Technological advancements, expanding prospects for ferroalloys in building activities around the globe, and the increase in production and usage of steel to stimulate innovations in vehicle designs are expected to boost the global Ferroalloys Market.
JERSEY CITY, N.J., June 21, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Ferroalloys Market" By Type (Bulk Ferro Alloys and Noble Ferro Alloys), By End-Use Industry Type (Steel, Superalloys, Construction, and Automotive & Transportation), By Production Type (Blast Furnace and Electric Arc Furnace), and By Geography. According to Verified Market Research, the Ferroalloys Market size was valued at USD 49.94 Billion in 2021 and is projected to reach USD 80.90 Billion by 2030, growing at a CAGR of 4.8% from 2022 to 2030.
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Browse in-depth TOC on "Ferroalloys Market"
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Global Ferroalloys Market Overview
The global Ferroalloys Market is likely to develop significantly over the forecast period with increased steel production across the world. Ferroalloys improve the hardness, corrosion resistance, abrasion resistance, tensile strength at high temperatures, and creep strength of steel. As a result, they are essential raw materials for the steel and iron industries. In addition, due to the increased need for ferroalloys across global steel industries, the developing automotive and transportation industry is expected to fuel worldwide market demand. The rising usage of ferroalloys in the automotive, automotive, and transportation industries, and technological advancements, are driving the worldwide Ferroalloys Market forward.
Ferroalloys are utilized in the production of several automotive components to reduce fuel consumption and improve the vehicle's overall efficiency. As a result, one of the primary factors contributing to the market's favorable outlook is the rapid expansion in the automobile sector across the world. Moreover, the Ferroalloys Market is expected to increase due to its widespread application in several end-use industries, like healthcare, electronics, metallurgical, and oil & gas. The increasing use of ferrochromium in stainless steel production is driving the market ahead.
Key Players
The major players in the market are Gulf Ferroalloys Company (SABAYEK), Tata Steel, Brahm Group, Ferroalloy Corporation Limited, Shanghai Ferroalloys Works, Georgian American Alloys, SAIL, MORTEX GROUP, Arcelor Mittal, and China Minmetals Corporation.
Verified Market Research has segmented the Global Ferroalloys Market On the basis of Type, End-Use Industry Type, Production Type, and Geography.
- Ferroalloys Market, By Type
- Bulk Ferro Alloys
- Noble Ferro Alloys
- Ferroalloys Market, By End-Use Industry Type
- Steel
- Superalloys
- Construction
- Automotive & Transportation
- Ferroalloys Market, By Production Type
- Blast Furnace
- Electric Arc Furnace
- Ferroalloys Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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