Ferrosilicon Industry Overview
The global ferrosilicon market size is expected to reach USD 13.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.4% from 2022 to 2030. Rising demand for ferrosilicon in the steel and cast iron industries is anticipated to contribute to market growth over the forecast period. Ferrosilicon is used as a deoxidizer in the steel industry to prevent the loss of carbon during the production process. As a result, rising investment in the steel industry is anticipated to augment the market growth. For instance, in January 2022, POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which is jointly owned by HBIS Group.
Ferrosilicon Market Segmentation
Grand View Research has segmented the global ferrosilicon market on the basis of application, end-use, and region:
Based on the End-use Insights, the market is segmented into Carbon & Other Alloy Steel, Stainless Steel, Electric Steel, Cast Iron, Others.
The carbon and other alloy steel segment dominated the market for ferrosilicon and accounted for a revenue share of more than 43.0% in 2021. Ferrosilicon is an important raw material in the production process of steel, where it is used as a deoxidizer and alloy agent.
Furthermore, ferrosilicon powder can release a large amount of heat, when burned at high temperature, hence, it is also used as a heat-producing agent for making capped steel.
Cast iron is cheaper, easy to melt, and exhibits excellent casting properties, unlike steel. Ferrosilicon is used as an inoculant in the cast iron industry to prevent the formation of iron carbide, resulting from the rapid cooling of thin sections of castings. Growing investment in cast iron is anticipated to benefit product demand over the forecast period.
Stainless steel is another vital end-use segment of the market. Ferrosilicon is used in the product for improving its aesthetics, wear resistance, and corrosion resistance, and thus, growing stainless steel production is propelling segment growth.
Based on the Application Insights, the market is segmented into Deoxidizer, Inoculants, Others.
The deoxidizer segment dominated the market for ferrosilicon and accounted for the largest revenue share of more than 69.0% in 2021. The segment is expected to continue its dominance over the forecast period.
The deoxidization process blocks the heat and prevents the loss of carbon from the molten steel, thereby ensuring its quality.
The inoculants segment is anticipated to register the highest growth rate, in terms of revenue, over the forecast period. Ferrosilicon is used as an inoculant in the cast iron industry and growing demand for cast iron cookware is anticipated to drive the market further.
For instance, in October 2021, The Indus Valley, a direct-to-consumer cast iron kitchenware producer, raised USD 1.1 million from Rukam Capital, DSG Consumer Partners, and The Chennai Angels for increasing production and delivering toxin-free kitchenware products.
Ferrosilicon Regional Outlook
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for ferrosilicon is highly competitive with the presence of numerous players. The key players in the market are adopting strategic initiatives such as capacity expansions and mergers and acquisitions to expand their share in the industry.
Some prominent players in the global ferrosilicon market include:
Elkem ASA
Eurasian Resources Group
Ferro Alloys Corporation Limited (FACOR)
FINNFJORD AS
Ferroglobe
IMFA
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.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.