The global Ferrochromium Alloys Market is forecasted to reach USD 24.57 Billion by 2027, according to a new report by Reports and Data. The market is driven by demand from the booming stainless-steel industry, particularly in Asia. The Stainless-steel industry accounts for about 75.0% of the world's Ferrochromium Alloys intake. China, the leading manufacturer of stainless steel, and hence the largest consumer of Ferrochromium Alloys. Global production of stainless-steel is predicted to see significant growth in the coming years due to strong demand from the building construction industry, owing to its superior quality and corrosion-resistant properties.
Industry competition in the Ferrochromium Alloys sector is very intense due to the consolidation of many developed and integrated companies in Turkey, South Africa, India, and Kazakhstan. China, along with South Africa, is still among the Ferrochromium Alloys’s leading suppliers.
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According to the UNC on Trade and Growth, the average for Asia's inward foreign direct investment (FDI) in 2017 was 9.1%, the maximum of all regions. ASEAN-5, which involves the Philippines, Indonesia, Malaysia, Vietnam, and Thailand, is also expected to lead Ferrochromium Alloys demand in the coming years. The major challenge faced by the manufacturers in South Africa is the power supply shortage as Ferrochromium Alloys processing is an energy-intensive operation. Energy shortages combined with high energy prices in the country have adversely affected Ferrochromium Alloys production during the last few years and have culminated in many firms in the world being either shut down or acquired. However, the factors that impede market development include high cost, the need for regular maintenance to ensure smooth operations, and compliance with various regulations that render producing the latest product challenging for market players. The preservation of competitiveness at international cost is expected to curb market growth.
Key participants include Samancore Chrome Limited, Glencore, TNC Kazchrome JSC, Jindal Steel Power Ltd., Fondel Corporation, Yildirim Group, Tata Steel, Shanxi Jiang County Minmetal Co. Ltd., Eurasian Resources Group, and Mintal Group, among others.
To identify the key trends in the industry, click on the link below:https://www.reportsanddata.com/report-detail/Ferrochromium Alloys-market
Further key findings from the report suggest
- Based on type, low carbon Ferrochromium Alloys generated a revenue of USD 2.15 billion in 2019. It is projected to rise with a CAGR of 3.3% in the forecast period as it is used in stainless steel; the product's primary applications are in carbon low alloy steels and tool steels.
- The 200 series is expected to grow with a CAGR of 5.0% in the forecasted period, owing to its essential features of high-temperature tolerance and excellent corrosion resistance, thereby making it appropriate for various applications.
- The stainless-steel application is the major contributor to the Ferrochromium Alloys market. The stainless-steel sector of the Asia Pacific region is the major shareholder of the market and held around 76.6% of the market in 2019. There was no other substitute for Ferrochromium Alloys in the stainless-steel application to improve the cosmetic appearance and reduce oxidation.
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For the purpose of this report, Reports and Data have segmented into the global Ferrochromium Alloys market on the basis of type, grade, application, and region:
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- High Carbon
- Medium Carbon
- Low Carbon
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Stainless-steel
- Cast Iron
- Others
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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