Published on : Jun 24, 2016
Ferroalloy is a compound comprising iron and several other elements, including manganese, silicon, and chromium. Ferroalloy is produced using a carbothermic reaction procedure. In this process, oxides are reduced along with carbon in the presence of iron. Ferroalloys are majorly used in the manufacturing processes of different types of steel. Including carbon steel, stainless steel, and alloy steel.
Ferroalloy is broadly divided into bulk ferroalloys and other ferroalloys. Among these, bulk ferroalloys are produced and used in huge quantities in comparison with the other ferroalloys.
Global ferroalloy market can be classified on the basis of product type into:
Ferroalloys are considered as a prominent raw material in the production process of steel owing to their unique qualities they offer to the finished products. Moreover, ferroalloys are utilized in many other procedures such as deoxidizing, desulfurizing, and reinforcing in order to remove the impurities that are already present in the iron ores. The growing steel industry is indirectly augmenting the growth of the global ferroalloys market. The growing construction activities across the globe and urbanization in developing countries are some of the major factors projected to bolster the growth of the global ferroalloys market in the next few years.
Increasing Construction Activities Worldwide to Propel Global Ferroalloy Market
Some of the major players operating in the global ferroalloy market are Nikopol Ferroalloy Plant, Sinosteel Jilin Ferroalloy Corporation, Ferro Alloys Corporation Limited, Eurasian Natural Resources Corporation PLC, China Minmetals Corporation, Georgian American Alloys, S.C. Feral S.R.L., OM Holdings Ltd., Tata Steel’s Ferro Alloys & Minerals Division, and Shanghai Shenjia Ferroalloys Co. Ltd.
The increasing demand for ferroalloy across the globe is attracting several players to enter the market and expand their product portfolio. As a result, several new players are estimated to enter the market and gain the competitive advantage in the global ferroalloy market in the next few years. In addition, the development of high strength and lightweight steel grades are expected to create potential opportunities for the major players operating in the global ferroalloy market in the next few years.