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Ferrosilicon Market Analysis by Type (Atomized Ferrosilicon, Milled Ferrosilicon); By Application (Deoxidizers, Inoculants); and By End-use (Stainless Steel, Cast Iron, and Electric Steel) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Elkem ASA commemorated the 40th anniversary of its ferrosilicon facility, which is one of the largest in the world and is situated in Akranes, focusing on the environmentally friendly manufacturing of high-quality, specialized ferrosilicon.

  • Mechel PAO has announced the opening of an upgraded furnace at the Bratsk Ferroalloy Plant. The improvement increased the capacity of the ferrosilicon ore-smelting furnace from 25 MVA to 33 MVA. The plant will be able to raise the furnace's output by 40% as a result. A total of about 1.1 billion rubles were invested.

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

Base Year

2022

Forecast Year

2023-2033

CAGR

~3%

Base Year Market Size (2022)

~ USD 13 Billion

Forecast Year Market Size (2033)

~ USD 17 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 Middle East and Africa)

 

The global ferrosilicon market is estimated to garner a revenue of ~USD 17 billion by the end of 2033 by growing at a CAGR of ~3% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 13 billion in the year 2022. Ferrosilicon is mainly used for the deoxidization of steel, and therefore the primary growth driver for ferrosilicon sales is the world steel market itself. It is estimated that the world finished steel production grew from ~1.76 billion tons in 2020 to ~1.84 billion tons in 2021.

Ferrosilicon-Market-AnalysisGet more information on this report:Download Sample PDF

The primary alloy used in the production of iron and steel is ferrosilicon. The primary factor contributing to the ferrosilicon market's modest CAGR of 3% over the projection period is the environmental challenges connected with transporting ferroalloys. Manufacturers have been creating consistent sources of income in the steel business over the past few years since steel is a necessary raw material for most sectors.

Global Ferrosilicon Market: Growth Drivers and Challenges

Growth Drivers

  • Use of Ferrosilicon in Steel Manufacturing – Since silicon and oxygen have a very strong chemical reactivity with one another, it makes ferrosilicon is a powerful deoxidizer that is utilized in the steel-making process. The rising production of silicon is expected to boost the ferrosilicon market in the forecasted period. According to the U.S. Geological Survey, the total production of silicon increased from 277 in 2020 to 310 in 2021.

  • Growing Demand for Ferrosilicon in the Automobile Industry – Ferrosilicon use and production will rise proportionately with the use of steel as a raw material in the automobile industry. Global sales of autos increased from 62 million units in 2020 to over 67 million in 2021.

  • Demand for Ferrosilicon from the Recovering Construction Industry – Government-backed infrastructure spending is anticipated to drive steel demand development in the construction sector in China and other advanced nations. According to research, it was forecasted that the consumption of steel would rise by ~6% in 2021 and ~3% in 2022.

  • Rising Demand for Atomized Ferrosiliconin March 2022 United States recorded an increase of 12.9% in the prices of ferrosilicon, including its atomized version.

  • Increased Production of Cast and Pig Iron – Ferrosilicon is used as an inoculant during the production of cast iron. According to the U.S. Geological Survey, the world’s total production of pig iron increased from 1,310 million metric tons in 2020 to 1,400 million metric tons in 2021.

Challenges

  • Environmental Challenges Regarding Emissions – where the concern about the environmental situation and the unwanted side-effects of human activities is growing. Also, all aspects of the production and use of ferroalloys are energy-intensive and the processes themselves have an impact on the environment.

  • Managing Hazards such as Harmful Chemicals

  • Slow Rate 0f Growth

The global ferrosilicon market is segmented and analyzed for demand and supply by application into deoxidizers and inoculants. Out of these, the deoxidizer 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 as well as the use of ferrosilicon as a deoxidizer in the steel industry. For instance, on a silicon-content basis, ferrosilicon accounted for nearly 70% of global silicon production in 2021.

Global Ferrosilicon Market Regional Synopsis

The Asia Pacific ferrosilicon market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. This is attributed to the presence of China and India the two largest steel-producing countries in the world along with ferrosilicon being the master alloy in steel production. Steel production in India rose from 100.3 million tons in 2020 to 119 million tons in 2021.

Ferrosilicon-Market-Scope

Market Segmentation

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

       By Type

  • Atomized Ferrosilicon
  • Milled Ferrosilicon

       By Application

  • Deoxidizers
  • Inoculants

       By End-Use

  • Stainless Steel
  • Cast Iron
  • Electric Steel

Top Featured Companies Dominating the Global Ferrosilicon 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.
  • Mechel PAO
  • OM Holdings Ltd.
  • Westbrook Resources Ltd.

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