Ferroalloys Market Analysis by Type (Ferrochrome, Ferromanganese, Ferro Silicomanganese, Ferrosilicon, and Others); By Abundance (Bulk, and Noble); and By End-use (Carbon & Low Alloy Steel, Stainless Steel, Alloy Steel, Cast Iron, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Buy Now Report ID: 4612 | Published Date: Feb 24, 2023

Global Ferroalloys Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global ferroalloys market is estimated to garner a revenue of ~USD 160 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 94 Billion in the year 2022. Ferroalloys are mainly used for the deoxidization and refining of steel, and therefore the primary growth driver for ferroalloys sales is the world steel market itself. As the steel industry expands, so does the demand for ferroalloys, which are important raw ingredients in the steelmaking process. Steel demand is influenced by a variety of variables, including economic expansion, population increase, urbanization, and infrastructure development. In fact, global steel production has increased slowly but steadily, from 1.88 billion tons in 2020 to 1.94 billion tons in 2021.


Ferroalloys are a primary material used in steel production. They entail several iron alloys that contain a significant amount of one or more other elements, such as silicon, manganese, or aluminum. They are employed in the synthesis of alloys and steels. The alloys are strongly linked to the iron and steel sector, the top consumer of ferroalloys, as they give steel and cast-iron specific properties or perform crucial tasks during manufacture. Steel is an essential raw material for most industries, so manufacturers have generated steady revenue over the last few years.

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Global Ferroalloys Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 94 Billion

Forecast Year Market Size (2033)

~ USD 160 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Ferroalloys Market: Growth Drivers and Challenges


Growth Drivers

  • Strong Demand for Steel in Construction: The demand for steel in the construction industry was predicted to increase by 6% in 2021 and 3% in 2022, according to a study. This is expected to positively impact the revenue generated in the ferroalloys market. In China and other developed countries, steel consumption is expected to be driven by government-sponsored infrastructure spending.

  • Use in the Deoxidation of Steel- Ferroalloys are used as strong deoxidizers in the production of steel. The U.S. Geological Survey reports that while net sales remained largely flat during the first half of 2022 compared to the same period in 2021, total output climbed by 5%.

  • Growing Use of Steel in the Automobile Sector – As steel is a key raw material in the automotive sector, both the use and production of ferroalloys will increase proportionally. Over 67 million vehicles were sold globally in 2021, up from 62 million in 2020. This is a result of the recovering vehicle industry, which had seen a significant decline in income as a result of the pandemic.

  • Increased Production of Cast and Pig Iron – Cast iron and pig iron, which are largely made of iron and carbon, are used in a variety of industrial processes, including those that create steel and other alloys, produce building materials, and create machinery and equipment. A larger demand for ferroalloys, which are utilized to improve the qualities of these items, would result from the increasing manufacturing of these products. When making cast iron, ferroalloys are injected into the process as an inoculant. The global production of pig iron climbed from 1,310 million metric tons in 2020 to 1,400 million metric tons in 2021, according to the U.S. Geological Survey.

  • Strong Demand for Noble Ferroalloys – Noble ferroalloys include ferroboron, ferromolybdenum, ferronickel, ferroniobium, ferrophosphorus, ferrotitanium, ferrotungsten, and ferrovanadium. Apart from deoxidizing and refinement of steel, noble ferroalloys such as ferrotungsten are used to create steel items for particular applications. Owing to their high melting point electrical properties, ferroalloys such as ferrotungsten are used in the aerospace industry, apart from applications in electron microscopes. The U.S. Geological Survey reports that the world production of noble ferroalloys increased to 1,40,00,000 metric tons from 1,15,00,000 metric tons.  


  • Government Restrictions Regarding the Management of Hazardous Chemicals - The market for ferroalloys may also be impacted by governmental limitations and the control of hazardous substances. Many of the techniques used to produce ferroalloys contain dangerous substances that may be harmful to the environment and human health, such as heavy metals and toxins. Stricter rules are being implemented by governments all around the world to regulate the creation, consumption, and disposal of these substances.
  • Rising Use and Development of Alternatives to Steel

Global Ferroalloys Market Segmentation

The global ferroalloys market is segmented and analyzed for demand and supply by abundance into bulk and noble ferroalloys. Out of these, the bulk ferroalloys segment is projected to hold most of the market share in 2033. This can be attributed to the rising and steady demand for steel across the world for various industries. For instance, the world production of bulk ferroalloys increased from 4,12,00,000 metric tons in 2018 to 4,47,00,000 metric tons in 2019.

The global ferroalloys market is also segmented and analyzed for demand and supply by end-use into carbon & low alloy steel, stainless steel, alloy steel, cast iron, and others. Out of these segments, the stainless steel segment is expected to garner the highest share of the market, closely followed by carbon & low alloy steel. This can be owed to the fact that the chromium that provides stainless steel its ability to resist corrosion is added using ferrochromium. Numerous sectors, including constructions, automotive, and consumer products, frequently employ stainless steel. For instance, in the Asia Pacific Region, it is projected that steel consumption will increase by 1% in 2023.

Our in-depth analysis of the global ferroalloys market includes the following segments:

                By Type

  • Ferrochrome
  • Ferromanganese
  • Ferro Silicomanganese
  • Ferrosilicon
  • Others

                By Abundance

  • Bulk
  • Noble

                 By End-Use

  • Stainless Steel
  • Carbon & Low Alloy Steel
  • Cast Iron
  • Alloy Steel
  • Others

Global Ferroalloys Market Regional Synopsis


The market in the Asia Pacific, amongst the market in all the other regions, is expected to have the biggest market share by the end of 2033. The largest market share for ferroalloys was created in the Asia Pacific region, and this region is anticipated to continue growing in the coming years. The market share for ferroalloys in this area is developing as a result of rising consumer discretionary money and a thriving local building sector. This is explained by the existence of China and India, the two nations that produce the most steel worldwide.  According to the World Steel Association, China is recognized as the greatest steel manufacturer in June 2021 with an increase of 6.6 percent from 860 MT to 900 Mn Tonnes (MT) of steel. China is believed to be the core of the global steel supply with a production rate of 51.3% in 2018. Additionally, it is anticipated that the market demand for ferroalloys will increase owing to fast industrialization, significant expenditures by the Indian government and large corporations in growth, and the creation of a smart India.


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Top Featured Companies Dominating the Global Ferroalloys Market

    • Elkem ASA
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Feng Erda Group
    • DMS Powders
    • Eurasian Resources Group
    • Ferroglobe PLC
    • Finnfjord AS
    • Hindustan Alloys Private Limited
    • Russian Ferro-Alloys Inc.



In The News

  • Ferroglobe’s second silicon metal furnace situated in Selma, Alabama, United States has resumed operation. The restart of this furnace increases the annual capacity of silicon metal for the domestic market in the United States by 11,000 tons. The Selma facility's two furnaces can produce 22,000 pounds of silicon metal annually.

  • Elkem ASA unveiled a new Elkem bismuth inoculant at the virtual Elkem Silicon Products booth at the 2021 AFS Metalcasting Congress in the US. This new inoculant affordably enhances ductile-iron structures and qualities. If rare earths are present throughout the process of ductile-iron nodularising, new bismuth inoculant enhances graphite nodularity and lowers chill in ductile-iron castings.


Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Smruti Ranjan, Rajrani Baghel

Key Questions Answered in the Report

1) What are the major factors driving the growth of the ferroalloys market?

Ans: Steady demand for steel and cast iron, along with growth in the construction and automobile sector can be termed as the major factors driving the growth of the ferroalloys market.

2) What would be the CAGR of ferroalloys market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the ferroalloys market growth?

Ans: Slow rate 0f growth and development of new materials are some key challenges affecting market growth.

4) Which region will provide more business opportunities for growth of ferroalloys market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the ferroalloys market?

Ans: The major players in the market are: Elkem ASA, Feng Erda Group, DMS Powders, Eurasian Resources Group, Ferroglobe PLC, Finnfjord AS, Hindustan Alloys Private Limited, Russian Ferro-Alloys Inc., Mechel PAO. OM Holdings Ltd., and Westbrook Resources Ltd.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the ferroalloys market?

Ans: The market is segmented by type, abundance, end-use, and by region.

8) Which segment captures the largest market size by abundance in the ferroalloys market?

Ans: The use of bulk ferroalloys is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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