Pune, India, Aug 25, 2021 (GLOBE NEWSWIRE) – The global ferromanganese market size is expected to grow to reach $ 96.08 billion by 2028, from $ 73.12 billion in 2021, while showing a CAGR of 4% between 2021 and 2028. In its report entitled “Ferromanganese Market Size, Share and COVID-19 Impact Analysis, By Quality (High Carbon FeMn, Medium Carbon FeMn, and Low Carbon FeMn), By Application (Iron & Steel, Alloy Steel) et al.) and regional forecasts, 2021-2028âFortune Business Insights â¢ mentions that the market was worth $ 70.85 billion in 2020.
The increasing use of stainless steel in various architectural structures around the world, and other construction projects, has increased its demand. Furthermore, its application in various other industries is expected to boost the ferromanganese materials market in the coming years.
Impact of COVID-19
Amid the COVID-19 pandemic, demand for ferromagnetic substances has been reduced. As for curbing the spread of the virus, the import and export restrictions imposed by the government. This has resulted in disruptions in both the demand and supply of Mn ore. Thus affecting the ferroalloy industry globally. Additionally, the second wave in countries like India impacted the imperative growth of this industry, and manufacturing companies engaged in supplying liquid medical oxygen (OMT) to hospitals due to the shortage. continuous oxygen available. For example, in April 2021, Jindal Steel & Power Ltd (JSPL) announced that more than 500 tonnes of LMO stock is available at its plant in Angul, India. All of this has had a strong impact on this market.
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What does the report provide?
The research report of Ferromanganese market provides a detailed analysis of several factors such as major drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the growth of the market. It understands the competitive landscape that involves leading companies and adopting strategies to introduce new products, announce partnerships, and collaborate to help grow the market.
Growing demand for stainless steel in construction industry to drive market growth
Growing construction activities around the world have increased the demand for excellent corrosion resistance, toughness and good resistance to stainless steel. For example, in a report by the World Steel Association, about 52% of steel is occupied by the construction industry. These are most widely used in architectural cladding, handrails, roofing, drainage and water systems, and fasteners. In addition, they are also used in the manufacture of beams, columns, awnings, atriums, pool enclosures and the like to give it aesthetic appeal, which is the main requirement of modern construction and thus stimulates the growth of the ferromanganese market.
Asia-Pacific to dominate thanks to the presence of renowned key players
Asia-Pacific is expected to remain at the forefront and occupy the highest position in the market during the forecast period due to the presence of large manufacturers in the region. In addition, the growing demand for materials in construction activities in developing economies favors the margin. It generated $ 27.83 billion in revenue in 2020.
Europe is expected to experience significant growth in ferromanganese market share in the coming years. This is due to its heavy use in the automotive industry. As in the region, the demand for steel has exploded in the manufacture of electric cars. Thus, this industry is also expected to experience significant growth.
By grade, the market is segmented into high carbon FeMn, medium carbon FeMn and low carbon FeMn. By application, the market is divided into iron and steel, alloy steel, and others.
Finally, based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
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Key players to focus on acquisitions to strengthen their positions in this market
The market is consolidated by large companies keen to maintain their position by favoring new launches. For example, in May 2021, Maithan Alloys acquired Impex Metals & Ferro Alloys for Rs 74.22 crore. This acquisition will increase the production capacity of Maithan alloys by 70,355 TPA of ferro and silicomanganese. Such strategic moves will help establish a solid market prospectus in the years to come.
Fortune Business Insights features some of the leading companies operating in the ferromanganese market. They are as follows:
- Monnet Group (New Delhi, India)
- Maithan Alloys Limited (Kolkata, India)
- Tata Steel (Mumbai, India)
- Gulf Manganese Corporation Limited (Perth, Western Australia)
- Vale (Rio de Janeiro, Brazil)
- Ferroglobe (London, United Kingdom)
- OM Holdings Ltd. (Singapore)
- South32 (Perth, Western Australia)
- Nippon Denko (Tokyo, Japan)
- Other key players
Important developments in the Ferromanganese market industry include:
April 2021: Salasar has started a new steel fabrication unit in Hapur, Uttar Pradesh. This newly launched factory has a total production capacity of 15,000 tonnes per year.
Main Table of Contents for the Ferromanganese Market:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Main emerging trends – for the main countries
- Latest technological advances
- Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers and Acquisitions
- Qualitative Analyzes – Impact of COVID-19 on the Global Ferromanganese Market
- Supply chain challenges
- Measures taken by government / companies to overcome this impact
- Potential opportunities due to the COVID-19 epidemic
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