FerroSilicon Market Globally Expected to Drive Growth through 2025
FerroSilicon is basically a ferroalloy, alloy of silica and iron which contains about 15% to 90% of silicon. FerroSilicon is a “heat-blocker” which is primarily utilized in the production of stainless steels and carbon. Also, it is used in production of cast iron, as it can accelerate graphitisation. FerroSilicon is added to an alloy in order to improve the physical properties of the new compound such as corrosion resistance, and high temperature heat-resistance. Further, it possess various physical properties which include resistance to abrasion, high specific gravity, and high magnetism.
Various raw materials are used in the production of ferrosilicon which include charcoal, quartz and mill scale. Ferrosilicon is produced by reducing quartzite with metallurgical coke/gas, coke/charcoal etc. Ferrosilicon are used for various application which include manufacturing of other ferroalloys, silicon and cast iron, and production of semiconductor pure silicon in electric industry and silicon copper.
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Global FerroSilicon Market: Segmentation
Globally, the FerroSilicon market can be segmented on the basis of end-use and application
Based on the end-use, the global ferrosilicon market can be segmented into
- Carbon & other alloy steel
- Stainless Steel
- Electrical Steel
- Cast Iron
Based on the application, the global ferrosilicon market can be segmented into
Global FerroSilicon Market: Dynamics
Rising demand for ferrosilicon as a deoxidizer and inoculant across the various end-use industry is expected to have significant impact on the market growth over the near future.
Electrical steel is also termed as silicon steel, and it utilizes significant amount of silicon and ferrosilicon, in order to improve the electrical properties of steel such as resistivity, etc. Further, growing demand for electrical steel in the manufacturing of transformer, motors and other power generating devices is expected to boost the demand of ferrosilicon in the manufacturing of electrical steel and thus in turn driving the global ferrosilicon market over the forecast period.
Ferrosilicon consumption is declined in the recent past across the globe, owing to the slowdown in crude steel production in the past few years and increasing preference towards alternative materials such as crude steel in China and other countries. Further, steady growth in the world output of iron castings, results into the greater utilization of aluminium in manufacturing of automobiles. Hence, utilization of alternative materials is one of the major challenges identified in the market. The aforementioned factors are expected to restrain the growth of global ferrosilicon market over the next decade.
Global FerroSilicon Market: Region-wise Outlook
Considering regions, Asia Pacific is expected to dominate the global FerroSilicon market both in terms of value and volume. China is the major consumer as well as producer of the ferrosilicon around the globe. However, the demand growth of the ferrosilicon in the country is expected to decline over the next decade owing to the illegal exports of the material in the South Korea and Japan, and also changes in the governmental policies have significantly impacted the market in the country. Europe is expected to follow the China in terms of consumption of ferrosilicon. North America, and other regions are expected to account for very less share in terms of consumption in the global ferrosilicon market over the forecast period.
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Global FerroSilicon Market: Market Participants
Some of the market participants identified across the value chain of the global FerroSilicon market include
- Eurasian Resources Group
- Tashi Group
- Globe Specialty Metals Inc.
- Sinosteel Jilin Ferroalloy Co. Ltd.
- Ferro Alloys Corporation Limited (FACOR)
- China Minmetals Corporation