Ferrochrome Market is Forecast to a Readjusted Size of USD 31070 Million By 2028 With A CAGR of 8.4% - Valuates Reports

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18 Feb, 2022, 21:30 IST

BANGALORE, India, Feb. 18, 2022 /PRNewswire/ -- Ferrochrome Market is segmented By Type - High Carbon Type, Low Carbon Type, Others, By Application - Stainless Steel, Engineering & Alloy Steel, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry  Category.

The global ferrochrome market size is estimated to be worth USD 19150 million in 2022 and is forecast to a readjusted size of USD 31070 million by 2028 with a CAGR of 8.4% during the review period. 

Major Factors Driving the Growth of the Ferrochrome Market

The increasing use of ferrochrome alloy for the production of steel will increase demand for the market in the coming years. Ferrochrome is used for making steel as it provides oxidative resistance and corrosion resistance thereby enhancing the quality of the product. Thus growing demand for ferrochrome from the steel industry will drive the growth of the ferrochrome market during the forecast period.

Moreover, the boom in the construction industry due to the rise in industrialization, urbanization, and population growth will drive the demand for ferrochrome in the future.

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TRENDS INFLUENCING THE GROWTH OF THE FERROCHROME MARKET

The steel industry will propel the demand for ferrochrome in the coming years. Ferrochrome or ferrochromium is a type of ferroalloy consisting of chromium and iron as its main mixture. These two alloying agents are used extensively in the steel industry as chromium provides oxidative resistance and corrosion resistance to steel. High carbon and charge grade ferrochrome is used heavily in large proportions for the smelting of stainless steel to reduce production costs. Moreover, medium and low carbon ferrochrome is used for producing other types of steel such as carburized steel, valve plates, stainless steel, low carbon structural steel, gears, high-pressure blower blades, etc. Thus widespread application in the steel industry will bolster the ferrochrome market during the forecast period.

The construction and building industry is booming due to rapid industrialization, urbanization, and population explosion. Construction activities are on the rise and ferrochrome is being used widely as an engineering alloy for pavement construction, brick manufacturing, and as an aggregate material in the concrete industry.  It is also used for the construction of roads and as a part of cement. Thus the ever-expanding construction and building industry will create significant opportunities for the growth of the ferrochrome market in the subsequent years.

However, high electric costs will restrain the market as ferrochrome production is an energy-intensive process wherein 3000 to 3500 KWh/T of electrical energy is consumed during the production. 

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FERROCHROME MARKET SHARE ANALYSIS 

Based on type, High Carbon ferrochrome will grow the fastest owing to potential benefits in the form of low cost, large availability, and extensive use in the production of stainless steel.

Based on application, Stainless steel is expected to dominate the market as ferrochrome is added largely to stainless steel for oxidation resistance and enhancing the aesthetic appeal.

Based on the region, Asia-Pacific will provide immense opportunities for growth due to huge stainless steel production. 

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Ferrochrome Market By Companies

  • Glencore-Merafe
  • Eurasian Resources Group
  • Samancor Chrome
  • Hernic Ferrochrome
  • IFM
  • FACOR
  • Mintal Group
  • Tata Steel
  • IMFA
  • Shanxi Jiang County Minmetal
  • Jilin Ferro Alloys
  • Ehui Group
  • Outokumpu

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