Ferroalloys are alloys of iron (deriving from the Latin name for iron, ferrum) used in the manufacture of various kinds of steels. These alloys add to the basic structure of steel, which essentially is iron mixed with carbon, to improve the structural rigidity, corrosion resistance, heat resistance, and other structural properties of steel. Particular ferroalloys enhance specific aspects of steel, providing flexibility during steel production, and helping the steel industry cater to a variety of end-use industries.

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Due to the extensive application of steel in various industries all over the world, the global ferroalloy market was worth US$37.25 billion in 2013, according to the findings of Transparency Market Research, a leading U.S.-based market intelligence firm. Growing at a sound CAGR of 5.4% from 2014, the ferroalloys market is expected to be worth US$53.56 billion by 2020.

Growth of Construction, Automotive Industries in Developing Countries Boosts Ferroalloys Market

Of all the major end-use segments of the ferroalloys market, the construction and automotive industries emerge as the dominant end users. Steel is an essential component in construction of any kind, due to the structural strength it provides at relatively cheaper costs. In automotive design, the tensile strength and corrosion resistance offered by steel make it the perfect material to build heavy-duty vehicle frames that are meant to withstand collisions and last for decades.

The ongoing and rapid growth of both these industries in the developing regions of the world, particularly the BRICS countries, is helping the global ferroalloys market register increasing demand. The increasing development in living standards and spread of accompanying infrastructure in countries such as India, China, and Brazil is leading to a rising demand for structurally sound, stable construction for both residential and nonresidential purposes. This directly impacts the ferroalloys market.

The automotive industries in China and India are also on the rise, with the Chinese automotive industry in particular looking set to take on established European and American automotive giants. Added to the gigantic automotive industries in Japan and South Korea, this is leading to an increasing demand for ferroalloys from Asia Pacific.

China Leads Global Ferroalloys Market, Rest of Asia Pacific to Follow

As can be gleaned from the aforementioned elaboration, China is the global leader in the ferroalloys market, taking up a whopping 46.6% share in the global market. In addition to growing demand from the construction and automotive industries in China, the Asia Pacific giant is also one of the leading manufacturers of steel, further emphasizing its importance in the global ferroalloys market.

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Europe followed China in the geographical hierarchy of the ferroalloys market, with the Rest of Asia Pacific segment leading North America, and Rest of the World thereafter. The Rest of Asia Pacific, thanks to growing demand from India and Japan, is expected to grow at the fastest rate until the end of the decade.

By product segmentation, the global ferroalloys market was led by ferromanganese and ferrosilicone, the former of which accounted for 37% of the global market. The market for ferromanganese is expected to grow at a robust CAGR of 4.5% from 2014 to 2020. The demand for ferromanganese is growing due to the excellent mechanical enhancement it offers at a relatively low cost. The ferrosilicone market, meanwhile, is expected to be worth US$9.27 billion by 2020. The other major ferroalloy in the global market is ferrochrome.

Fragmented Ferroalloys Market to be Molded by the Development of Lightweight Steel Grades

The global ferroalloys market is heavily fragmented and led by companies such as Eurasian Natural Resources Corporation PLC, Ferro Alloys Corporation Limited, and Nikopol Ferroalloy Plant.

The major emergent trend in the global ferroalloys market is the development of lightweight yet high-grade steels. These steel types are expected to counter the growing dominance of carbon fiber in particularly the automotive industry, and will also provide various benefits in the construction industry.

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