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

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.

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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
    • GCC

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

Check out more related studies published by Grand View Research:

  • Lithium Market - The global lithium market size is expected to reach USD 18.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.0% from 2022 to 2030. Rising investments in lithium mining and related technologies are projected to remain a key trend in the market. Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for its mining. Considering the rising demand for elements and increasing usage of water required for its extraction, R&D is in place to find better alternative methods. For instance, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S.
  • Metal Magnesium Market - The global metal magnesium market size is expected to reach USD 6.99 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 5.3% over the forecast period. Rising demand for lightweight parts mainly in the automotive and aerospace industries is anticipated to contribute to the market growth over the forecast period. Magnesium is a grey-white lightweight metal, which has the lowest melting point and lowest boiling point of all alkali earth metals. It is the third-most commonly used structural metal, after iron and aluminum. Its main applications are in aluminum alloys, die-casting, removal of sulfur in the iron and steel production process, and titanium production.
  • Pre-painted Steel Coil Market - The global pre-painted steel coil market size is expected to reach USD 23.34 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.9% from 2022 to 2030. Growth in e-commerce and retail activity is set to augur growth during this period. Pre-painted steel coils are used for roofing and wall paneling of buildings, and their consumption in metal- and post-frame buildings is on the rise. The metal building segment is anticipated to witness the highest consumption over the forecast period owing to the demand from commercial buildings, industrial buildings, and warehouses. Post-frame buildings consumption was driven by the commercial, agriculture, and residential segments.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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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SOURCE Grand View Research, Inc.

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