The global ferromanganese market size is expected to gain momentum by reaching USD 96.08 billion by 2028 from USD 73.12 billion in 2021 while exhibiting a CAGR of 4% between 2021 to 2028. In its report titled, “Ferromanganese Market, 2021-2028,”

Fortune Business Insights™ mentions that the ferromanganese market stood at USD 70.85 billion in 2020.

The use of ferromanganese materials is in a wide variety of industries, such as construction, mining, machinery, and consumer and goods. Thus various applications are boosting its market. In addition, growing environmental concerns led manufacturers to develop advanced use of these materials in energy-efficient, cost-effective, and lightweight vehicles suggests American Iron and Steel Institute as advanced high-strength steels (AHSS) are strong, lighter in weight, and helps in decreasing a vehicle’s life-long carbon footprint.

COVID-19 Impact

The pandemic crippled the global economy worldwide. It affected the minerals and mining industry as well due to a mismatch in demand and supply chain. Moreover, the construction activities were also at a halt amid the lockdown. All this impacted the market negatively, and therefore, and the market witnessed a decline of 4.7%. However, this market is expected to come at pre-pandemic levels during the forecast period.

Market Segmentation:

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 & steel, alloy steel, and others. The alloy steel segment procured 14.78% in 2020 in terms of share.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Request a sample PDF ( includes COVID-19 Impact Analysis):

www.fortunebusinessinsights.com/enquiry/request-sample-pdf/ferromanganese-market-105737

What does the Report Provide?

The research report of the market for ferromanganese provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the ferromanganese market growth.

Driving Factors

The Availability of Sustainable Ores to Drive Market Growth

The availability of sustainable ores is raising the production of ferromanganese. For instance, natural gases which are rich in methane are more sustainable than solid carbon for their reduction. Moreover, the integrated duplex process makes it much simpler in yielding hydrogen and carbon from a molten metal bath that reduces magnesium oxide (MnO) from a coexisting molten slag. It is produced from the smelting of Mn ore. Therefore, the duplex process is known to be the most sustainable one, as it lowers 40% of CO2 emission than SAF and around 50% less electric energy consumption.

Regional Insights

Asia Pacific to Dominate Backed by Rapid Urbanization & Industrialization

Asia Pacific is expected to remain at the forefront and hold the highest position in the market during the forecast period owing to fast-paced urbanization and industrialization in developing countries such as India, Pakistan, and Bangladesh. Moreover, Australia and China are among the top five countries which produce iron. The aforementioned factors are driving the regional market. The region stood at USD 27.83 billion in 2020.

North America is anticipated to exhibit favorable ferromanganese market share in upcoming years owing to increased demand for stainless steel in various applications such as decorative automotive components, food and beverage equipment, and consumer goods.

Competitive Landscape

Key Players Aim to Focus on Innovation, and New Product Launches to Generate More Shares

The global market is highly fragmented with the presence of numerous companies. Most of them are engaged in launching new products, expanding their manufacturing units to strengthen their positions in the market.

 Industry Development

  • March 2021: Arcelor Mittal Steel signed a Rs 50,000 crore deal with the Odisha government to set up a steel plant with a capacity of 12 million tons in the state.

Inquiry before buying:

www.fortunebusinessinsights.com/enquiry/queries/ferromanganese-market-105737

List of Key Players Profiled in Ferromanganese Market Report

  • 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, UK)
  • OM Holdings Ltd. (Singapore)
  • South32 (Perth, Western Australia)
  • Nippon Denko (Tokyo, Japan)
  • Other Key Players

Related posts:

Technical Textiles Market Size, Gross Margin, Trends, Future Demand, Analysis by Top Leading Players and Forecast till 2027

Protective Coatings Market Key Drivers, Restraints, Industry Size & Share, Opportunities, Trends, and Forecasts up to 2027

Medical Coatings Market Data Current and Future Trends, Industry Size, Share, Revenue, Business Growth Forecast to 2027

Abrasives Market Latest Industry Size, Growth, Share, Demand, Trends, Competitive Landscape and Forecasts to 2027

 

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

9th Floor, Icon Tower,

Baner – Mahalunge Road,

Baner, Pune-411045, Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email:[email protected]

Fortune Business Insights™

Linkedin |Twitter |Blogs

LinkedIn: www.linkedin.com/company/fortune-business-insights

Facebook: www.facebook.com/FortuneBusinessInsightsPvtLtd

Twitter: twitter.com/FBInsightPvtLtd