Global Ferrochrome Market – Industry Trends and Forecast to 2029

Global Ferrochrome Market, By Type (High Carbon, Medium Carbon, Low Carbon, and Ferro Silico Chrome), Application (Stainless Steel, Cast Iron, Powder Metallurgy, and Others) - Industry Trends and Forecast to 2029.

Ferrochrome Market Analysis and Size

Ferrochrome is a ferro alloy with high content of manganese. It provides strength to steel and used in manufacturing of high tension steel. Low carbon ferro manganese is extensively used in manufacturing alloys steel, tool steels and structural steels. The “high carbon ferrochrome” is the fastest growing type segment due to its lower cost and availability of larger reserves than other products. Consequently, this high carbon ferrochrome is mostly consumed by stainless steel manufacturers.

Data Bridge Market Research analyses that the ferrochrome market was valued at USD 19.47 billion in 2021 and is expected to reach USD 28.99 billion by 2029, registering a CAGR of 5.10% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Ferrochrome Market Scope and Segmentation

Market Definition

Ferrochromium (FeCr) is a type of ferroalloy which is an alloy between iron and chromium. Ferrochromium commonly containing 50% to 70% chromium. It is used to produce special steel, stainless steel and castings. A ferrochrome manufacturing process is generally conducted by carbothermic reduction of chromite in an electric submerged arc furnace (SAF).

Global Ferrochrome Market Dynamics

Drivers

• High usage of ferrochrome in stainless steel industry

Ferrochrome is added to stainless steel to impart corrosion resistance and improve its appearance. Stainless steel is dominating the growth of the global ferrochrome market. The chromium manganese grade and chromium-grade stainless steel are widely used in the transportation and construction industries which is anticipated to have a huge positive impact on the growth of the ferrochrome market. Thus, the rising demand for stainless steel from the transportation, construction, and metallurgical industries is projected to the major driving factor for the ferrochrome market growth during the forecast period.

• Rising demand of ferrochrome construction and building industry

The construction and building sector is growing due to urbanization, rapid industrialization and population explosion. Construction activities are on the growth and ferrochrome is widely used as an engineering alloy for brick manufacturing, pavement construction and as an aggregate material in the concrete industry.  It is also used as a part of cement for the construction of roads. Thus, the growing construction and building sector is projected to propel the ferrochrome's demand and boost the market's growth during the forecast period of 2022-2029.

Opportunities

• Growing investments and manufacturing activities

Rising foreign investments and increasing manufacturing activities are some of the major factors which will increase the demand for the stainless steel and create lucrative opportunities for the growth of the ferrochrome market across the globe. Foreign investments help to increase the growth of manufacturing industries such as consumer goods, construction, heavy machinery and automotive. For instance, according to the United Nations Conference on Trade and Development report, in 2017, the inward foreign direct investment (FDI) rate for Asia was 9.1%, which was the highest of all regions.

Restraints/ Challenges

• Availability of substitutes

The carbon fiber substituting stainless steel in the automotive industry and a large amount of electricity required during the production of ferrochrome are some  major factors among others which will act as restraints, and further challenge the growth of ferrochrome market during the above  mentioned forecast period.

This ferrochrome market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ferrochrome market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Ferrochrome Market

Most industries across the globe have been negatively impacted over the last period. This can be attributed to significant disruptions experienced by manufacturing and supply-chain operations as a result of lockdowns, along with other restrictions imposed by governing authorities worldwide. This also applies to the global ferrochrome market. Furthermore, customer demand has also reduced as individuals are due to removing non-essential expenses from their respective budgets as the overall economic status of most individuals have been harshly affected by covid outbreak. These elements are anticipated to burden the revenue trajectory of the global ferrochrome market over the forecast period. However, as respective initiate to lift from these imposed lockdowns, the global ferrochrome market is expected to recover accordingly.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Ferrochrome Market Scope

The ferrochrome market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• High Carbon
• Medium Carbon
• Low Carbon
• Ferro Silico Chrome

 Application

• Stainless Steel
• Cast Iron
• Powder Metallurgy
• Others

Ferrochrome Market Regional Analysis/Insights

The ferrochrome market is analysed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the ferrochrome market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the ferrochrome market in terms of market share and revenue. This is due to growing production of stainless steel in this region. In fact, as per the estimates of ISSF, Asia manufactured approximately 68% of stainless steel in 2018, with China being the leading manufacturer of stainless with a 52.6% share of global production.

North America is expected to be the fastest developing region during the forecast period of 2022-2029 due to presence of large number of auto component manufacturers and automakers in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Ferrochrome Market Share Analysis

The ferrochrome market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ferrochrome market.

Some of the major players operating in the ferrochrome market are:

• NACHI-FUJIKOSHI CORP. (Japan)
• Daido Steel (Japan)
• voestalpine High Performance Metals India Pvt. Ltd. (Austria)
• Sandvik AB (Sweden)
• Kennametal Inc. (U.S.)
• ERASTEEL (France)
• ArcelorMittal (Luxembourg)
• Baosteel Group Corporation (China)
• POSCO (South Korea)
• Nippon Steel and Sumitomo Metal Corporation (Japan)
• JFE Holdings, Inc. (Japan)
• TATA Steel Ltd.(India)
• United States Steel (U.S.)
• Angang Steel Company Limited (China)
• Gerdau S/A (Brazil)
• Maanshan Iron and Steel Company Limited (China)