Ferromanganese Market Research Report: Industry Analysis and Forecast to 2028; Fortune Business Insights™
The global ferromanganese market size is expected to gain momentum by reaching USD 96.08 billion by 2028 from USD 73.12 billion in 2021 while exhibiting a CAGR of 4% between 2021 to 2028. In its report titled, “Ferromanganese Market, 2021-2028,”
Fortune Business Insights™ mentions that the ferromanganese market stood at USD 70.85 billion in 2020.
The use of ferromanganese materials is in a wide variety of industries, such as construction, mining, machinery, and consumer and goods. Thus various applications are boosting its market. In addition, growing environmental concerns led manufacturers to develop advanced use of these materials in energy-efficient, cost-effective, and lightweight vehicles suggests American Iron and Steel Institute as advanced high-strength steels (AHSS) are strong, lighter in weight, and helps in decreasing a vehicle’s life-long carbon footprint.
The pandemic crippled the global economy worldwide. It affected the minerals and mining industry as well due to a mismatch in demand and supply chain. Moreover, the construction activities were also at a halt amid the lockdown. All this impacted the market negatively, and therefore, and the market witnessed a decline of 4.7%. However, this market is expected to come at pre-pandemic levels during the forecast period.
By grade, the market is segmented into high carbon FeMn, medium carbon FeMn and low carbon FeMn. By application, the market is divided into iron & steel, alloy steel, and others. The alloy steel segment procured 14.78% in 2020 in terms of share.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The research report of the market for ferromanganese provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the ferromanganese market growth.
The Availability of Sustainable Ores to Drive Market Growth
The availability of sustainable ores is raising the production of ferromanganese. For instance, natural gases which are rich in methane are more sustainable than solid carbon for their reduction. Moreover, the integrated duplex process makes it much simpler in yielding hydrogen and carbon from a molten metal bath that reduces magnesium oxide (MnO) from a coexisting molten slag. It is produced from the smelting of Mn ore. Therefore, the duplex process is known to be the most sustainable one, as it lowers 40% of CO2 emission than SAF and around 50% less electric energy consumption.