Global Ferrosilicon Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Ferrosilicon Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Ferrosilicon market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global ferrosilicon market size reached US$ 12.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2023-2028.
Ferrosilicon consists primarily of varying concentrations of iron and silicon, tailored for specific applications. This alloy is highly adaptable and is used to enhance the properties of diverse metals and alloys. Its magnetic attributes render it suitable for a wide array of metallurgical processes and applications. Furthermore, its silicon content contributes to enhanced corrosion resistance and durability. Its relatively high density and excellent electrical conductivity effectively bolster the bond between concrete and reinforcing materials, thus promoting structural longevity. Moreover, it enhances both the surface finish and mechanical properties of cast components, resulting in a superior end product. The corrosion-resistant nature of ferrosilicon significantly prolongs the lifespan of materials exposed to harsh environments. In magnesium production, ferrosilicon acts as a reducing agent in extracting magnesium from its ores. Additionally, it is utilized in welding electrodes to elevate weld quality and prevent imperfections. Furthermore, ferrosilicon plays a pivotal role in dense media separation processes for mineral beneficiation and finds widespread use in abrasives for cutting, grinding, and polishing applications. Notably, it serves as a vital component in the thermochemical process for producing hydrogen gas from water.
Global Ferrosilicon Market Trends and Drivers:
Rapid urbanization and the increasing construction activities worldwide are driving the demand for high-quality steel, which represents one of the key factors positively influencing the market. Ferrosilicon-enhanced concrete provides improved sound insulation and vibration damping, which makes it suitable for noise barrier walls, building facades, and structures in noisy environments. Along with this, the increasing use of ferrosilicon in repair and rehabilitation projects for aging infrastructure is strengthening the growth of the market. Additionally, governments of various countries are undertaking initiatives to expand infrastructure development which is driving the demand for ferrosilicon-infused steel for construction projects. Apart from this, the rising utilization of ferrosilicon as an alloying agent in the aerospace industry to enhance the mechanical properties of metals like aluminum and titanium is favoring the market growth. Ferrosilicon-based alloys are used in the production of several components like landing gear, engine parts, and structural components with optimal strength, durability, and resistance to high temperatures. Furthermore, the widespread adoption of ferrosilicon-modified materials in the automotive industry for sound insulation, reduced noise levels, and improved overall driving experience is creating a positive outlook for the market. Ferrosilicon-based materials are used in automotive coatings to enhance corrosion resistance and improve the adhesion of coatings to metal surfaces, which helps extend the lifespan of vehicles. Moreover, the rising use of dense media separation in mineral processing drives the need for ferrosilicon-based dense media for effective ore beneficiation.
Global Ferrosilicon Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: China National Bluestar (Group) Co. Ltd. (China National Chemical Corporation), DMS Powders, Eurasian Resources Group, Ferroglobe PLC, Finnfjord AS, Hindustan Alloys Private Limited, Indian Metals & Ferro Alloys Limited, Maithan Alloys Limited, Mechel PAO, OM Holdings Ltd., Westbrook Resources Ltd., etc.
The report segmented the market on the basis of region, type, application and end user.
Breakup by Type:
- Atomized Ferrosilicon
- Milled Ferrosilicon
Breakup by Application:
Breakup by End User:
- Carbon and Other Alloy Steel
- Stainless Steel
- Electric Steel
- Cast Iron
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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