The global Ferrochrome for High Carbon Market is forecasted to reach USD 24.57 Billion by 2027, according to a new report by Reports and Data. The market is driven by demand from the booming stainless-steel industry, particularly in Asia. The Stainless-steel industry accounts for about 75.0% of the world's ferrochrome intake. China, the leading manufacturer of stainless steel, and hence the largest consumer of ferrochrome. Global production of stainless-steel is predicted to see significant growth in the coming years due to strong demand from the building construction industry, owing to its superior quality and corrosion-resistant properties.
Industry competition in the ferrochrome sector is very intense due to the consolidation of many developed and integrated companies in Turkey, South Africa, India, and Kazakhstan. China, along with South Africa, is still among the ferrochrome’s leading suppliers.
Top Companies Operating in the Global Ferrochrome for High Carbon Market:
Samancore Chrome Limited, Glencore, TNC Kazchrome JSC, Jindal Steel Power Ltd., Fondel Corporation, Yildirim Group, Tata Steel, Shanxi Jiang County Minmetal Co. Ltd., Eurasian Resources Group, and Mintal Group.
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Further key findings from the report suggest
- Based on type, low carbon ferrochrome generated a revenue of USD 2.15 billion in 2019. It is projected to rise with a CAGR of 3.3% in the forecast period as it is used in stainless steel; the product's primary applications are in carbon low alloy steels and tool steels.
- The 200 series is expected to grow with a CAGR of 5.0% in the forecasted period, owing to its essential features of high-temperature tolerance and excellent corrosion resistance, thereby making it appropriate for various applications.
- The stainless-steel application is the major contributor to the Ferrochrome for High Carbon Market. The stainless-steel sector of the Asia Pacific region is the major shareholder of the market and held around 76.6% of the market in 2019. There was no other substitute for ferrochrome in the stainless-steel application to improve the cosmetic appearance and reduce oxidation.
- The Asia Pacific region dominated the market for ferrochrome in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held 67.0% of the market, followed by Europe, which contains around 14.7% market in the year 2019.
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Ferrochrome for High Carbon Market Segmentation
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- High Carbon
- Medium Carbon
- Low Carbon
Grade Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- 200 Series
- 300 Series
- 400 Series
- Duplex Series
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Cast Iron
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Ferrochrome for High Carbon Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Ferrochrome for High Carbon Market.
The global Ferrochrome for High Carbon Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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