe (U.K.), OM Holdings Ltd. (Singapore), South32 (Australia), and Nippon Denko (Japan), these market players present a level-playing competitive landscape.
In April 2022, Tata steel’s subsidiary company Tata Steel Mining Ltd announced that it had completed the acquisring 90% of Rohit Ferro-Tech Limited. The aim of this acquisition is to facilitate Tata steel for enhancing, diversifying their product portfolio, and increasing their shares.
Segmentation Table
Global Ferromanganese Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 4% from 2024 to 2032
Unit Value (USD Billion); Volume (Kiloton)
Segmentation By Grade
- High Carbon FeMn
- Medium Carbon FeMn
- Low Carbon FeMn
By Application
- Iron & Steel
- Alloy Steel
- Others
By Region
- North America (By Grade, By Application, By Country)
- U.S.
- Canada
- Mexico
- Europe (By Grade, By Application, By Country)
- Germany
- U.K.
- France
- Italy
- Rest of Europe
- Asia Pacific (By Grade, By Application, By Country)
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Latin America (By Grade, By Application, By Country)
- Brazil
- Rest of Latin America
- The Middle East & Africa (By Grade, By Application, By Country)
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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