Global ferrosilicon market is expected to grow over the forecast period owing to its increasing demand in construction and automobiles industry. The product is used in the ferrous foundary and steel industry. It is added in steel during the production process to gain qualities such as tensile strength, corrosion resistance, yield strength, abrasion resistance, and heat resistance.
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The product is an alloy which is manufactured by the combination of iron (15%) to silicon (90%) and is widely used in metallurgy and moulding industry. In metallurgy industry the product is mostly used in color or non-color deoxidizing material, whereas in molding industry, it is used as spraut or bud. However, the product is mainly used in steel alloy manufacturing industries as a deoxidizing material for the production of steel and cast iron, for developing metallic structure, for granulation of the alloy & non-alloy cast iron and for innovation of other ferro alloys. Thus, demand for the product is likely to remain high over the forecast period. Moreover, growth of end-use industries is expected to fuel the demand for the product over the next seven years.
The product has high proportion of iron silicides and its melting point is over 1200°C to 1250°C with a boiling point of 2355°C. Ferrosilicon contains some amount of aluminum and calcium. Its increasing use in steelmaking and foundries as a source of silicon in manufacturing stainless steel, carbon steel, and other ferrous alloy to prevent loss of carbon from molten steel is expected to be driver for the overall market. Growing demand for the product in various end-use industries is expected to propel demand over the projected period.
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The product is used in iron industry as inoculants & nodulizer and as a chief reductant in production of ferroalloy in the chemical industry. The product is largely employed in steel and cast iron industry, and a very small percentage is used in non-ferrous alloy. However, rising production cost and overcapacity are expected to be the key challenges for the market over the forecast period.
There are five major countries involved in production of ferrosilicon including China, Brazil, Ukraine, Russia, and Norway, and major consumer includes Russia, the U.S., Japan, and China. China accounts for more than 50% of the global production share.
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