Ferro
manganese is an important ferroalloy that is used as a deoxidizing and alloying
agent in steel production. It also improves the strength and wear resistance
properties of steel. The growing steel industry has increased the demand for
ferro manganese over the years. Steel is one of the most widely used metals
owing to its high strength, ductility and low cost. It finds myriad
applications across industries such as construction, automotive, machinery, and
appliances. Growth in the construction and infrastructure sectors along with
rising automobile production are expected to drive demand for steel. The global
Ferro Manganese Market is estimated to be valued at US$ 71 Bn in 2023 and is
expected to exhibit a CAGR of 4.0%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market key trends:
The rising steel production acts as a major growth driver for the ferro
manganese market. Steel accounts for over 95% of the total ferro manganese
consumption globally. Developing economies across Asia Pacific and Latin
America are witnessing significant infrastructural development which is
augmenting steel demand from the construction industry. Moreover, governmental
investments towards railway, road and bridge construction projects are also
propelling the steel market. For instance, the Indian government earmarked Rs
51 lakh crore towards the National Infrastructure Pipeline project for FY
2019-2025 to develop social and industrial infrastructure in the country. This
will boost steel demand and subsequently support ferro manganese consumption
over the forecast period.
Segment Analysis
The
global
ferro manganese market size is segmented based on type and application.
Based on type, the market is further divided into high carbon, medium carbon
and low carbon ferro manganese segments. The high carbon ferro manganese
segment dominates the market as it offers higher strength and is more resistant
to corrosion and high temperatures. It is used in manufacturing of steel where
strength and resistance to heat and corrosion is important.
Key Takeaways
The global ferro manganese market is expected to witness high growth over
the forecast period.
Asia
Pacific is the largest and fastest growing market for ferro manganese
currently. China dominates the region's ferro manganese market owing to large
scale steel manufacturing in the country. India is also emerging as major
market growing at higher rate.
Key players operating in the ferro manganese market are Monet Group, Tata
Steel, Gulf Manganese Corporation Limited, Vale, Eurasian Resources Group,
Ferroglobe, China Minmetals Group Co., Ltd., Eramet Group, South32, and OM
Holdings Ltd. The key players focus on expanding their production capacities
and regional presence to cater to growing demand from end use industries.
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