Ferrochrome market size to grow by 2,979.59 thousand tons from 2022 to 2027, APAC to account for 75% of global market growth

NEW YORK, May 1, 2023 /PRNewswire/ -- The ferrochrome market is expected to grow by 2,979.59 thousand tons from 2022 to 2027, progressing at a CAGR of 4.39%. APAC is expected to account for 75% of the growth of the global market during the forecast period. The growth of the market in the region is attributed to factors such as the rising demand for ferrochrome from China, Japan, South Korea, India, and Malaysia. Ferrochrome is used in the production of stainless steel and other alloy steel. More than 70% of global stainless-steel production occurs in APAC. Therefore, the rise in demand for stainless steel from the construction, transportation, and metallurgical industries will drive the growth of the market. The demand for ferrochrome in APAC is also led by a rise in infrastructure projects and construction activities. These factors will drive the growth of the ferrochrome market in the region during the forecast period. For more key insights on market size and other illustrations - Request the sample report

Ferrochrome market: Segmentation analysis

Technavio has segmented the ferrochrome market by product (charge chrome and high carbon, low carbon, and medium carbon), end-user (stainless steel, carbon and other alloys, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The report provides actionable insights and estimates the contribution of all segments to the growth of the global ferrochrome market.

The charge chrome and high carbon segment will account for a significant share of market growth during the forecast period. Charge chrome and high carbon ferrochrome provide high hardenability, temperature stability, and corrosion resistance. Charge chrome ferrochrome is generally used in the production of stainless steel. The rise in the use of charge chrome and high carbon ferrochrome for the production of stainless steel is expected to drive the ferrochrome market growth during the forecast period.

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Ferrochrome market: Key factor driving market growth

The increasing demand for ferrochrome from developing countries is driving market growth. Ferrochrome is used in the production of stainless steel and other alloy steel, especially in developing countries. Therefore, various vendors are shifting their manufacturing sites to countries such as India, South Africa, China, and Zimbabwe. These countries offer advantages such as easy availability of raw materials, low-cost labor, low transportation costs, and less stringent government regulations. These factors are expected to fuel the growth of the global market during the forecast period.

Ferrochrome market: Leading trends influencing the market

The expansion of the mining industry is a leading trend in the market. Infrastructure development in developing countries such as India is driving the growth of the metal and mining industry. For instance, the Government of India has implemented policies to support the mining industry. In June 2021, the government approved a memorandum of understanding (MoU) for cooperation in the field of mineral resources. Thus, the expansion of the mining industry will have a positive impact on the adoption of alloys such as ferrochrome. These factors will support market growth during the forecast period.

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Ferrochrome market: Competitive analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Buy the report

What are the key data covered in this ferrochrome market report?

The ferrochrome market size is expected to accelerate at a CAGR of 4.39% during the forecast period.

The ferrochrome market is segmented by product (charge chrome and high carbon, low carbon, and medium carbon), end-user (stainless steel, carbon and other alloys, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The market is fragmented due to the presence of many established vendors holding significant market share.

The research report offers information on several market vendors, including Afarak Group Plc, ArcelorMittal SA, Balasore Alloys Ltd., Cia de Ferro Ligas da Bahia S.A., EHUI METALLURGY GROUP, Eurasian Resources Group Sarl, Glencore Plc, INDIAN METALS AND FERRO ALLOYS LTD., Jindal Steel and Power Ltd., Merafe Resources Ltd., Metallic Ferro Alloys LLP, Mintuo Group, Mitsubishi Corp., Ningxia Darshan Silicon Industry Co. Ltd., Outokumpu, Samancor Chrome Holdings Proprietary Ltd., Tata Steel Ltd., Vedanta Ltd., Visa Steel Ltd., and YILDIRIM HOLDING INC.

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Some of the key topics covered in the report include:

Market drivers

Market challenges

Market trends

Vendor landscape

Vendors covered

Vendor classification

Market positioning of vendors

Competitive scenario

Ferrochrome Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.39%

Market growth 2023-2027

2,979.59 thousand tons

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.83

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 75%

Key countries

US, China, India, Japan, and Germany

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

Afarak Group Plc, ArcelorMittal SA, Balasore Alloys Ltd., Cia de Ferro Ligas da Bahia S.A., EHUI METALLURGY GROUP, Eurasian Resources Group Sarl, Glencore Plc, INDIAN METALS AND FERRO ALLOYS LTD., Jindal Steel and Power Ltd., Merafe Resources Ltd., Metallic Ferro Alloys LLP, Mintuo Group, Mitsubishi Corp., Ningxia Darshan Silicon Industry Co. Ltd., Outokumpu, Samancor Chrome Holdings Proprietary Ltd., Tata Steel Ltd., Vedanta Ltd., Visa Steel Ltd., and YILDIRIM HOLDING INC.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global ferrochrome market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Charge chrome and high carbon - Market size and forecast 2022-2027

6.4 Low carbon - Market size and forecast 2022-2027

6.5 Medium carbon - Market size and forecast 2022-2027

6.6 Market opportunity by Product

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Stainless steel - Market size and forecast 2022-2027

7.4 Carbon and other alloy - Market size and forecast 2022-2027

7.5 Others - Market size and forecast 2022-2027

7.6 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 India - Market size and forecast 2022-2027

9.10 US - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Germany - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Afarak Group Plc

12.4 ArcelorMittal SA

12.5 Balasore Alloys Ltd.

12.6 Cia de Ferro Ligas da Bahia S.A.

12.7 EHUI METALLURGY GROUP

12.8 Eurasian Resources Group Sarl

12.9 Glencore Plc

12.10 INDIAN METALS AND FERRO ALLOYS LTD.

12.11 Mintuo Group

12.12 Mitsubishi Corp.

12.13 Outokumpu

12.14 Samancor Chrome Holdings Proprietary Ltd.

12.15 Tata Steel Ltd.

12.16 Vedanta Ltd.

12.17 YILDIRIM HOLDING INC.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Technavio

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Contacts

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