The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global ferrosilicon market is anticipated to reach USD 11.96 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for ferrosilicon in steel and casting industry is expected to drive demand over the forecast period.
Growing demand for the product as an inoculant in the casting industry is expected to drive demand over the forecast years. In addition, the increasing utilization of the product for iron graphitization in the casting industry, coupled with the unavailability of substitutes, is expected to drive demand over the forecast period.
The increasing use of the product as a deoxidizer in the steel industry is expected to have a positive impact on the demand. However, the sluggish growth of the steel industry may restrain the growth of the deoxidizer segment. In addition, the increasing use of silicon slag as an inexpensive substitute for the product in various application industries may restrain industry growth during the forecast period.
The ferrosilicon market is fragmented in nature with Chinese manufacturers accounting for a majority of the share. However, major European players, including Elkem AS and Globe Specialty Metals, Inc., are spearheading the global industry. China and Russia are the major producers of ferrosilicon accounting for over 70% of the overall global production, as of 2015.
Further key findings from the report suggest:
Inoculants accounted for over 17% of the revenue share in 2015. The demand for ferrosilicon as an inoculant is expected to grow significantly owing to the increasing demand for the product in the iron casting industry.
Carbon & other alloy steel accounted for over 48% of the volume share in 2015. High utilization of the product in carbon steel production, coupled with growing carbon steel market, is expected to drive the demand for the product in this segment over the forecast period
The revenue share of stainless steel in the overall industry was over 1.6 billion in 2015. The growing use of the product to improve the corrosion resistance and conductivity of stainless steel is expected to have positive impacts on the overall industry growth
China accounted for over 65% of the overall production and consumption of ferrosilicon. The presence of a large number of steel manufacturers is expected to be the key factor impacting the high consumption of the product in the country
The major market players in ferrosilicon industry adopt different pricing strategies to acquire new customers and gain regional share, mainly on account of the fragmented nature of the market as well as the limited scope of product differentiation in the industry