Market Research Future (MRFR) Announces the Publication of its Research Report – Global Ferro Alloys Market 2016-2022
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Ferro Alloys Market: Tata Steel FAMD (India), Maithan Alloys Ltd (India), FACOR Group (India), Georgian American Alloys, Inc. (US), Atc Alloys Limited (Australia), Chengdu Huarui Industrial Co., Ltd. (China), Vietnam Youngsun Tungsten Industry Co., Ltd (China), Eramet Marietta Inc. (US), Felman Production LLC (US), Anyang Mingrui Inductry Co., Ltd(China) And Others.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Ferro Alloys Market size is expected to grow at ~59.4 billion by 2022. The market witnessed a significant growth over the forecasted period owing to growing applications such as road rails, automobile bodies, cutlery, metallurgy, and others across various industries.
Ferroalloys are manufacture by two methods which is by blast furnace or by electric arc furnace. Ferro Alloys are produced by carbothermic reactions, involving reduction of oxides with carbon in the presence of iron. Some ferroalloys are produced by the addition of elements into molten iron.
Ferroalloys are used as main alloys in production of steels, in the process of manufacturing in stainless steels, alloying of steels, and also in various applications of iron or steel industries. They are the most economical procedure for involving alloying material into the steels. Ferroalloys convey distinguish properties from steels and cast irons. Basically they are used as raw material in the manufacturing of Alloys Steel and stainless steel. Ferroalloys helps increases its resistance to corrosion and oxidation, improves its hardenability, tensile strength at high temperature, wear and abrasion resistance with added carbon and increases other desired properties in the steel.
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The Global Ferro Alloy Market has been segmented into by types and by application. On the basis of types, the market has been divided into ferrochromium, ferromanganese, ferromolybdenum, ferronickel, ferrosilicon, ferrotitanium, ferrotungsten, ferrovanadium, and others. Among these types, ferromanganese, silicomanganese and ferrochrome have cover the largest market followed by ferronickel, ferrovanadium and others. The leading Ferro Alloys producing countries are China, South Africa, India, Russia, and Kazakhstan. According to USGS report these five countries accounted for 84% of world ferroalloy production. In which ferromanganese is highly demanding material due to large requirement in stainless steel industry, this is an important end-use industry for ferromanganese. China is the leading world producer of manganese Ferroalloys, followed by India, South Africa, and Ukraine. Ferrosilicon is driven by cast iron and steel production, where silicon alloys are used as deoxidizers. Silicon metal was also used as an alloying agent with iron. China produced more ferrosilicon than the rest of the world combined. The major ferronickel-producing countries are China, Japan, New Caledonia, Brazil, and Colombia. China, Russia, and South Africa accounted for 98% of world vanadium mine production. The leading ferrochromium producing countries are South Africa, Kazakhstan, India, and Turkey which is consumed in the manufacture of stainless steel.
Ferromanganese and silicomanganese, are essential Ferro Alloys for Steel Market. In all off these Ferromanganese has the biggest market share followed by Ferrosilicon, Silicomanganese alloy, and ferrochromium alloy.
The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific Ferro Alloys Market is largest market owing to robust industry growth of application industry in China and India. Increasing Ferro Alloys production for manufacturing in steels and ferrous alloy expected to boost the market demand. Europe witnessed a second stagnant growth owing to robust ferro alloys market. North America witnessed a positive growth over the forecasted period.
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