Ferromanganese Market Size, Share, Demand, Report, Forecast 2024-2032 {{ currentPage ? currentPage.title : "" }}

The global ferromanganese market size is expected to gain momentum by reaching USD 96.08 billion by 2028 from USD 73.12 billion in 2021 while exhibiting a CAGR of 4% between 2021 to 2028. In its report titled, “Ferromanganese Market Size, Share & COVID-19 Impact Analysis, By Grade (High Carbon FeMn, Medium Carbon FeMn, and Low Carbon FeMn), By Application (Iron and Steel, Alloy Steel, and Others), and Regional Forecast, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 70.85 billion in 2020. The increasing use of stainless steel in various architectural structures worldwide, and other construction projects, has increased its demand. Furthermore, its application in various other industries is expected to drive the market for ferromanganese materials in the upcoming years.

What does the Report Provide?

The research report of the market for ferromanganese provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.

Driving Factor

Increasing Demand for Stainless Steel in the Construction Industry to Drive Market Growth

The rising construction activities worldwide have increased the demand for excellent corrosion resistance, and toughness and offer good strength properties, stainless steel. For instance, in a report by the World Steel Association, around 52% of steel is occupied by the construction industry. These are more prominent in architectural cladding, handrails, roofing, drainage and water systems, and fixings. Furthermore, these are also used in the making of beams, columns, canopies, atriums, swimming pool sheds, and others for giving it an aesthetic appeal, which is the foremost requirement of modern-day construction and thus driving the ferromanganese market growth.

Regional Insights

Asia Pacific to Dominate Backed by Presence of Renowned Key Players

Asia Pacific is expected to remain at the forefront and hold the highest position in the market during the forecast period owing to the presence of major manufacturers in the region. Moreover, the rising demand for material in construction activities in developing economies is promoting the margin. It generated USD 27.83 billion in terms of revenue in 2020.

Europe is expected to witness significant growth in the ferromanganese market share in upcoming years. This is attributable to its extensive use in the automobile industry. As in the region, demand for steel has upsurge in the manufacturing of electric cars. Thereby, this industry is also expected to witness significant growth.

Regional Segmentation:

By grade, the market is segmented into high carbon FeMn, medium-carbon FeMn, and low-carbon FeMn. By application, the market is divided into iron & steel, alloy steel, and others.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Source- https://www.fortunebusinessinsights.com/ferromanganese-market-105737 

Competitive Landscape

Key Players to Focus on Acquisitions to Strengthen Their Positions in This Market

The market is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in May 2021Maithan Alloys acquired Impex Metals & Ferro Alloys for Rs 74.22 crore. This acquisition will increase the production capacity of the Maithan Alloys by 70,355 TPA of Ferro and silicomanganese. Such strategic moves will help in establishing a strong market prospectus in upcoming years.

Prominent Companies operating in the ferromanganese market. They are as follows:

  • Monnet Group (New Delhi, India)

  • Maithan Alloys Limited (Kolkata, India)

  • Tata Steel (Mumbai, India)

  • Gulf Manganese Corporation Limited (Perth, Western Australia)

  • Vale (Rio de Janeiro, Brazil)

  • Ferroglobe (London, UK)

  • OM Holdings Ltd. (Singapore)

  • South32 (Perth, Western Australia)

  • Nippon Denko (Tokyo, Japan)

  • Other Key Players

Significant Industry Developments of the Ferromanganese Market include:

April 2021: Salasar launched a new steel manufacturing unit in Hapur, Uttar Pradesh. This newly launched plant has a total production capacity of 15000 tonnes per annum.

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