The Ferrochrome Global Market Report 2023, provides comprehensive information on the ferrochrome market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global ferrochrome market size is expected to grow from $19.15 billion in 2022 to $20.03 billion in 2023 at a compound annual growth rate (CAGR) of 4.56%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of ferrochrome market is expected to reach $24.31 billion in 2027 at a CAGR of 4.97%.
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Strategic partnerships are the key trend gaining popularity in the ferrochrome market. Major companies operating in the ferrochrome market are focused on forming strategic alliances to strengthen their position in the market. For instance, in September 2022, SAL STEEL LTD., an India-based manufacturer of ferrochrome, ferroalloys, and steel, engaged in a three-year procurement deal with AIA Engineering (AIA) for the unrestricted supply of ferrochrome for $15.1 million that is supposed to be utilized to repay the company’s loan and for working capital obligations. AIA Engineering is an Indian company that designs, manufactures, and installs high-chromium, abrasion, and corrosion-resistant parts. Similarly, in November 2020, Ferro Alloys Corporation Limited (FACOR), an Indian-based producer of high-carbon ferrochrome, or charge chrome, engaged in a conversion agreement for the conversion of chrome ore into ferrochrome. Following the signature of the aforesaid agreement with M/s Tata Steel Ltd., the company’s factory will be operational at full capacity. Tata Steel is an India-based mining company that processes and manufactures ferrochrome and other ferroalloys.
The ferrochrome market is segmented:
1) By Product Type: High Carbon, Low Carbon, Other Product Type
2) By Production Method: Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
3) By Application: Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications
Asia-Pacific was the largest region in the ferrochrome market in 2022.
The table of contents in TBRC’s ferrochrome market report includes:
- Executive Summary
- Ferrochrome Market Characteristics
- Ferrochrome Market Trends And Strategies
- Ferrochrome Market – Macro Economic Scenario
- Ferrochrome Market Segmentation
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- Global Ferrochrome Market Competitive Benchmarking
- Global Ferrochrome Market Competitive Dashboard
- Key Mergers And Acquisitions In The Ferrochrome Market
- Ferrochrome Market Future Outlook and Potential Analysis
- Appendix
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