The global ferrochrome market size is anticipated to reach USD 28.83 billion by 2030, expanding at a 4.6% CAGR during the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by demand from the booming stainless steel industry, especially in Asia. The stainless steel industry accounts for roughly more than 75% of the FeCr consumption in the globe. Building & construction industry is expected to grow at a quicker pace, as stainless steel is majorly consumed in this industry because of its aesthetic appearance and corrosion resistance properties. Furthermore, China, being the largest stainless steel producer is therefore also the biggest consumer of FeCr. One of the factors that play a major role in regional growth is the presence of ore deposits and countries like South Africa, Kazakhstan, India, Turkey, and Zimbabwe are abound with these deposits, making them a better regional market for the product.
The ferrochrome market is rife with competition owing to the presence of multiple major players which are well established and integrated. They are major consolidated in the regions like South Africa, India, Turkey, and Kazakhstan. China is also among the largest suppliers of the FeCr along with South Africa. However, the suppliers in China are characterized by various small to medium-sized players that import chrome ore mainly from South Africa for their FeCr production. Some of the challenges faced by these companies are lack of power supply, logistical technicalities, and recently, the COVID-19 pandemic. The pandemic has affected the market majorly and some of the issues that arose are a slowdown in production, disruption of the logistic chain, and a slump in the demand from several industries. As the pandemic-related restrictions are being lifted, the market has seen a rise in demands again and is expected to keep witnessing it in the future.
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Ferrochrome Market Report Highlights
• Acquisitions & Mergers is one of the most important strategies employed by the key players to expand their market hold and production. Similarly, in November 2019, London- and Johannesburg-listed tailings treatment specialist Jubilee Metals increases its chrome concentrate output by 8,000-10,000 t/month after acquiring the rights to tailings owned by ferrochrome producer Hernic.
•Power shortage is the major challenge with which manufacturers have to deal with, alleviating it will boost the production of the producers. In August 2019, Glencore, one of the major FeCr manufacturers of South Africa announced a cut in its ferrochrome production by 10% for 2019. This decision was taken owing to the electricity concerns in South Africa.
•On the basis of product types, the High carbon ferrochrome dominated the market in 2018 with a volume share of 85.7% in 2018. It is expected to maintain its dominance over the forecast period owing to abundant reserves available of high carbon chromite ore as compared to other products.
•On the basis of applications, Stainless steel application is predicted to grow the fastest with a CAGR of 4.9% from 2019 to 2030, in terms of revenue. As ferrochrome currently has no substitute for stainless steel, it is poised to witness lucrative growth.
•In terms of volume, Asia Pacific acquired the highest share of 78.5% in 2018. This is mainly attributed to the dominant position of China in terms of stainless steel production.
•On the basis of region, North America is projected to grow at a CAGR of 2.1% from 2019 to 2025, in terms of volume. The protectionist policies currently implemented by the U.S. government are expected to propel domestic steel production and thereby propel ferrochrome demand.
•Some of the prominent manufacturers are Glencore (South Africa), Samancore Chrome (South Africa), Jindal Steel & Power Ltd. (India), and TNC Kazchrome JSC (Kazakhstan).
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Ferrochrome Market Segmentation
Grand View Research has segmented the global ferrochrome market on the basis of product, application, and region:
Ferrochrome Product Outlook (Revenue, USD Million, Volume, Kilotons 2008 – 2030)
• High carbon
• Medium carbon
• Low carbon
Ferrochrome Application Outlook (Revenue, USD Million, Volume, Kilotons, 2008 – 2030)
• Stainless steel
• Other steels
Ferrochrome Regional Outlook (Revenue, USD Million, Volume, Kilotons, 2008 – 2030)
• North America
• Europe
• Asia Pacific
• India
• Central & South America
• Middle East & Africa
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