Ferrosilicon Market : Scope, Applications and Growth Framework 2027

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Global Ferrosilicon Market: Introduction

• Ferrosilicon is an alloy of iron, silicon, coal, and coke. Ferrosilicon typically has silicon content ranging between 15 wt% and 90 wt%.
• Ferrosilicon is primarily used for steel and cast iron applications, as it offers superior properties such as high strength, hardness, and resistance to corrosion and high temperatures. Around 90% of ferrosilicon is consumed in the production of iron and steel.
• Raw materials used for the production of ferrosilicon include charcoal, quartz, and mill scale. Ferrosilicon is produced by reducing quartzite with coke, charcoal, etc. A very high consumption power of 9,000 KWh – 10,000 KWh is required to produce one ton of ferrosilicon.
• Ferrosilicon is used for the inoculation of iron to accelerate graphitization in the manufacture of cast iron. Ferrosilicon can be employed in electrode coatings that are used in arc welding. Ferrosilicon is used for the production of ductile iron also.

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Rise in Demand for Production of Steel and Metal Alloys to Drive Market

• Growing adoption of ferrosilicon in the manufacture of steel and metal alloys is likely to drive the global ferrosilicon market during the forecast period
• Ferrosilicon provides increased resistance to corrosion and improves hardness and tensile strength of steel. Demand for steel is high in industries such as automotive, construction, and manufacturing.
• Rising investments in the steel sector is one of the major factors driving the global ferrosilicon market. SAIL (Steel Authority of India Limited) is planning to increase its production capacity from 13 MTPA to 50 MTPA by 2025.
• Similarly, strategic alliances among key manufacturers and the entry of international companies into steel manufacture are anticipated to fuel the global ferrosilicon market during the forecast period
• Rising demand for renewable energy is another major factor driving the global ferrosilicon market. Steel plays a remarkable role in developing infrastructure for generation of electricity from renewable energy, such as solar, tidal, and wind energy.

Availability of Substitute Ferroalloys to Hamper Market

• Alternative products, such as ferroaluminum, ferrochromium, and ferro magnesium, are preferred over ferro silicone in the steel industry, owing to their easy availability. This factor is likely to hamper the global ferrosilicon market during the forecast period.
• Continuous exposure to ferrosilicon has reportedly caused cancer among workers carrying out mining activities. This is another factor restraining the global ferrosilicon market.

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Asia Pacific to Lead Global Ferrosilicon Market

• In terms of region, the global ferrosilicon market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific accounts for a significant share of the global ferrosilicon market. Presence of a highly attractive building & construction industry, advancements made in infrastructure development, and rising investments in the steel industry are anticipated to augment the demand for ferrosilicon in Asia Pacific during the forecast period.
• The highly attractive steel industry in China and India is anticipated to offer lucrative opportunities to the ferrosilicon market in Asia Pacific in the next few years. In terms of production, China dominates the global ferrosilicon market. In 2017, in terms of production, it accounted for 66% share of the global ferrosilicon market.
• Presence of a highly attractive electronics & semiconductor industry and increasing demand from South Korea and ASEAN are likely to fuel the demand for ferrosilicon in Asia Pacific during the forecast period