The global ferrosilicon market is expected to flourish amid the booming automobile and construction industry. In recent times, both industries have witnessed a soaring demand for corrosion-resistant materials. The construction of bridges, structural supports, and automobile bodies, requires raw materials that prevent corroding and increase longevity. Ferrosilicon is therefore desirable in buildings and automobiles owing to its beneficial properties. Apart from that, the ferrosilicon is also utilized in the Pidgeon process to refine high-purity magnesium, surging its demand on the global front. Rapid urbanization, industrialization, rising luxury car sales, increased construction activities, and accelerated demand for consumer electronics is further fueling the demand for ferrosilicon. During the study period, the growing emphasis on renewable energy utilization is anticipated to unlock novel growth opportunities in the global ferrosilicon market.
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Paced Demand for Steel Across Major Industries to Facilitate Ferrosilicon Market Expansion
Of late, the steel sector has witnessed a growing adoption of ferrosilicon. Various industries such as automotive, building, and manufacturing, are creating substantial demand for steel. Ferrosilicon on mixing with steel drastically enhances its mechanical, chemical, and physical properties. Furthermore, products made from ferrosilicon are essential raw materials for the metallurgical and steel industry. Ferrosilicon is also present in high concentrations in electrical steel, also known as stainless steel, and is proven to improve its resistivity. Hence the increased applications of stainless steel in manufacturing motors, transformers, and other power-generating equipment are likely to fuel the demand for ferrosilicon. The cumulative force of these factors is expected to steepen the growth curve for the global ferrosilicon market.
Cast Iron to Gain Significant Prominence in Global Ferrosilicon Market
The myriad applications of cast iron across major industries are driving the ferrosilicon market. Ferrosilicon is used as an inoculant in the cast iron industry and prevents the formation of iron carbide due to the cooling of castings’ thin portions. In addition to this, cast iron pipes are utilized in plumbing applications owing to their long lifespan and strong compressive strength. The sales of cast iron cookware have also experienced a steady rise. The favorable government policies owing to the industrial industry and increased investments in rail infrastructure have propelled the demand for cast iron. Consequently, over the forecast period, the global ferrosilicon market growth is set to reach sound maturity.
Asia Pacific to Reign Supreme in Ferrosilicon Market amid Rapid Infrastructural Developments
Asia Pacific is projected to maintain its lead in the global ferrosilicon market. The continuous infrastructure development across the region has resulted in growing steel production. The increased investments in the automotive sector are also playing a prominent role in amplifying market growth. Meanwhile, the ferrosilicon market in North America is expected to expand substantially in terms of revenue over the estimated period. This can be mainly attributed to the growing expansion of the EV industry and higher construction spending.
Prominent Market Players
Some of the major market players in the ferrosilicon market include Russian Ferro-Alloys Inc., Elkem ASA, Eurasian Resources Group, Ferroglobe, Fengerda Group, Finnfjord AS, IMFA, OM Holdings Ltd., VBC Ferro Alloys Limited, and Sinogu China.
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