Global Silico Manganese Market, By Product (Low Carbon, Medium Carbon), By Application (Carbon Steel, Stainless Steel, Alloy Steel), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Apr 2023
- Report ID: 20720
- Number of Pages: 334
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Report Overview
Global Silico Manganese Market size is expected to be worth around USD 40.05 Bn by 2032 from USD 23.76 Bn in 2022, growing at a CAGR of 5.5% during the forecast period from 2022 to 2032.
The market is expected to grow because of the rising demand for steel products in the infrastructure and construction sectors. Silico manganese is utilized in the production process to increase the strength, flexibility, and corrosion resistance of steel. It is also used for non-metallic inclusion refinement and deoxidization. Thus, increasing steel production and consumption are expected to benefit market expansion.
Increasing investments in steel production plants are predicted to drive growth for silico manganese in the United States over the course of the forecast timeframe. Moreover, it is projected that growing expenditures in both residential and non-residential development projects would boost demand for steel in the United States.
Market Scope
Product Analysis
In 2022, the low carbon revenue share was larger than 33.0% of the global market. The manufacturing of stainless steel constantly makes use of low-carbon silico manganese. Throughout the forecast period, it is expected that the segment’s growth would be supported by the production of stainless steel at the global level.
Revenue growth for high carbon is expected to average 6.6% during the forecast period. The growth in demand for cast iron is likely to be driven by increased investments in a wide range of industries, including kitchenware, machinery & tool manufacturing, and construction. As a result, it is predicted that segment growth would be favourable over the forecast period.
Application Analysis
In terms of revenue, carbon steel accounted for more than 32.0% of the global market, in 2022. The product’s high strength makes it ideal for use in the construction of buildings, railroad tracks, and machinery parts. Market expansion is anticipated to be driven by rising investments in these industries. Over the forecast period, the stainless steel sector is anticipated to see the fastest revenue growth of 6.8%.
In the upcoming years, segment expansion is anticipated to be driven by increasing electric vehicle use and growing construction industry investment. Cast iron is likewise a significant market application sector. Cast iron is widely used in a variety of sectors, including the manufacturing of equipment and machinery as well as automobiles, due to its high strength, high thermal conductivity, wear resistance, and superior machinability.
Key Market Segments
Based on Product
- Low Carbon
- Medium Carbon
- High Carbon
- Other Products
Based on Application
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Other Applications
Drivers
Rising demand from the steel industry: Silico manganese is a crucial alloy used in the steel industry to enhance the strength and durability of steel, and demand from this sector continues to rise. Demand for silico manganese rises along with the growth of the steel industry worldwide
Increasing use in the construction sector: The construction sector is another significant user of silico manganese. The alloy is used to make reinforcing bars, construction materials, and structural steel.
Technical developments: Using electric furnaces, for instance, technological advances in the manufacture of Silico Manganese can improve efficiency and cut costs, encouraging the expansion of the sector.
Restraints
The expansion of this market may be restricted by limited supply and high transportation expenses. Although silico manganese is extensively used in many industries, it does have some drawbacks, such as the variable accessibility of it in different geographical regions, which increases the cost of transportation and logistics and might slightly slow the growth of the silico manganese market. In addition to all the other considerations, safe delivery of the product is also important as utilizing this product has higher costs.
Opportunity
Increasing demand for electric vehicles: To minimize carbon emissions, the automobile industry is moving towards electric vehicles. The manufacture of electric cars necessitates the use of silico manganese-containing specialty steel alloys. The demand for silico manganese will rise as the market for electric cars expands.
Research & development: Continuing work in the areas of metallurgy and material science is opening the way for the creation of new silico manganese uses and markets. For instance, new markets are opening up in the aerospace, military, and other industries because of the creation of new steel alloys utilizing silico manganese.
Trends
Rising need for high-grade silico manganese: High-grade silico manganese is the better option among manufacturers due to its higher quality, which increases the strength and ductility of the steel, as well as lower consumption rate and cost-effectiveness.
Increasing demand for refined silico manganese: Due to its lower carbon content and subsequent reduction in greenhouse gas emissions during manufacture, refined silico manganese is gaining popularity. As more strict environmental rules are implemented by governments there will probably be an increase in the demand for silico manganese.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a variety of effects on the world market for silico manganese. A worldwide recession caused by the COVID-19 pandemic has decreased demand for steel, which has in turn decreased demand for silico manganese. Costs have decreased and silico manganese producers are less profitable as a result of the decreased demand.
The pandemic has caused delays in the acquisition of raw materials needed for the manufacturing of silico manganese as a result of disruptions in global supply chains. A greater emphasis on environmentally friendly and sustainable practices has been driven by the COVID-19 crisis. This has led to a rise in demand for eco-friendly products like silico manganese. To fulfill the rising demand for sustainable products, manufacturers are investing in sustainable methods of production.
Regional Analysis
In 2022, Asia Pacific led the market and accounted for over 73.0% share of global revenue. The market’s dominance is contributed to the investments made by the nations in various infrastructure development projects to boost their economies just after the pandemic era. The Middle East and Africa are projected to experience a CAGR of 5.8% in terms of revenue during the forecast period.
The increased private investment to increase steel production in the area is attributed to this expansion. Over the forecast period, Central & South America is anticipated to experience a CAGR of 4.9% in terms of revenue. Investments in oil and gas projects are expected to raise the region’s demand for steel, which is likely to accelerate the expansion of the silico manganese market over the duration of the forecast.
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
Iron, silicon, and manganese are the main ingredients of the alloy known as silico manganese. It is a component of the steel-making process, hence the steel sector has a significant impact on demand. One of the top silico manganese manufacturers worldwide is Ferroglobe.
With operations around the globe, the corporation is present in the US, Europe, and Asia. Steel, aluminum, and chemical industries among others use Ferroglobe’s silico manganese products. Production of silico manganese is carried out by Sakura Ferroalloys Sdn Bhd in Malaysia.
Recent Developments
In January 2021- the Indian government imposed anti-dumping duties on imports of Silico Manganese from China, Vietnam and Ukraine in an effort to protect their domestic industry.
In March 2021– Georgian Manganese LLC, a major producer of Silico Manganese in Georgia, announced plans to invest $30 million to modernize and expand their production facilities.
In August 2020– the European Union implemented anti-dumping duties on imports of Silico Manganese from Russia and China to safeguard their European industry.
In December 2020– Tata Steel revealed its plans to sell its stake in a Silico Manganese manufacturing plant located in Odisha, India to its joint venture partner.
Market Key Players
- Brahm Group
- EMCO (Bahrain Ferro Alloys BSC)
- Eramet
- Ferroglobe
- Nippon Denko Co.Ltd.
- OM Holdings Ltd.
- Sabayek
- Sakura Ferroalloys
- Steel force
- Tata Steel Ltd.
- Sheng Yan Group
- PJSC Nikopol
- Glencore
- Jinneng Group
- Other key players
Report Scope
Report Features Description Market Value (2022) USD 23.76 Bn Forecast Revenue (2032) USD 40.05 Bn CAGR (2023-2032) 5.5% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Based on Product ,Low Carbon,Medium Carbon,High Carbon,Other Products ,Based on Application,Carbon Steel ,Stainless Steel,Alloy Steel,Cast Iron ,Other Applications Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Brahm Group, EMCO (Bahrain Ferro Alloys BSC), Eramet, Ferroglobe, Nippon Denko Co.Ltd., OM Holdings Ltd., Sabayek, Sakura Ferroalloys, Steelforce, Tata Steel Ltd., Sheng Yan Group, PJSC Nikopol, Glencore, Jinneng Group, Other key players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
How much is the Global Silico Manganese Market worth?Global Silico Manganese Market market size is Expected to Reach USD 40.05 Bn by 2032.
What was the Market Segmentation of the Silico Manganese Market?Based on Product ,Low Carbon,Medium Carbon,High Carbon,Other Products ,Based on Application,Carbon Steel ,Stainless Steel,Alloy Steel,Cast Iron ,Other Applications
What is the CAGR of Silico Manganese Market?The Silico Manganese Marketis growing at a CAGR of 5.5% during the forecast period 2022 to 2032.
Who are the major players operating in the Silico Manganese Market?Brahm Group, EMCO (Bahrain Ferro Alloys BSC), Eramet, Ferroglobe, Nippon Denko Co.Ltd., OM Holdings Ltd., Sabayek, Sakura Ferroalloys, Steelforce, Tata Steel Ltd., Sheng Yan Group, PJSC Nikopol, Glencore, Jinneng Group, Other key players.
Which region will lead the Global Silico Manganese Market?Asia Pacific is estimated to be the fastest-growing region during the forthcoming years.
- Brahm Group
- EMCO (Bahrain Ferro Alloys BSC)
- Eramet
- Ferroglobe
- Nippon Denko Co.Ltd.
- OM Holdings Ltd.
- Sabayek
- Sakura Ferroalloys
- Steel force
- Tata Steel Ltd. Company Profile
- Sheng Yan Group
- PJSC Nikopol
- Glencore
- Jinneng Group
- Other key players
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