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The development of the iron and steel industry and foundry industry have escalated the growth of ferroalloys industry and anticipated the growth of ferrosilicon magnesium market. The ferrosilicon magnesium is used primarily as an alloying agent in the production of iron and steel. The steel industry is the principal user of ferrosilicon magnesium. The alloy provides high tensile strength at high temperature, increased resistance to corrosion improves hardness and increased creep strength. These benefits have increased the demand for ferrosilicon magnesium in end-use industries such as construction and automotive leads to fuel the growth of global ferrosilicon magnesium market. Consequently, the demand for ferrosilicon magnesium is driven by the demand for steel products and general economic conditions. The overall market for ferrosilicon magnesium would likely experience only small changes in response to changes in price for ferrosilicon due to few economically viable substitutes, and it accounts for a small share of the total cost of most of its end?use products.
Escalating demand for construction industry will increase the growth rate of ferrosilicon magnesium across the globe
The growing demand for steel in the automobile and construction industry is further expected to augment the overall growth in the demand for ferrosilicon magnesium. Global scenario of increasing construction activities in emerging countries due to rapid urbanization and rise in per capita disposable income of individuals have positively influenced the growth of ferrosilicon magnesium market. The automobile industry is expected to be the next largest consumer of steel. The infrastructure programmers for the sector, such as railways and construction, are likely to maintain a healthy growth momentum, leading to an increase in the global ferrosilicon magnesium market in the forecast period.
The automobile manufacturers are continually striving in developing lightweight steel, which would help in increasing the overall fuel efficiency.
The demand for ferrosilicon magnesium is expected to exhibit sluggish growth owing to the presence of stringent regulations in the regions.
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Ferrosilicon Magnesium Market Segmentation
Global ferrosilicon magnesium market can be segmented on the basis of particle size, type, application and end-use industry.
On the basis of particle size, ferrosilicon magnesium market is segmented as:
- 5-3 mm
- 3-5 mm
- 5-15 mm
- 15-25 mm
- 25 mm and above
On the basis of type, ferrosilicon magnesium market is segmented as:
- With rare earths
- Without rare earths
On the basis of application, ferrosilicon magnesium market is segmented as:
- Low Carbon Steel
- Ductile Iron pipes
- SG Iron castings
On the basis of end-use industry, ferrosilicon magnesium market is segmented as:
Ferrosilicon Magnesium Market Regional Outlook
In terms of geography, East and South Asia are dominating regions in the global ferrosilicon magnesium market. In addition, the presence of large number of steel industry in the region further boosts the overall demand of the ferrosilicon magnesium market. The rapidly increasing urbanization and significantly increasing pharmaceutical industry escalates the ferrosilicon magnesium market in the region. Developing economies, such as those in East Asia & South Asia, in particular, are expected to witness relatively faster growth as compared to those in developed regions. Moreover, the growing per capita consumption of steel in the BRIC countries is further expected to enhance the overall growth of the ferrosilicon magnesium market. Europe is expected to be the next largest consumer of ferrosilicon magnesium. The presence of many automobile manufacturers in Europe is further expected to augment the overall demand for ferrosilicon magnesium market.
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Ferrosilicon Magnesium Market Key Players
The industry players believe new opportunities from the governments will boost the infrastructure projects. Ferrosilicon magnesium manufacturing companies have opted to acquire new channel partners, who could reach target customers and ensure new customer acquisitions for the company. The key players in the ferrosilicon magnesium market are mentioned below.
- All Minmetal International Ltd.
- Eshtehard Alloys
- Prithvi Group
- Elkem ASA
- Atlantic Alloys
- Akshit Enterprises Pvt. ltd.
- Henan Xinxin Silicon Alloy Co., Ltd.
- The Lakshmi Group
- Anyang Huatuo Metallurgy Co., Ltd.
- Rama Ferro Alloys & Finance Pvt Ltd.
The research report presents a comprehensive assessment of the Ferrosilicon magnesium market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Ferrosilicon magnesium market segments such as geographies, application and industry.
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