The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to renewed infrastructure investments, evolution of energy infrastructure, rising popularity of electric vehicles, strategic initiatives in stainless steel production. Major trends in the forecast period include focus on ferrochrome recycling, integration of ferrochrome in renewable energy technologies, supply chain resilience and diversification, strategic investments in ferrochrome production facilities, market response to regulatory changes.
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Segmentation & Regional Insights
The ferrochrome market covered in this report 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 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expanding stainless-steel industry is expected to propel the growth of the ferrochrome market going forward. The stainless-steel industry refers to the sector that produces and processes stainless steel, which is an environmentally neutral and inert alloy of steel, iron, chromium, and other metals. Ferrochrome, a chromium-iron alloy, is commonly used in the production of stainless steel for its excellent corrosion and oxidation resistance and offers strength, hardness, ductility, and other mechanical properties. For instance, in December 2021, according to International Stainless-Steel Forum (ISSF), a Belgium-based non-profit research organization for the stainless industry, stainless steel melt shop production climbed by 16.9% year on year to 43.0 million metric tons in the first nine months of 2021. Therefore, the expanding stainless-steel industry is driving the ferrochrome market.
Key Industry Players
Major companies operating in the ferrochrome market report are Glencore PLC., Nippon Steel Corporation, United States Steel Corporation., Outokumpu, Mitsubishi Corporation, Jindal Steel & Power Ltd., Tata Steel Mining Limited., Sinosteel Corporation, Eurasian Resources Group S.à r.l., TNC KAZCHROME JSC, China Baowu Steel Group Corp Ltd., Tharisa PLC., Balasore Alloys Limited, Assmang Limited, Singhania International Limited, Samancor Chrome Ltd., Indian Metals & Ferro Alloys Ltd. (IMFA), Visa Steel Ltd., Fushan Ferroalloy Group, Mintal Group, Westbrook Resources Ltd., Minmat Ferro Alloys Private Limited, Afarak Group, Kermas Group, International Ferro Metals, Mtc Business Private Limited
The ferrochrome market report table of contents includes:
1. Executive Summary
2. Ferrochrome Market Characteristics
3. Ferrochrome Market Trends And Strategies
4. Ferrochrome Market – Macro Economic Scenario
5. Global Ferrochrome Market Size and Growth
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32. Global Ferrochrome Market Competitive Benchmarking
33. Global Ferrochrome Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ferrochrome Market
35. Ferrochrome Market Future Outlook and Potential Analysis
36. Appendix
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