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DUBLIN, November 29, 2021– (COMMERCIAL THREAD)–The “North America and EMEA Ferrosilicon Market Size, Share and Trend Analysis Report by Application, Region and Segment Forecast, 2021-2028” the report was added to ResearchAndMarkets.com offer.
The ferrosilicon market size in North America and EMEA is expected to reach USD 3.81 billion by 2028, with a CAGR of 2.6%.
The growing demand for ferrosilicon as an inoculant and deoxidizer in industries such as steel and iron smelting is expected to propel the market growth over the next few years.
The growing demand for electrical steel in the production of motors, transformers and amplifiers due to its properties which improve electrical resistivity is the main factor fueling the growth of the market. In addition, the growing demand for applications, such as power transmission and distribution, power generation, automobiles, renewable energy, industrial machinery and home appliances, is also expected to drive the market over the course of the forecast period.
The industry faces strict government mandates and ups and downs in the raw material supply chain. These are some of the main challenges businesses need to work on. Manufacturers are investing in the development of technologies to reduce CO2 emissions and reduce energy consumption in the production of ferrosilicon by opting for biochar pellets and charcoal.
Established market players are opting for sustainable methods of manufacturing steel, which is one of the key applications in the market. For example, in October 2020, ArcelorMittal Europe announced it was producing green steel using CO2 technology, which enables green solutions to be offered to consumers. The company’s goal is to reduce its carbon footprint by 30% by 2030.
Ferrosilicon acts as a manufacturing additive in the production of steel and its products. Many key players in the steel industry are investing in mergers and acquisitions for product advancement.
For example, in January 2021, United States Steel Corp. acquired Big River Steel for approximately $ 774 million due to the manufacture of durable and high strength steel. Steelmakers have collaborated to produce low cost mini steel mill technologies and focus on product innovation.
Highlights of North America & EMEA Ferrosilicon Market Report
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Stainless steel applications segment dominated the market in 2020 due to the high consumption of stainless steel in the production of surgical utensils and instruments
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Cast iron is expected to achieve 2.5% growth rate, in terms of revenue, from 2021 to 2028 due to its increasing deployment in various applications
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The growing emphasis on the differentiation of kitchenware products and the manufacturing of machinery and auto parts has led to the growth of the cast iron market
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Europe dominated the market with over 63% of total revenue in 2020. Growing business opportunities in the ferroalloys and steel industry, coupled with the growing emphasis on crude steel production in Europe , are expected to stimulate product demand during the forecast period.
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The Middle East and Africa is expected to post a CAGR of 2.3%, in terms of revenue, from 2021 to 2028. The demand for oil and gas industry machinery is high in the region to carry out exploration and production activities, which in turn is expected to drive the market
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive summary
Chapter 3. North America and EMEA Ferrosilicon Market Variables, Trends and Scope
Chapter 4. North America and EMEA Ferrosilicon Market: Application Estimates and Trend Analysis
Chapter 5. North America and EMEA Ferrosilicon Market: Regional Estimates and Trend Analysis
Chapter 6. Competitive analysis
Chapter 7. Company Profiles
For more information on this report, visit https://www.researchandmarkets.com/r/3mod2h
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211129005327/en/
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