This new market study report on the Ferrochrome (FeCr) market across the world has been developed with a focus to offer comprehensive information about the factors that can fuel the growth of the global market during the forecast period, i.e., from the year 2019 to 2023. Apart from the information about the factors that are propelling the growth, this report also offers information about the latest trends that can create better growth opportunities. Furthermore, it also suggests the factors that can affect market growth.
Talking about Ferrochrome, it is also called as charge chrome or ferro chrome. This is a type of iron and chromium alloy and extensively used in the process of producing specialty steels and stainless steels. The growing industrialization across the world has created an enormous demand for Ferrochrome across the globe. So, it has predicted that the market will grow at the highest CAGR. In the year 2019, the market was valued at USD 11900 million. However, by the end of 2024, the market will cross USD 21100 million.
This element is combined with stainless steel to boost the appearance as well as steel’s corrosion-resistant features. The minimum FeCr level is 10 percent. So, the global stainless-steel industry is playing a crucial role in influencing the Ferrochrome demand in the market positively. Rising foreign investments and increasing manufacturing activities are some of the primary factors that are triggering the demand for good quality stainless steel. However, the rising cost of the product and complex production process can slow down the growth of the Ferrochrome market.
Eurasian Resources Group
Shanxi Jiang County Minmetal
Jilin Ferro Alloys
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Market Segmentation Overview
In this report, the global Ferrochrome market is segmented on the basis of type, applications, and regions. On the basis of type, it is segmented into low carbon type, high carbon type, and others. Now, based on application, it is split into engineering & alloy steel, stainless steel, and others. Under the product type, the high carbon Ferrochrome segment is projected to cover the largest market share during the forecast period. In 2018, this particular product covered around 87 percent of the total market. The low carbon ferrochrome segment is projected to grow at around 3% CAGR. Coming to the application segment, stainless steel witnessed maximum market share in terms of consumption in 2018 and will continue to dominate this segment.
Regional Segmentation Overview
The entire Ferrochrome market across the world, geographically, is segmented into Europe (both Eastern and Western Europe), South America, North America, Asia Pacific, and Middle East & Africa (MEA). Well, the market is also split into different market-dominating countries to analyze the country-level markets. So, it is divided into Japan, Mexico, Italy, India, Southeast Asia, China, Canada, the United States, France, Turkey, the United Kingdom, South and North America, GCC Countries, and more. As per the market analysis report, the Asia Pacific market is expected to dominate the market during the forecast period as this is a leading stainless production region. India and China are two major Asian countries that are propelling the growth of this region’s Ferrochrome market.
In August 2019, Eurasian Resources Group, a top diversified natural resources group, informed that it has launched its all-new air filters overhaul.
In August 2019, Mintal Group, a leading China-based steel company, signed an MoU to develop a stainless steel and Ferrochrome plant in Vietnam’s Ngi Son economic zone. For this, the company will invest around USD 2 million.
Table Of Content:
1 Market Overview
2 Manufacturers Profiles
3 Global Market Competition, by Players
4 Global Market Size by Regions
5 North America Revenue by Countries
6 Europe Revenue by Countries
7 Asia-Pacific Revenue by Countries
8 South America Revenue by Countries
9 Middle East and Africa Revenue by Countries
10 Global Market Segment by Type
11 Global Market Segment by Application
12 Global Market Size Forecast (2019-2024)
13 Research Findings and Conclusion
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