Overview and Scope
Silico manganese refers to a crude alloy of silicon, manganese, and iron used primarily in the production of alloy steel. It is commonly used as an alloying agent in steel production, that gives steel the essential toughness and hardness.
Sizing and Forecast
The silico manganese market size has grown strongly in recent years. It will grow from $28.58 billion in 2023 to $31.24 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to steel industry growth, rising demand for high-performance steel, growing automotive industry, raw material prices, rise in construction and infrastructure projects.
The silico manganese market size is expected to see strong growth in the next few years. It will grow to $44.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to green initiatives, renewable energy infrastructure, electric vehicles (evs) adoption, circular economy practices, global urbanization. Major trends in the forecast period include focus on sustainable alloy production, customization for end-user industries, development of innovative alloy compositions, growing adoption of silico manganese in non-steel applications, technological advancements.
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Segmentation & Regional Insights
The silico manganese market covered in this report is segmented –
1) By Product: Low Carbon, Medium Carbon, High Carbon
2) By Application: Carbon Steel, Stainless Steel, Alloy Steel, Cast Iron, Other Applications
3) By End Users: Defense, Automotive, Consumer Appliances, Construction
Asia-Pacific was the largest region in the silico manganese market in 2023. The regions covered in the silico manganese 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
Rising demand for steel products is expected to propel the growth of the silico manganese market going forward. Steel products are those that are made from iron and metal in factories using various methods and are mixed with alloys such as carbon, zinc, and others. Silico manganese is used to manufacture various types of steel for various uses, such as carbon steel, alloy steel, manganese steel. These uses result in increasing demand for silico manganese in the manufacturing of steel products. For instance, in 2022, according to the world steel association (WSA), a Belgium-based international trade body for the iron and steel industry, steel consumption will increase by 0.4% in 2022, reaching 1840.2 Mt. Steel consumption will increase by 2.2% in 2023, reaching 1 881.4 Mt. Therefore, the rising demand for steel products drives the silico manganese market.
Key Industry Players
Major companies operating in the silico manganese market are focusing on manganese ore mining for expanding their production facilities by increasing their output and investments in the market. For instance, in August 2023, Eramet, French mining company, restarted its manganese ore mining operations and rail transport in Gabon. Eramet is a significant producer of manganese alloys, particularly silico manganese, which is used in steel manufacture. The restoration of mining activities and rail transport is critical for manganese ore supply, which might have an influence on the worldwide silico manganese market.
The silico manganese market report table of contents includes:
1. Executive Summary
2. Silico Manganese Market Characteristics
3. Silico Manganese Market Trends And Strategies
4. Silico Manganese Market – Macro Economic Scenario
5. Global Silico Manganese Market Size and Growth
…
31. Global Silico Manganese Market Competitive Benchmarking
32. Global Silico Manganese Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Silico Manganese Market
34. Silico Manganese Market Future Outlook and Potential Analysis
35. Appendix
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