Categories: Market Research

Ferro Manganese Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Ferro Manganese Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Ferro Manganese Global Market Report 2024, The ferro manganese market size has grown strongly in recent years. It will grow from $16.01 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to steel industry growth, industrialization and urbanization, global economic trends, automotive manufacturing, mining and extraction activities.

The ferro manganese market size is expected to see steady growth in the next few years. It will grow to $20.4 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to infrastructure investments, renewable energy projects, urbanization in emerging markets, stricter environmental regulations, fluctuations in raw material prices. Major trends in the forecast period include environmental sustainability practices, fluctuations in raw material prices, market response to global economic trends, investments in research and development, digitalization and industry 40 integration.

The increasing demand for stainless steel is expected to propel the growth of the ferro-manganese market going forward. Stainless steel is a steel alloy that is a general term for a class of corrosion-resistant alloy steels containing 10.5% chromium or higher. Ferro manganese is primarily utilized in the manufacturing of silicon manganese for flattened steel, titanium-rich steel, and stainless-steel products. Hence, the increasing demand for stainless steel across various industries, including construction, automotive, and consumer goods, is expected to propel the growth of the ferromanganese market. For instance, in April 2023, according to Arab Iron and Steel Union Highlights, an Egypt-based intergovernmental organization, world stainless steel output climbed to 56.3 million metric tons in 2021. Furthermore, global stainless-steel output climbed by 8.6% in the fourth quarter of 2022 compared to the previous quarter, reaching 13.71 million tons. Therefore, the increasing demand for stainless steel is driving the growth of the ferro-manganese market.

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The ferro manganese market covered in this report is segmented –

1) By Production Methods: Alloy Steel, Carbon Steel, Cast Iron, Stainless Steel

2) By Grade: High Carbon FeMn, Medium Carbon FeMn, Low Carbon FeMn

3) By Sales Channels: Distributor, Direct Sales

4) By Applications: Alloying Element Additive, Casting, Deoxidizer, Desulfurizer, Welding

5) By End Users: Chemical Industry, Metallurgy, Steel Industry

Technological advancements are a key trend gaining popularity in the ferromanganese market. Companies operating in the ferromanganese market are adopting new technologies to sustain their position in the market. For instance, in August 2022, Nio Inc., a Chinese automobile manufacturer, is developing 4680 lithium ferro manganese phosphate batteries. NIO also works on a low-cost lithium ferromanganese phosphate battery and the high-performance 4680 battery. Lithium ferro manganese phosphate batteries have a 15%-20% better energy density than lithium iron phosphate batteries while costing the same.

The ferro manganese market report table of contents includes: