Ferrosilicon Market Size Worth USD 13.62 Billion by 2032 | CAGR: 2.9%

The global ferrosilicon market size is expected to reach USD 13.62 Billion by 2032, according to a new study by Polaris Market Research. The report “Global Ferrosilicon Market Size, Share,  Trends, Industry Analysis Report: Information By Type (Atomized Ferrosilicon, Milled Ferrosilicon), By Application, By End-Use, and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The ferrosilicon market is experiencing growth due to the rising production of steel and cast iron, which are essential materials in the construction, automotive, and manufacturing industries. The steel industry is witnessing expansion due to the increasing demand for high-strength, lightweight materials in automotive and aerospace applications. Ferrosilicon is a crucial component in the steelmaking process since it is used as a deoxidizing and alloying agent, improving the quality and durability of steel products.

Moreover, the growing trend towards infrastructure development in several economies is fueling the demand for steel and cast iron, thereby driving the ferrosilicon (FeSi) market. Furthermore, the ferrosilicon market is experiencing growth due to the rising demand for high-quality steel in automobile production. Modern automobiles require advanced steel grades with ferrosilicon for components such as chassis, body panels, and engine parts to enhance safety, performance, and fuel efficiency. This increased demand for ferrosilicon-infused steel by automobile manufacturers is fueling the market's growth.

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The increased production capacity across countries is driving the market CAGR of ferrosilicon. Expanding production facilities and implementing advanced technologies are areas in which manufacturers and governments are investing. A stable supply of ferrosilicon that is crucial for the steel manufacturing sector is ensured by the expansion in production capacity. As a result, the growth of the ferrosilicon industry is driven by the production of ferrosilicon in larger quantities. Furthermore, the ferrosilicon market faces competition from major global players due to the rising demand from the steel and cast iron industries. Major players with extensive production capacities and advanced technologies are dominating the global market for ferrosilicon.

Ferrosilicon (FeSi) Market Report Highlights

• In the global FeSi market, the deoxidizer segment held the dominant revenue share in 2023 due to its extensive use in eliminating oxygen from molten steel to enhance the quality of the resulting steel product.
• The demand for high-quality cast iron in industries such as automotive, construction, mining, and defense is expected to drive significant growth in the cast iron segment of the ferrosilicon industry over the forecast period.
• The North America ferrosilicon market held the highest revenue share due to the presence of a well-established steel industry that boasts advanced production capabilities and technological innovations in steel manufacturing.
• The Japan ferrosilicon market is poised for substantial growth due to the increasing demand for steel across various sectors such as construction, shipbuilding, industrial machinery, electrical machinery, and others.
• The global key market players are Anyang Jinfang Metallurgy Co.,Ltd, Anyang Yuneng Metallurgy Refractory Co., Ltd., DMS Powders, Elkem ASA, Eurasian Resources Group, Ferroglobe, FINNFJORD AS, OM Holdings Ltd., RFA International, and SINOGU INDUSTRY CO., LTD.

Polaris Market Research has segmented the Ferrosilicon Market report based on type, application, end-use, and region:

Ferrosilicon, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Atomized Ferrosilicon
• Milled Ferrosilicon

Ferrosilicon, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Deoxidizer
• Inoculants
• Others

Ferrosilicon, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Carbon & Other Alloy Steel
• Cast Iron
• Electric Steel
• Stainless Steel
• Others

Ferrosilicon, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of APAC

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of MEA

Ferrosilicon Report Scope