Ferro Silicon Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030

 

Ferro Silicon Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Atomized Ferro Silicon, and Milled Ferro Silicon), By Application (Steel Industry, Cast Iron, Magnesium Smelting, Renewable Energy), By End-use Industry (Automotive, Construction, Manufacturing, Electronics, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

 

The global ferro silicon market  was valued at USD 10,544.7 Million in 2022 and is anticipated to reach a value of USD 14,101.1 Million by 2030 expanding at a CAGR of 3.8% between 2023 and 2030.

Ferro silicon is an alloy of iron and silicon containing variable silicon content between 10% and 90% by weight depending on the applications. The appearance of ferro silicon is metallic bread color, without powder and slag. It is used in steel production for deoxidation and as an alloying component. Ferro silicon is added in very small amounts in order to adjust the properties of melt, the cooling process, and the finished product. The main advantage of ferro silicon is its deoxidizing effect, it reduces metals from their oxides. Ferro silicon also helps to prevent the loss of carbon. The highest-quality ferro silicon is produced in a blast furnace or electric arc furnace by reducing silica with coke in the presence of iron. Moreover, ferro silicon is used in electrode coatings and in the production of silicon, hydrogen, and magnesium. Ferro silicon is also used by the military to quickly produce hydrogen for balloons by the ferrosilicon method. Ferro silicon is also used for the manufacture of silicon, high-temperature-resistant ferrous silicon alloys, corrosion-resistant, and silicon steel for electromotors and transformer cores. Ferrosilicon is also used during the Pidgeon process for high-purity magnesium refining from dolomite.

Sample  Report: https://www.congruencemarketinsights.com/report/ferro-silicon-market/request-sample

 

Ferro Silicon Market Major Driving Forces

Increase in Demand for Steel Production: The primary driver of ferro silicon is the demand for the steel industry. Ferro silicon is an alloy of iron and silicon used as a deoxidizer in steel production in various sectors including automotive, construction, and manufacturing.

Growing Construction Activities: The ferro silicon demand is also driven by the increase in construction activities in developing economies across the world owing to rapid urbanization and a rise in disposable income. The growth of the construction industry particularly in developing countries drives the market growth.

Increase in Demand for Magnesium Smelting: Ferro silicon plays a very important role in the magnesium smelting process particularly in the Pidgeon process to make magnesium from dolomite. Magnesium smelting drives the demand for ferro silicon for the effective production of magnesium.

Increasing Applications for Corrosion Resistance: Ferro silicon has properties of corrosion and abrasion resistance, high specific gravity, high strength, and high-temperature resistance. The demand for corrosion resistance from the construction and automobile industries is increasing which led to increase in demand for ferro silicon. 

Ferro Silicon Market Key Opportunities

Technological Advancements: The rapid advancements in ferro silicon production technologies is anticipated to open up new opportunities for market growth. Innovations in production technologies for the development of high specific gravity, high strength, and corrosion and wear resistance products.

Increasing Demand for High-Grade Ferro Silicon:

The increasing demand for high-grade ferro silicon in the automotive industry due to its lightweight and fuel-efficient properties is expected to create opportunities for the ferro silicon market. High-grade silicon contains a high proportion of silicon with a high melting point and density. The demand for high-grade ferro silicon is expected to continue to rise owing to rising demand for steel and the high-grade ferrosilicon industry.

Infrastructure Development:

Ongoing infrastructure development particularly in developing economies needs a huge amount of steel. This growing infrastructure development drives demand for ferro silicon as it plays a very significant role in the production of various steel products in the construction industry.

Ferro Silicon Market Key Trends

         Growing demand from metallurgy industry as ferro silicon is used for steel and casting production applications

         Increasing demand for high-grade ferro silicon as it contains a high percentage of silicon, and has deoxidizing and alloying properties

         Growing demand for ferro silicon for corrosion and abrasion for producing iron and steel with high density and high strength  

         Technological advancements in production technologies for improved production efficiency, and enhancing the quality of steel production

         Growing emphasis on sustainability for the development of eco-friendly ferro silicon products to reduce environmental impact

         Customized ferro silicon covers becoming a trend, allowing consumers to meet their specific requirements for different industries

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 40.1% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 4.4% between 2023 and 2030.

 

In Asia Pacific, the market is characterized by the highly developed construction and ongoing regional investments for advance in automobile and construction industry. In addition, the demand is driven by the rapid industrialization, rising disposable incomes, and infrastructure development in countries such as China, and India. Europe has well-established steel industry with strong presence of major producers. In Europe, the demand for ferro silicon is driven by automotive and renewable energy industry. The North America is expected to grow at significant level in forecast period. In North America, the growth of the EV industry with rising construction spending is expected to propel market growth over the forecast period. Furthermore, in North America, the demand for ferro silicon is driven by infrastructure development and automotive industry. The Middle East and Africa is expected to grow at faster rate during forecast period due to increase in steel production in this region.

Market Competition Landscape

The global ferro silicon market is highly competitive with the presence of a large number of manufacturers. The market is characterized by intense competition with the adoption of different strategies to strengthen their position in the market. These strategies include product innovation, capacity expansion, design differentiation, mergers and acquisitions, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Furthermore, these top players are focused on innovative technologies, cost reduction, and sustainability to expand their share in the industry. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

For instance, in Nov 2023, The Elkem ASA made partnerships with Silbione™ Medical leading company in the medical silicon industry. Elkem has developed new medical-grade silicones for healthcare applications. In Düsseldorf, Elkem exhibits its range of - and Implant-Grade Silicones to support the best manufacturing method with innovations, technologies, and processes.        

Key players in the global ferro silicon market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

         Elkem ASA  

         RFA International

         DMS Powders.

         China Minmetals Corporation

         Eurasian Resources Group

         Feng Erda Group

         Ferroglobe PLC

         Tata Steel Limited

         Finnfjord AS

         Erdos Group

         Mechel PAO

         Om Holdings Ltd.

         Maithan Alloys Ltd

         Mortex Group

 

Buy Now:https:/www.congruencemarketinsights.com/buy-now/64/1

Contact Us:

Ms. Shalaka Dubey

Senior Sales Manager

Congruence Market Insights

Palo Alto, CA 94301, United States

Phone: +1 650-646-2623

Email: sales@congruencemarketinsights.com