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| Ferro Manganese Market |
Ferro manganese is an important alloy used in steel production and is made by reducing manganese ore in a furnace along with iron. It contains varying amounts of manganese ranging between 65%-80% along with other alloying elements such as carbon, phosphorus, and sulfur. Ferro manganese finds major application in manufacturing steel to enhance its hardness, strength, and resistance to wear. The rising global steel production is considered a key driver for the growth of the ferro manganese market.
The Global ferro manganese market is
estimated to be valued at US$ 81.8 Mn in 2024 and is expected to exhibit a CAGR
of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ferro manganese market are Saint-Gobain S.A.,
Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China
Jushi Group Co., Ltd., Braj Binani Group, and Guardian Fibre Glass.
Saint-Gobain S.A. and Momentive Performance Materials, Inc. hold a significant
market share owing to their large-scale production capabilities and global
presence.
In terms of opportunities, emerging nations in Asia Pacific are expected to
augment the overall steel demand thus positively impacting the Ferro
Manganese Market Demand Also, growing construction activities in
developing economies will boost the market growth over the forecast period.
Globally, manufacturers are expanding their production facilities across Asia
Pacific, Middle East, and South America to leverage rising steel demand from
countries like India, China, and Brazil. They are also signing long-term supply
contracts with prominent steel producers for securing stable revenue streams.
Market Drivers
Rising steel production across the globe: Steel production has grown
substantially over the years and is anticipated to witness an upward trend
owing to growing infrastructure development, automotive manufacturing and other
end-use industries. This growing steel demand will drive the consumption of
ferro manganese.
Market Restrains
Volatility in raw material prices: Ferro manganese production is dependent on
prices of raw materials like manganese ore and iron. Any fluctuations in the
global commodity prices of these inputs can pose major challenges for ferro
manganese manufacturers.
Segment Analysis
The ferro manganese market is dominated by metal/alloy and deoxidizer segments. The metal/alloy segment accounts for over 60% share of the overall market as ferro manganese is a key alloying element used in steel production. It is added to impart strength and toughness properties in steel. The deoxidizer segment is the second largest segment and ferro manganese is used as a deoxidizer in steelmaking to remove excess oxygen.
Global Analysis
Asia Pacific region currently dominates the global ferro manganese market with
a share of over 50%. China has emerged as the largest producer and consumer of
ferro manganese globally. Abundant availability of manganese ore reserves and
growth of the steel industry are driving the APAC market. Europe is the second
largest market led by Germany, Italy and France. Presence of major automotive,
manufacturing and infrastructure industries is boosting steel demand. North
America region is anticipated to witness fastest growth during the forecast
period with major markets in the US and Canada. Recovery in the construction
sector and upcoming government investments are expected to support regional
growth.
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