Global Ferromanganese Market: Demand Analysis and Growth Forecast
Ferromanganese is a ferroalloy with about 80% manganese. It is a combination of heated oxides of Fe2O3 and MnO2, along with carbon, generally as coke or coal. These oxides go through a carbothermal reduction in an electric or a blast furnace and result in ferromanganese, which in turn is used as a deoxidizer for steel in order to obtain high quality and long lasting steel.
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(2018 - 2023)
The increasing demand for stainless steel is one of the major drivers behind the growth of the ferromanganese market. One other major application of steel lies in the construction domain. A recent IndustryARC market research report projects profitable progression in the global ferromanganese market during the forecast period from 2018 to 2021.
Global Ferromanganese Market: Disruptive Trends
Ferromanganese is considered valuable because of its chemical properties of antioxidant, carbothermal reduction, and extremely low melting point. In recent years, construction companies have started shifting from traditional raw materials to steel for its robust chemical properties, and thereby stroking the ferromanganese market.
Additionally, ferromanganese finds applications in chemical and metallurgical industries. Apart from its application in construction work, steel is used as alloys, stainless steel, tool steel, and carbon steel. Key players in the market are producing a great number of stainless steel products for domestic use and it has received a good response from its audience. Since steel is a very lightweight metal, it is also being considered as an alternative to other heavy metals across heavy engineering industries.
Global Ferromanganese Market: Leading Segments
Based on the type, the ferromanganese market can be classified into high carbon-content and medium carbon content. Application-wise, the market can be segmented into the industries of metallurgy, chemical, and steel. Geographically, the IndustryARC market research report explores the demand potential of all important regions including North America, Asia Pacific, and Europe.
Global Ferromanganese Market: Competitive Landscape
Tata Steel, one of the prominent steel producers of all time, has a separate division called The Ferro Alloys and Minerals Division (FAMD). This division offers two primary products: TATA FERROMAG and TATA TISCROME, which contribute to the production of carbon and stainless steel. Manganese ore exporter Jiaocheng Yiwang Ferroalloy Co. Ltd from China is one of the largest exporters of manganese ore. Along with these two, a number of other companies have also succeeded in making a mark in the ferromanganese market.
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Ferromanganese is an alloy which is used for the production of steel. With the compound, the developed steel is very efficient when compared to any other metal. Because of the robust properties of this metal, it has become one of the most used raw material in the construction industry. One of the end products of ferromanganese is stainless steel, which is now a favored metal in the domestic sector.
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