According to the latest report by IMARC Group, titled “Ferromanganese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global ferromanganese market grew at a CAGR of around 4% during 2015-2020. Ferromanganese refers to an iron alloy consisting of high percentages of manganese. It is produced with carbothermal reduction using coke and coal in the blast or submerged arc furnaces. Ferromanganese is widely utilized as a deoxidizer and desulfurized to produce steel and iron. It exhibits high tensile strength, durability, heat resistance and antioxidant properties. Ferromanganese finds widespread applications across various industries, such as automotive, construction, aerospace, defense, etc.
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Rapid industrialization, along with the escalating demand for stainless steel across several industries, is significantly driving the global ferromanganese market. Ferromanganese is broadly used as a substitute for nickel in the production of stainless steel with improved workability and toughness to abrasion. Additionally, the rising demand for low carbon ferromanganese in the welding industry is also augmenting the market growth. Moreover, the rising adoption of high and medium carbon ferromanganese as heat-resistant antioxidant and desulphurizing agents in metallurgy and chemical industries is further bolstering the product demand. Various other factors, including continuous innovations in the manufacturing, processing and refining processes of ferromanganese, along with the extensive infrastructural developments, are expected to further propel the global market in the coming years. Looking forward, IMARC Group expects the global ferromanganese market to exhibit moderate growth during the next five years.
Breakup by Grade:
- High Carbon Ferromanganese
- Refined Ferromanganese
Breakup by Application:
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
Competitive Landscape with key players:
- China Minmetals Group Co. Ltd.
- Eramet Group
- Eurasian Resources Group
- Ferroglobe (Grupo Villar Mir, S.A.U.)
- Gulf Manganese Corporation Limited
- Jiaocheng Yiwang Ferroalloy Co Ltd.
- OM Holdings Ltd.
- Sakura Ferroalloys Sdn. Bhd. (Assmang Proprietary Limited)
- Tata Steel Ltd.
- Vale S.A.
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