Growth in industrialization in emerging economies, especially in Asia-Pacific countries, and an increase in stainless steel production to fuel the demand for ferrochrome.
Market Size – USD 17.48 Billion in 2019, Market Growth - CAGR of 4.3%, Market Trends– High demand from developing nations.
NEW YORK, Oct. 20, 2020 /PRNewswire/ -- The global Ferrochrome market size is forecast 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 ferrochrome intake. China is the leading manufacturer of stainless steel, and hence the largest consumer of ferrochrome. Global production of stainless-steel is predicted to register 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 ferrochrome 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 ferrochrome'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 ferrochrome demand in the coming years. The major challenge faced by the manufacturers in South Africa is the power supply shortage as ferrochrome processing is an energy-intensive operation. Energy shortages combined with high energy prices in the country have adversely affected ferrochrome 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.
The COVID-19 impact:
As the COVID-19 crisis is rising, producers are rapidly changing their activities and purchasing strategies to meet the pandemic's demands that have developed the need for ferrochrome based on the market. A sequence of positive as well as negative shocks will arise over a few months as producers and their vendors adapt to changing customer demands. Many regions look vulnerable to export-dependent economies, with an unfortunate global situation. The impact of this pandemic will reshape the global Ferrochrome markets when certain manufacturers either close down or decrease their production due to a lack of downstream demand. While some have their respective governments' production suspended as a precautionary measure to combat the spread of the virus. In other nations, while looking at the severity of the outbreak and the national authorities' consequent behavior, customers are centered on becoming more local. Business dynamics in Asia Pacific regions have become very unpredictable in these cases, weakening regularly and finding it impossible to stable themselves.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/ferrochrome-market
Further key findings from the report suggest
- Based on type, low carbon ferrochrome 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 Ferrochrome 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 ferrochrome in the stainless-steel application to improve the cosmetic appearance and reduce oxidation.
- The Asia Pacific region dominated the market for ferrochrome in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held 67.0% of the market, followed by Europe, which contains around 14.7% market in the year 2019.
- 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.
For the purpose of this report, Reports and Data have segmented into the global Ferrochrome 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
Grade Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- 200 Series
- 300 Series
- 400 Series
- Duplex Series
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Cast Iron
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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