Ferrosilicon Industry Overview
The global ferrosilicon market size was valued at USD 11.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2030.
The market is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant.
The U.S. is one of the largest steel producers in the world. Its production reached 86.0 million tons in 2021, up by 18.3% from 2020. The rise in production is on account of increasing investments toward infrastructural developments, which are supporting steel demand in the country. For instance, in 2021, the U.S. President signed the Infrastructure and Jobs Act, which allocated USD 550 billion for improving the infrastructure of roads, airports, ports, and freight rails. The growing investments in the infrastructure have increased competition in the industry, compelling market players to indulge in mergers and acquisitions and capacity expansions.
Gather more insights about the market drivers, restrains and growth of the Global Ferrosilicon Market
For instance, in December 2020, Cleveland-Cliffs Inc. acquired ArcelorMittal USA and its subsidiaries. The acquired assets will be combined with existing facilities, transforming the company into a vertically integrated producer of iron and steel. Furthermore, growth in the electric vehicles (EVs) industry is benefitting market growth. For instance, in November 2021, POSCO announced to invest KRW 1 trillion (~USD 831.4 million) in building a non-oriented electrical steel plant with an annual production capacity of 300 kilotons in Gwangyang. The plant will cater to the drive motors of EVs.
Also, in September 2021, NLMK announced the commissioning of a new electrical steel laser treatment unit, which is expected to have a capacity of 54 kilotons per year. The company is also building an electrical steel plant in India with 64 kilotons annual capacity. Ferrosilicon is used in electrical steel production, and thus, such investments are expected to propel market growth over the forecast period.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
- Steel Market – The global steel market size was valued at USD 807 billion in 2016 and is projected to grow at a CAGR of 2.6% from 2017 to 2025.
- Electric Vehicle Market– The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027.
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)
- Ferrosilicon End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Carbon & Other Alloy Steel
- Stainless Steel
- Electric Steel
- Cast Iron
- Ferrosilicon Regional Outlook (Revenue, USD Million, 2016 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East and Africa
Market Share Insights
- December 2021: LiteAuto announced to make an investment of INR 1,500 crore (~USD 199.3 million) in Telangana, India, for producing magnesium products for the automotive industry.
- November 2021: BMML, a ferrosilicon producing company in Bhutan, made a proposal to the administration in the country to set up a ferrosilicon plant at Chengmari. The project is worth more than USD 11.96 million.
Key Companies profiled:
Some prominent players in the global ferrosilicon market include
- Elkem ASA
- Eurasian Resources Group
- FINNFJORD AS
- FENGERDA GROUP
- 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.