Global Ferrochrome Market Growth Rate 2024, Forecast To 2033
8 Mar, 2024
The ferrochrome market has experienced rapid growth, rising from $8.85 billion in 2023 to $9.81 billion in 2024, with a CAGR of 10.9%. This growth is attributed to increased stainless steel production and infrastructure activities. Looking ahead, the market is expected to continue its strong growth trajectory, reaching $13.77 billion by 2028, with a CAGR of 8.8%. Drivers include infrastructure investments, popularity of electric vehicles, and strategic initiatives in stainless steel production. Emerging trends encompass focus on recycling, integration in renewable energy technologies, and supply chain diversification.
Global Ferrochrome Market Key Driver
The ferrochrome market is poised for growth due to the expanding stainless-steel industry. Stainless steel, widely used in various applications, relies on ferrochrome for its corrosion resistance and mechanical properties. With stainless steel production witnessing significant increases, particularly in 2021, there is a growing demand for ferrochrome to meet the needs of the construction, automotive, and manufacturing sectors, thus driving the growth of the ferrochrome market.
Get A Free Sample Of The Global Ferrochrome Market ReportGlobal Ferrochrome Market Segments
The ferrochrome market covered in this report is segmented –
1) Product Type:High Carbon, Low Carbon, Other Product Type
2) Production Method:Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
3) Application:Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications
By Geography: The countries covered in the ferrochrome market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the ferrochrome market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ferrochrome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Ferrochrome Industry Players
Glencore PLC.; Nippon Steel Corporation; United States Steel Corporation.; Outokumpu; Mitsubishi Corporation; Jindal Steel & Power Ltd.; Tata Steel Mining Limited.; Sinosteel Corporation; Eurasian Resources Group S.à r.l.; TNC KAZCHROME JSC; China Baowu Steel Group Corp Ltd.; Tharisa PLC.; Balasore Alloys Limited; Assmang Limited; Singhania International Limited; Samancor Chrome Ltd.; Indian Metals & Ferro Alloys Ltd. (IMFA); Visa Steel Ltd.; Fushan Ferroalloy Group; Mintal Group; Westbrook Resources Ltd.; Minmat Ferro Alloys Private Limited; Afarak Group; Kermas Group; International Ferro Metals; Mtc Business Private Limited
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Ferrochrome Market Overview
Ferrochrome is a chromium-iron alloy that contains fifty percent to seventy percent chromium and is used to make highly hard steel. It is created by melting chromite, an iron magnesium chromium oxide, and a particularly significant chromium mineral with an electric arc.