DUBLIN, May 24, 2022--(BUSINESS WIRE)--The "Global Ferrosilicon Alloy Materials Market, By Application, End User & By Region - Forecast and Analysis 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global ferrosilicon alloy materials market was valued at USD 4,437.24 Million in 2021, and it is expected to reach a value of USD 8,064.52 Million by 2027, at a CAGR of more than 10.47% over the forecast period (2022 - 2027).
The market is expected to decline due to low consumption of ferrosilicon alloy per tonne of crude steel globally. Furthermore, slow growth in iron casting output is stifling market demand and is expected to continue during the forecast period.
Ferrosilicon features a strong relation with steel production industries. It has been majorly used as a deoxidizer in steel industries due to its properties. Owing to its superior properties such as high tensile strength and excellent durability, ferrosilicon alloys are extensively used in various end-use industries such as automotive, construction, and aerospace & defense.
Alloying the ferrosilicon with other metals makes the compound useful within the production of semiconductors. Semiconductors have a huge demand from the electronics industry and rapid industrialization and growing demand for electronics are estimated to increase the utilization of ferrosilicon in various applications.
Alternative products, like ferroaluminum, ferromagnesium, and ferrochromium, are preferred over ferro silicon in the steel industry, owing to their easy availability. This factor is likely to hinder the global ferrosilicon market during the forecast period. Raw materials for ferrosilicon alloy manufacture like Quartz and Iron Oxide are polluting components. Continuous exposure to ferrosilicon has caused cancer among workers carrying out mining activities. This is another factor restraining the global ferrosilicon alloy market.
The report provides market sizing and forecast across five major regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In this report, the year 2016 to 2020 is considered a historical year, 2021 is the base year, 2022 is the estimated year, and years from 2022 to 2027 are considered the forecast period.
Top-down and bottom-up approaches were used to estimate and validate the size of the global ferrosilicon alloy materials market and to estimate the size of various other dependent submarkets.
The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives.
All percentage shares splits, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Aspects covered in this report
Based on application, this market is segmented into Deoxidize, Inoculant, and others.
Based on end-user, this market is segmented into Carbon & Other Alloy Steel, Stainless Steel, Electric Steel, Cast Iron, and others.
Based on region, this market is categorized into North America, Europe, and Asia-Pacific.
Players in this market adopted various strategies to expand their global footprint and augment their market share. The key strategies followed by most companies in the global ferrosilicon alloy materials market were agreements and collaborations, mergers and acquisitions, and expansion.
Chemalloy Company LLC
Crown Ferro Alloys
Fw Winter Inc
Stanford Advanced Materials
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Laura Wood, Senior Press Manager
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