North America And EMEA Ferrosilicon Industry Overview
The North America and EMEA ferrosilicon market size is expected to reach USD 3.81 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 2.6% during the forecast period. Increasing demand for ferrosilicon as inoculant and deoxidizer in industries including steel and iron casting is anticipated to propel the market growth over the coming years.
Rising demand for electrical steel in the production of motors, transformers, and amplifiers owing to its properties that improve the electrical resistivity is the major factor fueling the market growth. Moreover, increasing demand from applications, such as electricity transmission and distribution, power generation, automobiles, renewable energy, industrial machines, and home appliances, is further expected to drive the market over the forecast period.
The industry is facing strict government mandates and ups and downs in the raw material supply chain. These are some prime challenges that companies need to work upon. Manufacturers are investing in developing technologies to curb CO2 emissions and lower the energy consumption in the production of ferrosilicon by opting for biochar pellets and charcoal.
North America And EMEA Ferrosilicon Market Segmentation
Grand View Research has segmented the North America and EMEA ferrosilicon market on the basis of application and region:
Based on the Application Insights, the market is segmented into Carbon Alloy Steel, Stainless Steel, Electrical Steel, Cast Iron, Others.
- Carbon alloy steel dominated and accounted for more than 44% revenue share of the total market in 2020. Increasing consumption of carbon steel in the construction industry coupled with a growing number of infrastructure projects across developing and developed economies is fueling the market growth.
- Stainless steel is in high demand owing to its various features including corrosion resistance, low maintenance, and recyclability. Rising applications of stainless steel in the construction, medical, and food processing industries along with consumer products, such as stoves, cookware, and aesthetic goods, are stimulating the market growth.
- Cast iron is another vital application of ferrosilicon. Low cost, high compressive strength hardness, and strong electrical resistivity are the properties making cast iron viable for various applications. Increasing demand for cast iron cookware, radiators, machinery, and pipes owing to the aforementioned properties is expected to boost the segment growth over the forecast period.
North America And EMEA Ferrosilicon Regional Outlook
- North America
- Europe
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The companies are focusing on increasing the production capacity owing to the rising demand for steel.
Some prominent players in the North America And EMEA ferrosilicon market include
- Eurasian Resources Group
- Ferroglobe
- Eti Elektrometalurji AS
- Elkem ASA.
- Iran Ferroalloys Co.
- FINNFJORD AS
- Eramet Norway
- Thyssenkrupp Materials Trading GmbH
- Huta Åaziska SA
- EFACO
Order a free sample PDF of the North America And EMEA Ferrosilicon Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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