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The ferrochrome market size is forecast to increase by USD 7.59 billion, at a CAGR of 5.94% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is primarily driven by the demand for alloys, particularly tool steels and stainless steel. Ferrochromium (FeCr), a key component of these alloys, offers enhanced properties such as hardenability, temperature stability, and corrosion resistance. The market for ferrochromium can be segmented based on the type of alloy, with charge chrome and high carbon ferrochrome being the major segments. Charge chrome, which contains chromium (45-57%) and carbon (4-7%), is primarily produced in South Africa and Brazil. High carbon ferrochrome, also known as high-grade ferrochrome, has a chromium content of 65-72% and is mainly sourced from Kazakhstan.
Silicon is also present in charge chrome, with a composition ranging from 2.5% to 7%. The demand for ferrochromium is influenced by urbanization and the resulting increase in infrastructure development and construction projects. As a result, the market for ferrochromium is expected to grow steadily during the forecast period. Stainless steel manufacturers are the primary consumers of ferrochromium, and their increasing production capacity and demand for high-quality alloys are driving the market growth.
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The charge chrome and high carbon segment was valued at USD 14.88 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth due to the increasing demand for this essential alloy in the production of various types of steel, particularly stainless steel and special steels. Ferrochrome is primarily used as a raw material in the manufacture of high-voltage steel, which is a key component in various industries. APAC, being the largest producer of stainless steel, accounts for over 70% of the global production. Major stainless steel producers in APAC include China, Japan, India, and South Korea. The construction, transportation, and metallurgical industries in APAC are witnessing a rise in demand, leading to an increase in the consumption of ferrochrome. In particular, the construction sector in APAC is driving market growth due to an uptick in infrastructure projects and construction activities.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for stainless steel and other alloy steel from developing countries is the key driver of the market.
Digitalization and Industry 4.0 integration into the market is the upcoming trend in the market.
Stringent regulations and policies regarding ferroalloy processing waste are a key challenge affecting market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Ferrochrome, also known as ferrochromium (FeCr), is a significant ferroalloy used in the production of various types of steel. This alloy is primarily made from chromite ore, which contains chromium. The process of producing ferrochrome involves reducing chromium oxide to chromium metal, which is then alloyed with iron to form ferrochrome. The global demand for ferrochrome is driven by the increasing consumption of stainless steel and special steels in various industries. The automotive industry is a major consumer of chromium stainless steel due to its corrosion resistance and high strength, making it ideal for automobile safety and structural applications.
In the construction industry, ferrochrome is used in the production of high-tension steel, structural steels, and alloy steels, which are essential for infrastructural projects and urbanization. Moreover, the consumer goods sector also contributes significantly to the demand for ferrochrome. Chromium stainless steel is widely used in the production of kitchen appliances, cutlery, and other household items due to its durability and resistance to rust. The construction of roads, bricks, and pavements also requires the use of ferrochrome in cement and concrete. The revenue share of ferrochrome in the steel industry is substantial due to its role as a crucial raw material.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
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Market Growth 2024-2028 |
USD 7.59 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.85 |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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