Ferrosilicon Market Size Worth $13.7 Billion By 2030: Grand View Research, Inc.

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12 Apr, 2022, 12:30 GMT

SAN FRANCISCO, April 12, 2022 /PRNewswire/ -- The global ferrosilicon market size is expected to reach USD 13.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.4% from 2022 to 2030. Rising demand for ferrosilicon in the steel and cast iron industries is anticipated to contribute to market growth over the forecast period. Ferrosilicon is used as a deoxidizer in the steel industry to prevent the loss of carbon during the production process. As a result, rising investment in the steel industry is anticipated to augment the market growth. For instance, in January 2022, POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which is jointly owned by HBIS Group.

Key Insights & Findings from the report:

The deoxidizer segment accounted for the largest revenue share of over 69.0% in 2021, and this trend is expected to continue across the predicted timeline owing to the rising production of steel. For instance, crude steel production increased to 3.7% from 2020 to 2021 reaching 1,950.5 million tons, according to a report by World Steel Association.
The cast iron segment is anticipated to register the fastest CAGR of 3.4%, in terms of revenue, across the forecast period, owing to the use of ferrosilicon as an inoculant in the industry.
The shifting trend from non-stick cookware to those made up of cast iron, owing to growing concerns about potential health risks, is projected to emerge as the key driver for cast iron end-use segment growth over the forecast period.
Asia Pacific dominated the market and accounted for a revenue share of 66.8% in 2021. The rising production of automobiles and investments in the construction industry are influencing the demand for ferrosilicon in the region.
In North America, the market is projected to witness a CAGR of 2.2%, in terms of revenue, over the forecast period. The U.S. is anticipated to be the major market of the North American region over the forecast period.

Read 100-page market research report, "Ferrosilicon Market Size, Share & Trends Analysis Report By Application (Deoxidizer, Inoculants), By End-use (Stainless Steel, Cast Iron, Electric Steel), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Ferrosilicon Market Growth & Trends

The USD 600 million plants are anticipated to have an annual production capacity of 900 kilotons and will supply galvanized steel sheets to the automotive industry. Furthermore, due to their long life span and good compressive strength, cast iron pipes are widely used in plumbing applications. Companies involved in cast iron pipe production are expanding their capacity, thereby fueling ferrosilicon consumption. For instance, in December 2021, AMERICAN SpiralWeld Pipe Company, a producer of cast iron pipe, announced its decision to invest USD 40 million to expand its operation in Richland County, U.S. Furthermore, rising investments in China's construction industry are expected to benefit market growth.

For instance, China initiated five major infrastructure projects in the third quarter of 2021, one of them was an investment of USD 4,793 million in the construction of a railway line from Liuzhou to Wuzhou covering a distance of 237.78 kilometers. Such projects are aiding the consumption of steel and related products, thereby, positively influencing market growth over the forecast period. The market is competitive with a presence of a large number of players scattered across different regions. To uphold and expand their presence, market vendors are involved in acquisition activities. For instance, in February 2022, Elkem ASA acquired the remaining 50% stake in the Salten energy recovery plant from Kvitebjørn Energi, thus, taking 100% ownership. This acquisition aims to enable the production of environmental-friendly ferrosilicon grade.

Ferrosilicon Market Segmentation

Grand View Research has segmented the global ferrosilicon market on the basis of application, end-use, and region:

Ferrosilicon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Deoxidizer
Inoculants
Others

Ferrosilicon End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Carbon & Other Alloy Steel
Stainless Steel
Electric Steel
Cast Iron
Others

Ferrosilicon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
Russia
U.K.

Asia Pacific

China
India
Japan

Central & South America

Brazil

Middle East & Africa

List of Key Players of Ferrosilicon Market

Elkem ASA
Eurasian Resources Group
FINNFJORD AS
FENGERDA GROUP
Ferroglobe
IMFA
OM Holdings Ltd.
Russian Ferro-Alloys Inc.
SINOGU CHINA
VBC Ferro Alloys Limited

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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