Ferro manganese is an important alloy used in steel production and is made by reducing manganese ore in a furnace along with iron. It contains varying amounts of manganese ranging between 65%-80% along with other alloying elements such as carbon, phosphorus, and sulfur. Ferro manganese finds major application in manufacturing steel to enhance its hardness, strength, and resistance to wear. The rising global steel production is considered a key driver for the growth of the ferro manganese market.
The Global ferro manganese market is estimated to be valued at US$ 81.8 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ferro manganese market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, and Guardian Fibre Glass. Saint-Gobain S.A. and Momentive Performance Materials, Inc. hold a significant market share owing to their large-scale production capabilities and global presence.
In terms of opportunities, emerging nations in Asia Pacific are expected to augment the overall steel demand thus positively impacting the Ferro Manganese Market Demand Also, growing construction activities in developing economies will boost the market growth over the forecast period.
Globally, manufacturers are expanding their production facilities across Asia Pacific, Middle East, and South America to leverage rising steel demand from countries like India, China, and Brazil. They are also signing long-term supply contracts with prominent steel producers for securing stable revenue streams.
Market Drivers
Rising steel production across the globe: Steel production has grown substantially over the years and is anticipated to witness an upward trend owing to growing infrastructure development, automotive manufacturing and other end-use industries. This growing steel demand will drive the consumption of ferro manganese.
Market Restrains
Volatility in raw material prices: Ferro manganese production is dependent on prices of raw materials like manganese ore and iron. Any fluctuations in the global commodity prices of these inputs can pose major challenges for ferro manganese manufacturers.
Segment Analysis
The ferro manganese market is dominated by metal/alloy and deoxidizer segments. The metal/alloy segment accounts for over 60% share of the overall market as ferro manganese is a key alloying element used in steel production. It is added to impart strength and toughness properties in steel. The deoxidizer segment is the second largest segment and ferro manganese is used as a deoxidizer in steelmaking to remove excess oxygen.
Global Analysis
Asia Pacific region currently dominates the global ferro manganese market with a share of over 50%. China has emerged as the largest producer and consumer of ferro manganese globally. Abundant availability of manganese ore reserves and growth of the steel industry are driving the APAC market. Europe is the second largest market led by Germany, Italy and France. Presence of major automotive, manufacturing and infrastructure industries is boosting steel demand. North America region is anticipated to witness fastest growth during the forecast period with major markets in the US and Canada. Recovery in the construction sector and upcoming government investments are expected to support regional growth.
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