Ferrochrome Market Size & Share, by Product Type (High Carbon, Medium Carbon, Low Carbon); Application (Stainless Steel, Specialty Steel) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5045
  • Published Date: Jun 17, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Ferrochrome Market size is projected to reach USD 30 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of ferrochrome was around USD 18 Billion. The rising steel production across the world is anticipated to increase the demand for ferrochrome shortly. The global crude steel production was 1,878 Mt in 2022, a 4% increase from the previous years.

Ferrochrome (FeCr) falls under the category of ferroalloy which contains a high percentage of manganese. Usually, ferrochrome has an alloy of iron and chromium that is beneficial for the production of castings and other special steels. The addition of ferrochrome adds a strong layer of strength to steel and helps in the production of high-voltage steel, enhancing its appearance and improving its corrosion resistance.

Ferrochrome Market
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Ferrochrome Sector: Growth Drivers and Challenges

Growth Drivers

  • Burgeoning Automotive Industry – With a rapid boom in the automotive industry, the utilization rate of ferrochrome is anticipated to increase. As vehicle manufacturers use steel as the main raw component to produce vehicles, ferrochrome is used to increase the strength of the steel and enhance the appearance of the final product. For instance, around 700 – 900 kg of steel is required to produce one vehicle.
  • Rapid Swelling of the Construction Industry – The development in the construction sector requires a huge amount of steel for various purposes during building infrastructures along with residential, commercial, and industrial spaces. As ferrochrome is an important alloy to strengthen the power of special steels, the growth of the steel industry is anticipated to bring lucrative profitable opportunities for the expansion of the global ferrochrome market size. The global construction industry is anticipated to stand at almost USD 15 trillion by 2030.
  • Increase in Investments for Manufacturing Activities – Recent focus on the manufacturing spectrum has attracted huge amounts of investments which is estimated to boost the growth of the manufacturing industries such as heavy equipment, consumer goods, electronics, and others. The development of such industries is anticipated to favor the steel demand and subsequently ferrochrome.


  • Easy Availability of Cost-Effective Alternatives – Carbon fiber is considered to be an effective replacement for stainless steel for various industries. The main reason is the ability of carbon fiber to absorb large amounts of impact energy, reduce the overall weight of the product, and increase its durability. This factor is anticipated to hamper the growth of the global market in the upcoming years.
  • Requirement of Huge Amounts of Electricity
  • Stringent Government Rules

Ferrochrome Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 18 Billion

Forecast Year Market Size (2035)

~ USD 30 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)
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Ferrochrome Segmentation

Product Type (High Carbon, Medium Carbon, Low Carbon)

The high carbon segment is anticipated to hold over 43% share of the ferrochrome market by 2035. The main factor for segment growth is the easy availability of high-grade carbon in large reserves and its lower cost. As a result, high-carbon ferrochrome is being preferred by various stainless steel manufacturers. In addition, high carbon is also used in the final stages of the production process of various steel such as structural steels, alloy steel, and tool steels.

Application (Stainless Steel, Specialty Steel)

The stainless steel segment in the ferrochrome market is set to garner the highest revenue share of 35% through the forecasted timeframe. The major factor for the expansion of segment value is the increasing usage of stainless steel in various industries such as construction, automotive, electronics, and others. Also, technological advancement in the steel industry has made stainless steel more affordable and accessible over the past few years. In addition to the other factors, the various advantages such as good affordability, easy accessibility, resistance to corrosion and temperature, and increased longevity are poised to boost segment size expansion.

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

     Product Type

  • High Carbon
  • Medium Carbon
  • Low Carbon


  • Stainless Steel
  • Specialty Steel

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Ferrochrome Industry Regional - Synopsis

APAC Market Forecast

The Asia Pacific ferrochrome industry is projected to be the largest with a share of about 35% by 2035. Countries in the Asia Pacific region such as China and Indonesia are considered to be major manufacturers of stainless steel which require ferrochrome to enhance its properties. A report of 2021 suggested that China is the top stainless steel producer followed by Indonesia in the world with a production of about 30 MT, which is equivalent to 60% of the global production. Along with that, rapid urbanization and industrialization in the region are estimated to generate opportunities for the utilization of ferrochrome in the next coming years.

North American Market Analysis

The North America ferrochrome industry is set to gold 24% of the market share by the end of the projected timeframe, owing to the presence of the largest industrial share along with the manufacturing sector in the region which requires a continuous supply of ferrochrome. Furthermore, the presence of a large number of production facilities is anticipated to improve the production rate of stainless steel in the region and positively affect the dynamics of the market.

Research Nester
Ferrochrome Market Size
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Companies Dominating the Ferrochrome Landscape

    • Ironveld Plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Tata Steel Mining Limited (Tata Steel Limited)
    • Samancor Chrome Limited
    • Ferro Alloys Corporation Limited
    • Eurasian Resources Group S.à r.l.
    • Hernic Ferrochrome (Pty) Ltd. (Mitsubishi Corporation)
    • Sandvik AB
    • Daido Steel Co., Ltd.
    • China Baowu Steel Group Corp., Ltd.
    • Merafe Resources

In the News

  • Ironveld Plc has finally signed the Share Purchase Agreement (SPA) to acquire 100% of the shares of Ferrochrome Furnaces Limited. This acquisition is aimed at using the smelting production unit and commencing mining and processing.
  • Tata Steel Mining Limited, a subsidiary of Tata Steel has announced its decision to increase its ferrochrome production capacity to 900,000 tonnes per year.

Author Credits:  Rajrani Baghel

  • Report ID: 5045
  • Published Date: Jun 17, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing production of steel and rapid growth of end-use industries is anticipated to bring in lucrative growth opportunities for the expansion of market size.

The market size of ferrochrome is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Ironveld Plc, Tata Steel Mining Limited (Tata Steel Limited), Samancor Chrome Limited, Ferro Alloys Corporation Limited, Eurasian Resources Group S.à r.l., Hernic Ferrochrome (Pty) Ltd. (Mitsubishi Corporation), Sandvik AB, Daido Steel Co., Ltd., China Baowu Steel Group Corp., Ltd., Merafe Resources, and other key players.

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

The market is segmented by product type, application, and by region.

The stainless steel segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Easy availability of alternatives along with the high requirement of electricity amounts and stringent government rules are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ferrochrome Market Report Scope

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