The global ferrochrome (FeCr) market size was valued at USD 16.92 billion in 2023 and is projected to grow from USD 17.81 billion in 2024 to USD 26.55 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period. Rising stainless production for end use industries, such as construction and automotive, and growing demand from emerging economies are the factors facilitating market expansion. This information is provided by Fortune Business Insights, in its report titled, “Ferrochrome Market, 2024-2032.”
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Segments
High Carbon Segment to Account for Major Share Backed by its Lower Cost
According to product type, the market is segregated into high carbon, low carbon, and others. Among these, the high carbon segment captured the largest ferrochrome market share due to its extensive usage by stainless steel manufacturers and its lower cost as compared to the alternatives.
Stainless Segment to Dominate Owing to Increasing Demand from Construction Sector
As per application, the market is fragmented into stainless steel, specialty steel, and others. The stainless-steel segment is anticipated to hold majority of the market share in the forthcoming years due to the affordability and accessibility of steel owing to technological developments in the field. The rising demand for stainless steel from construction sector will contribute to market proliferation as well.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides exhaustive information regarding drivers, challenges, opportunities, and threats influencing market trends over the analysis timeframe. Statistical data such as market share, growth rate, and valuation for each segment and region are also covered. Moreover, the report briefs readers about recent developments in the domain such as mergers & acquisitions, partnerships, and collaborations.
Q: What are the key drivers of the ferrochrome market?
A: Major drivers include:
- Growing foreign investments and expansion of manufacturing activities
- Increased demand from industries like construction, automotive, heavy equipment, and consumer goods
- Rising number of residential and commercial projects and infrastructure development
- Growing stainless-steel consumption due to urbanization and industrialization
Q: What are the main restraints impacting market growth?
A: The market faces challenges such as:
- Availability of substitutes like carbon fiber
- High production costs due to significant electricity consumption in ferrochrome manufacturing
Regional Insights:
Asia Pacific to Account for Significant Share Due to Rising Stainless Steel Production and Demand
Asia Pacific accounted for a significant market share in 2022 backed by growing stainless steel production and growing demand from Indian and Chinese steel manufacturers. Growing urbanization is elevating stainless steel demand further, thus contributing to market expansion in this region.
The North America market is projected to record substantial growth in the forecast timeframe due to growing stainless steel production in the U.S. and fall in imports due to the ongoing trade war with China. High demand for stainless steel from domestic manufacturers might attribute to ferrochrome demand as well.
The Europe market is expected to grow rapidly in the forthcoming years due to rising research and development activities and growing automotive sector. Surging demand for stainless steel from automotive sector to manufacture body frames, components, and parts of an automobile will drive industry growth in this region.
Competitive Landscape:
Efforts to Improve Production Capacity to Drive Market Augmentation
Leading players often take tactical decisions to boost sales, maximize profits, and earn larger revenues. One such move is to increase production capacity to meet rising product demand from consumers. For example, in December 2020, Ferro Alloys Corporation Ltd. (FACOR), a part of Vedanta, signed a conversion agreement with TATA Steel Mining Limited to process chrome ores. Through this agreement, Ferro Alloys Corporation Ltd. aims to increase its ferrochrome furnace production capacity.
Key Industry Development:
June 2022: Tata Steel Limited acquired 10% equity shares of Tata Steel Mining Limited, a wholly owned subsidiary, for USD 2 million approximately.
List of Key Players Mentioned in the Report:
- Tata Steel Mining Limited (India)
- Samancor Chrome (South Africa)
- TNC KAZCHROME JSC (Kazakhstan)
- Ferro Alloys Corporation Ltd. (FACOR) (India)
- HERNIC (South Africa)
- Eurasian Resources Group (Luxembourg)
- IMFA (India)
- Daido Steel Co., Ltd. (Japan)
- Sandvik AB (Sweden)
- Baosteel Group Corporation (China)
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