Silico Manganese Market Forecasts to 2028 – Global Analysis By Product (High Carbon Manganese, Low Carbon Manganese and Others), Application (Foundry, Welding Accessories and Other Applications) and By Geography

Silico Manganese Market Forecasts to 2028 – Global Analysis By Product (High Carbon Manganese, Low Carbon Manganese and Others), Application (Foundry, Welding Accessories and Other Applications) and By Geography

According to Stratistics MRC, the Global Silico Manganese Market is accounted for $29.01 billion in 2022 and is expected to reach $47.33 billion by 2028 growing at a CAGR of 8.5% during the forecast period. Silico manganese is used in steel manufacturing to improve its properties such as strength, ductility, and corrosion resistance. These alloys are mixtures of metals and metalloids along with manganese metal. It provides the necessary toughness and hardness to steel. It is the critical ingredient for steel making. It needs higher process temperature. It is also used in refining, deoxidizing, modification and control of non-metallic inclusions.

According to the World Steel Association, the combined production of steel in China and India grew from 882.4 million to 1107.5 million metric tons with a total increase from 54.9% to 59.2% globally.

Market Dynamics:

Driver:

Increasing demand of steel industry

The demand for steel products has grown considerably by increasing focus of the governments to build a robust infrastructure and dwellings for the growing population throughout the world. Manganese alloy is primarily used in the production of alloy steels. Such growth in steel production is expected to be the key factor to propel the market growth.

Restraint:

Regulations related to manganese exposure

Manganese alloys are used in large quantities in the manufacturing of steel alloys. Exposure to dust and fumes of manganese has been linked to poisoning which can cause impairment of motor skills and cognitive disorders in humans. Exposure limit of manganese is 5 mg/m3 over an 8 hour work day. An exposure over 500 mg/m3 is dangerous to the life of human beings which is hindering the growth of the market.

Opportunity:

Rising demand for manganese steel in automotive industry

The automobile industry has always sought materials that can provide enhanced strength to the body structure of the automobile. Steel is the material of choice for the construction of vehicle bodies due to its high strength, weight ratio and good impact resistance. As the demand for automobile industry is increasing, the demand for manganese steel is also rising which is the main reason for lucrative growth of the market.

Threat:

High cost of production

The cost of production of manganese sector is facing significant changes due to increase in expanding automobile industry. The average rate of silico manganese is Rs. 72 per kilogram. Tonnes of manganese are used daily in the production process which causes high costs. Inadequate capacity to meet the expected demand is hampering the growth of the market.

Covid-19 Impact

The silicon manganese market was negatively impacted by the pandemic. During covid, the transportation has been restricted which affected the production unit due to unavailability of raw materials. Many companies got shut down and caused disruptions in the supply of manganese ore and the production of manganese alloys. It not only affected the mining activities but has also impacted import & export activities. It caused disruptions in the supply chain of the product.

The low carbon segment is expected to be the largest during the forecast period

The low carbon segment is estimated to have a lucrative growth, due to the production of stainless steel (SS) and other low-carbon steel grades through vacuum oxygen decarburization (VOD), argon oxygen decarburization (AOD), and Creusot-Loire Uddeholm (CLU) processes. Increasing global production of stainless steel is anticipated to support the growth of the market.

The high carbon segment is expected to have the highest CAGR during the forecast period

The high carbon segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising investments in various industries such as construction, machinery & tool manufacturing, and kitchenware. The high usage of this segment in these sectors is propelling the growth of the market at rapid pace.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising adoption of high carbon ferromanganese in the steel industry. The increasing production activity of steel and increasing investments by the private players in this region is fueling the demand of the market in this region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the rise in advancements of cars and trucks in order to make them light weight. The adoption of manganese in welding accessories and rapid growth in the construction industry due to increasing demand for residential buildings in this region is raising the market growth.

Key players in the market

Some of the key players profiled in the Silico Manganese Market include Eramet, NIPPON DENKO CO., LTD, SAKURA FERROALLOYS, Brahm Group, Steelforce, Ferroglobe, OM Holdings Ltd, Tata Steel, EMCO (Bahrain Ferro Alloys BSC), Sabayek, Maithan Alloys Ltd, Nava Bharat, Rohit Ferro Tech Ltd, Vale, Hickman, Williams & Company, Marubeni Tetsugen Co Ltd, Citic Dameng Mining Industries Ltd, Gulf Manganese, Transalloys, Simpac

Key Developments:

In November 2022, Tata Steel has launched a new coated product brand named ‘Galvanova,’ a 55% Aluminium-Zinc alloy coated product, to address the evolving and unmet requirements of the Medium and Small Scale Enterprises (MSMEs)

In October 2022, Nippon Steel Corporation (""Nippon Steel"") has launched a new brand, NSCarbolex™ Solution, which comprehensively features advanced products and technical solutions to contribute to reducing CO2 emissions in society.

Products Covered:
• High Carbon Manganese
• Low Carbon Manganese
• Silicomanganese
• Other Products

Applications Covered:
• Foundry
• Welding Accessories
• Steel Manufacturing
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements