Ferrosilicon Market Size, Growth, Trends | Report 2023-2032
The global ferrosilicon market was surpassed at USD 11.28 billion in 2022 and is expected to hit around USD 14.51 billion by 2032, growing at a CAGR of 2.55% from 2023 to 2032.
Key Pointers
Report Scope of the Ferrosilicon Market
| Report Coverage | Details |
| Market Size in 2022 | USD 11.28 billion |
| Revenue Forecast by 2032 | USD 14.51 billion |
| Growth rate from 2023 to 2032 | CAGR of 2.55% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Elkem ASA; Eurasian Resources Group; Finnfjord AS; FENGERDA GROUP; Ferroglobe; IMFA; OM Holdings Ltd.; Russian Ferro-Alloys Inc.; SINOGU CHINA; VBC Ferro Alloys Limited |
Rising demand for ferrosilicon in the steel and cast iron industries is anticipated to contribute to market growth over the forecast period. Ferrosilicon is used as a deoxidizer in the steel industry to prevent the loss of carbon during the production process. As a result, rising investment in the steel industry is anticipated to augment the market growth. For instance, in January 2022, POSCO commenced construction of a new galvanized steel plant in Tangshan, Hebei, China, which is jointly owned by HBIS Group.
The USD 600 million plants are anticipated to have an annual production capacity of 900 kilotons and will supply galvanized steel sheets to the automotive industry. Furthermore, due to their long life span and good compressive strength, cast iron pipes are widely used in plumbing applications. Companies involved in cast iron pipe production are expanding their capacity, thereby fueling ferrosilicon consumption. For instance, in December 2021, AMERICAN SpiralWeld Pipe Company, a producer of cast iron pipe, announced its decision to invest USD 40 million to expand its operation in Richland County, U.S. Furthermore, rising investments in China’s construction industry are expected to benefit market growth.
For instance, China initiated five major infrastructure projects in the third quarter of 2021, one of them was an investment of USD 4,793 million in the construction of a railway line from Liuzhou to Wuzhou covering a distance of 237.78 kilometers. Such projects are aiding the consumption of steel and related products, thereby, positively influencing market growth over the forecast period. The market is competitive with a presence of a large number of players scattered across different regions. To uphold and expand their presence, market vendors are involved in acquisition activities. For instance, in February 2022, Elkem ASA acquired the remaining 50% stake in the Salten energy recovery plant from Kvitebjørn Energi, thus, taking 100% ownership. This acquisition aims to enable the production of environmental-friendly ferrosilicon grade.
End-use Insights
Based on end-use, carbon & other alloy steel accounted for more than 43.05% of the revenue share in 2022. Ferrosilicon is an important raw material in the production process of steel, where it is used as a deoxidizer and alloy agent. Furthermore, ferrosilicon powder can release a large amount of heat when burned at a high temperature. Hence, it is also used as a heat-producing agent for making capped steel.
Cast iron is anticipated to register the highest growth rate, in terms of revenue, over the forecast period. Cast iron is cheaper, easy to melt, and exhibits excellent casting properties, unlike steel. Ferrosilicon is used as an inoculant in the cast iron industry to prevent the formation of iron carbide, resulting from the rapid cooling of thin sections of castings. Growing investment in cast iron is anticipated to benefit product demand over the forecast period.
Stainless steel is another vital end-use segment of the market. Ferrosilicon is used in the product for improving its aesthetics, wear resistance, and corrosion resistance, and thus, growing stainless steel production is propelling segment growth. For instance, in December 2021, Jindal Stainless Ltd. announced raising USD 82 million from KfW IPEX-Bank to expand production facilities in India. The facility expansion is expected to increase annual production from 1.1 to 2.1 million tons.
Application Insights
Based on application, deoxidizers dominated with a revenue share of more than 69.06% in 2022 and this trend is expected to continue over the forecast period. Ferrosilicon is widely used as a deoxidizer in the steel industry. The deoxidization process blocks the heat and prevents the loss of carbon from the molten steel, thereby ensuring its quality.
Inoculants is anticipated to register the highest growth rate, in terms of revenue, over the forecast period. Ferrosilicon is used as an inoculant in the cast iron industry and growing demand for cast iron cookware is anticipated to drive the market further. For instance, in October 2021, The Indus Valley, a direct-to-consumer cast iron kitchenware producer, raised USD 1.1 million from RU.K.am Capital, DSG Consumer Partners, and The Chennai Angels for increasing production and delivering toxin-free kitchenware products.
Ferrosilicon is also used during the Pidgeon process for high-purity magnesium refining. Growing demand for magnesium products from different industries is propelling its production, thus, benefiting market growth. For instance, in December 2021, LiteAuto announced to invest INR 1,500 crore (~USD 199.3 million) in Telangana, India, for producing magnesium products for the automotive industry.
Regional Insights
Based on region, Asia Pacific held the largest revenue share of over 66.03% in 2022. High potential for infrastructural developments coupled with continuous investment in the automobile industry is propelling steel production, thereby augmenting the growth of the ferrosilicon market.
According to the World Steel Association, China, India, and Japan were the top three crude steel producers in the world in 2021. Although China and Japan reported a decline in their production, India reported an increase of 4.7% from 2020 to 2021. The region is witnessing various investments in steel capacity expansions in different countries, which is anticipated to benefit the regional industry growth over the forecast period.
North America is anticipated to register a CAGR of 2.24%, in terms of revenue, over the forecast period. The growth of the EV industry coupled with rising construction spending is anticipated to propel market growth over the forecast period. For instance, North America’s EV sales increased by 96% from 2020 to 2021 reaching 735,000 units.
In Europe, EV sales rose by 66%, reaching 2,332,000 units in 2021. Increasing sales are encouraging manufacturers to expand EV production. Rising demand for EVs is anticipated to facilitate market growth as ferrosilicon grade-electric steel is essential for producing motors used in EVs.
Ferrosilicon Market Segmentations:
By Application
By End-use
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Ferrosilicon Market
5.1. COVID-19 Landscape: Ferrosilicon Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Ferrosilicon Market, By Application
8.1. Ferrosilicon Market, by Application, 2023-2032
8.1.1. Deoxidizer
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Inoculants
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Ferrosilicon Market, By End-use
9.1. Ferrosilicon Market, by End-use, 2023-2032
9.1.1. Carbon & Other Alloy Steel
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Stainless Steel
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Electric Steel
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Cast Iron
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Ferrosilicon Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Application (2020-2032)
10.1.2. Market Revenue and Forecast, by End-use (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.1.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.1.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Application (2020-2032)
10.2.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.2.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.2.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Application (2020-2032)
10.2.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Application (2020-2032)
10.2.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.3.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.3.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Application (2020-2032)
10.3.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Application (2020-2032)
10.3.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.4.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.4.4.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Application (2020-2032)
10.4.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Application (2020-2032)
10.4.6.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Application (2020-2032)
10.5.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Application (2020-2032)
10.5.3.2. Market Revenue and Forecast, by End-use (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Application (2020-2032)
10.5.4.2. Market Revenue and Forecast, by End-use (2020-2032)
Chapter 11. Company Profiles
11.1. Elkem ASA
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Eurasian Resources Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Finnfjord AS
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. FENGERDA GROUP
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Ferroglobe
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. IMFA
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. OM Holdings Ltd.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Russian Ferro-Alloys Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SINOGU CHINA
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. VBC Ferro Alloys Limited
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers