Ferro manganese is an important ferroalloy that is used as a deoxidizing and alloying agent in steel production. It also improves the strength and wear resistance properties of steel. The growing steel industry has increased the demand for ferro manganese over the years. Steel is one of the most widely used metals owing to its high strength, ductility and low cost. It finds myriad applications across industries such as construction, automotive, machinery, and appliances. Growth in the construction and infrastructure sectors along with rising automobile production are expected to drive demand for steel. The global Ferro Manganese Market is estimated to be valued at US$ 71 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising steel production acts as a major growth driver for the ferro manganese market. Steel accounts for over 95% of the total ferro manganese consumption globally. Developing economies across Asia Pacific and Latin America are witnessing significant infrastructural development which is augmenting steel demand from the construction industry. Moreover, governmental investments towards railway, road and bridge construction projects are also propelling the steel market. For instance, the Indian government earmarked Rs 51 lakh crore towards the National Infrastructure Pipeline project for FY 2019-2025 to develop social and industrial infrastructure in the country. This will boost steel demand and subsequently support ferro manganese consumption over the forecast period.
Segment Analysis
The global ferro manganese market size is segmented based on type and application. Based on type, the market is further divided into high carbon, medium carbon and low carbon ferro manganese segments. The high carbon ferro manganese segment dominates the market as it offers higher strength and is more resistant to corrosion and high temperatures. It is used in manufacturing of steel where strength and resistance to heat and corrosion is important.
Key Takeaways
The global ferro manganese market is expected to witness high growth over the forecast period.
Asia Pacific is the largest and fastest growing market for ferro manganese currently. China dominates the region's ferro manganese market owing to large scale steel manufacturing in the country. India is also emerging as major market growing at higher rate.
Key players operating in the ferro manganese market are Monet Group, Tata Steel, Gulf Manganese Corporation Limited, Vale, Eurasian Resources Group, Ferroglobe, China Minmetals Group Co., Ltd., Eramet Group, South32, and OM Holdings Ltd. The key players focus on expanding their production capacities and regional presence to cater to growing demand from end use industries.
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