Ferrosilicon Market Will Grow Rapidly In Coming Years

 Ferrosilicon Industry

The global ferrosilicon market size is expected to reach USD 13.67 billion by 2030, registering a CAGR of 2.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

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.

Gather more insights about the market drivers, restrains and growth of the Global Ferrosilicon market

Ferrosilicon Market Segments Highlights:

  • The deoxidizer segment accounted for the largest revenue share of over 69.0% in 2023, and this trend is expected to continue across the predicted timeline. It finds use in steel production. According to World Steel Association, in 2022, global crude steel production was 1,831.5 million tons.
  • Based on end-use, cast iron is anticipated to register the fastest CAGR of 3.5%, in terms of revenue, across the forecast period, owing to the use of ferrosilicon as an inoculant in the industry
  • Further, 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.
  • Based on region, Asia Pacific dominated the market and accounted for a revenue share of nearly 66.0% in 2023. 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 3.3%, 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.

Ferrosilicon Market Report Segmentation

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

Ferrosilicon Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Deoxidizer
  • Inoculants
  • Others

Ferrosilicon End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

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

Ferrosilicon Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Turkey
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa
    • GCC

Key Ferrosilicon Company Insights

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

Order a free sample PDF of the Ferrosilicon Market Intelligence Study, published by Grand View Research.

 

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