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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 18 Billion |
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Forecast Year Market Size (2035) |
~ USD 30 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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:
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Product Type |
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Application |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: 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.
Ans: The market size of ferrochrome is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: 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.Ã 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.
Ans: 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.
Ans: The market is segmented by product type, application, and by region.
Ans: The stainless steel segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: 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.
Ans: 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.
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