Introduction
Ferromanganese is a ferroalloy with a high content of manganese. It is manufactured through heating mixture of oxides Fe2O3 and MnO2 along with carbon. The major deposits of ferromanganese are found in countries such as South Africa, Mexico, France, and Australia among others.
Rising demand for steel across various end users and growing demand for chemical in making aluminum alloy are driving the market growth. On the other hand, the environmental and health concerns associated with ferromanganese is like to hamper the market demand
Despite the current pandemic situation, the ferromanganese producers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering industrial activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The global ferromanganese market is expected to grow to $15.10 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 4.15% CAGR.
Growing demand for the product in manufacturing aluminum alloy is anticipated to drive the growth of the global ferromanganese market
APAC is dominating the market, with China being the largest producer and consumer of steel
Key Trends
Growing demand from aluminum alloy manufacturers are anticipated to propel the demand for the market in the coming years.
In recent times, the slumping sales of automotive vehicles are likely to cause immense strain on the production side of the business which indirectly is expected to create negative trend for ferromanganese demand.
Key Market Players
Some of the key players in the market are Monet Group, Vale, Gulf Manganese Corporation, Tata Steel, Eurasian Resources Group, Ferroglobe
The industry participants are focusing on strategies to tackle the falling demand from the steel industry due to COVID-19 restrictions across the globe. Many vendors are diverting their attention toward APAC region in an attempt to strengthen their position in the emerging markets, including Vietnam, Malaysia, and India.
Growth Drivers and Challenges
The rising demand from various end-user industries such as construction, automotive is driving the market demand.
Increasing demand for ferromanganese in stainless steel production is also driving the market.
Side effects caused by the high level of exposure to ferromanganese in drinking water are restraining the market demand.
Stringent regulations by the government regarding environmental issues are hampering market growth.