According to IMARC Group latest report titled “Ferromanganese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on ferromanganese market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global ferromanganese market is expected to exhibit a growth rate (CAGR) of 4.3% during 2023-2028.
Ferromanganese is an alloy of iron and manganese with a high carbon content. It is primarily used as a deoxidizer and an alloying element in steel production and special steels and stainless steels. It is produced by smelting manganese ore, iron ore, and coke in a blast furnace or an electric arc furnace. The resulting alloy contains a higher percentage of manganese, depending on the required properties of the steel being produced. It is an essential product adopted in the production of other alloys, such as ferrotitanium and ferrovanadium. It is widely used as a desulfurizer and deoxidizer to manufacture steel and iron. Additionally, it is commonly available in low, medium, and high-carbon variants that exhibit high tensile strength, heat resistance, antioxidant, and durability properties and is used to counter sulfur's effects.
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Market Trends:
The escalating demand for ferromanganese from the industrial sector majorly drives the global market. This can be supported by the rising product utilization in various industries, such as construction, automotive, paint and coating, and aerospace and defense. Along with this, ferromanganese is utilized in various types of electrodes, welding rods, and wires and in the production of dry cell batteries and carbon electrodes is significantly supporting the market. In addition, the growing demand for renewable energy sources, including wind turbines, is driving demand for ferromanganese, as the metal is used in producing wind turbine blades. Apart from this, the widespread adoption of ferromanganese as desulphurizing agents and heat-resistant antioxidants in metallurgy and chemical industries is positively influencing the market. Furthermore, continual technological advancements in the refining and manufacturing processes of ferromanganese are creating a positive market outlook.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- China Minmetals Group Co. Ltd.
- Eramet Group
- Eurasian Resources Group
- Ferroglobe (Grupo Villar Mir, S.A.U.)
- Gulf Manganese Corporation Limited
- Jiaocheng Yiwang Ferroalloy Co Ltd.
- OM Holdings Ltd.
- Sakura Ferroalloys Sdn. Bhd. (Assmang Proprietary Limited)
- South32
- Tata Steel Ltd.
- Vale S.A.
Ferromanganese Market Segmentation:
Our report has categorized the market based on region, grade and application.
Breakup by Grade:
- High Carbon Ferromanganese
- Refined Ferromanganese
Breakup by Application:
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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