Ferrochrome Market, 70% of Growth to Originate from APAC, Technavio

NEW YORK, May 9, 2024 /PRNewswire/ -- The global ferrochrome market size is estimated to grow by USD 7.59 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.94% during the forecast period.

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Region Outlook

1. APAC
2. North America
3. Europe
4. South America
5. Middle East & Africa

1. APAC - APAC is estimated to contribute 70%. to the growth of the global market. The Ferrochrome Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. The market for ferrochrome in Asia Pacific (APAC) is witnessing substantial growth, primarily fueled by heightened demand from key consumers like China, Japan, South Korea, India, and Malaysia. This surge in demand stems from the utilization of ferrochrome in manufacturing engineering alloys, stainless steel, and alloy steel across various sectors including construction, transportation, and metallurgy.

The region's rapid industrialization and burgeoning population are driving the need for extensive infrastructure development and construction projects. Industries like brick manufacturing, pavement construction, and concrete production require significant amounts of cement, roads, and heavy machinery, all reliant on ferrochrome. Additionally, advancements in automotive technology and alloy steel production are further bolstering market expansion.

However, challenges such as shortages of raw materials and delays in shipping could potentially impede market growth by affecting pricing and accessibility. Despite these hurdles, the market in APAC remains poised for substantial growth during the forecast period.

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Segmentation Overview

1. Product 
• 1.1 Charge chrome and high carbon
• 1.2 Low carbon
• 1.3 Medium carbon
2. End-user 
• 2.1 Stainless steel
• 2.2 Carbon and other alloy
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Fastest growing segment: The market for charge chrome and high carbon is expected to grow significantly in the coming years. It's mainly led by FeCr, an iron-based alloy crucial for stainless steel and special steels in industries like automotive and construction. With the automotive sector needing top-notch chromium manganese for safety and construction requiring it to tackle water leakage, demand is high. In 2018, this segment hit USD 14.88 billion.

• Key FeCr producers include South Africa (charge chrome), Brazil (high carbon ferrochrome), and Finland (charge chrome). Kazakhstan also plays a role in high carbon ferrochrome. The market's revenue is propelled by rising stainless steel demand in consumer goods, urbanization, and the need for alloy steel in various sectors like electricity and carbon fiber. This demand surge is expected to drive global market growth.

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Research Analysis

The Ferrochrome market plays a significant role in the production of various types of steel, including stainless steel and special alloys. Ferrochrome, a ferroalloy, is primarily made up of chromium and iron. Its high FeCr content makes it an essential raw material in stainless steel manufacturing. The automotive industry and construction sector are major consumers of stainless steel and Ferrochrome. In the automotive industry, chromium stainless steel is used for making parts that require high strength and resistance to corrosion. In the construction industry, stainless steel is used for infrastructural projects due to its durability and resistance to water leakage.

Consumer goods also contribute to the demand for Ferrochrome. Chromium manganese grade stainless steel is used in making household appliances, cutlery, and cookware. High-tension steel and alloys steel, which require high carbon content, also use Ferrochrome. Ferrochrome is also used in the production of high-voltage steel and tool steels. The demand for Ferrochrome is expected to increase due to the growing need for sustainable infrastructure and the rising demand for electric vehicles in the automotive industry. Ferrochrome is produced by smelting chromium ore in the presence of iron. Ferroalloy manufacturers produce Ferrochrome, which is then used by stainless steel manufacturers to produce various types of stainless steel.

Market Overview

The Ferrochrome market is a significant segment of the global chromium industry. Ferrochrome, a key alloy in stainless steel production, is in high demand due to its excellent properties such as high melting point, strength, and resistance to corrosion. The primary sources of ferrochrome are chromite ores, which are mined and then processed using the Ferrochrome Reduction Process (FRP) or the Rotary Kiln Process (RKP). The major producers of ferrochrome include China, India, and South Africa.

The market is driven by factors such as increasing demand for stainless steel in various industries, including automotive, construction, and packaging. The European Union and the United States are major consumers of ferrochrome. The market is also influenced by factors such as raw material prices, production costs, and government regulations. The future of the Ferrochrome market looks promising, with growing demand and ongoing research and development efforts to improve production efficiency and reduce environmental impact.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio