The Ferrochrome Market size was USD 18.61 billion in 2023 and is expected to Reach USD 30.67 billion by 2031 and grow at a CAGR of 6.4% over the forecast period of 2024-2031.
Ferrochrome also known as ferrochromium (FeCr) is a type of ferroalloy material which is made up of chromium and iron. The Production is done by carbothermic reduction at high temperatures. Ferrochrome contains average 60% chromium by weight. These are widely used in the manufacture of casting, stainless steel, and specialty steel material to enhance their anticorrosive and appearance properties. The average content of FeCr is 18%. The fluctuation of the price of Ferrochrome and availability of raw materials impact the demand and supply chain, as it mostly consumes ferrochrome. The characteristic of Ferrochrome are high melting point, heat and wear-resistant, alloying agent, anticorrosive, High chromium content, magnetic properties, and recycling potential.
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FeCr is produced by chromium-containing ore with low carbon content (also known as "charge chrome") and high carbon content. FeCr, a high-grade chromium-containing ore, is widely used in stainless steel Production. Ferrochrome is in general classified by the amount of carbon (high carbon, medium carbon, and low carbon), By Application Stainless Steel, Cast Iron, Powder Metallurgy, Other, by region, and chrome it contains.
The Asia-Pacific is the dominate production and consumer sector in ferrochrome market. ferrochrome market is boosted by the increasing Production of stainless steel in India and China. The huge application of ferrochrome material is to manufacture stainless steel and special steel used in automobiles and construction industries drives the demand.
KEY DRIVERS:
The huge application of ferrochrome material to manufacture stainless steel is followed by specialty steel and other applications
Economic growth with rising GDP and rapid industrialization has led to increased FeCr demand in the manufacturing of steel
As stainless steel is mostly used in large residential buildings, transportation, and infrastructure projects, Previously, stainless steel used to be an expensive material, but over the last decade, research and development have made it affordable, increased recycling potential, and increased durability. They are used in the Production of alloys that are used in nuclear reactor vessels, gas turbine blades, and other applications of boost ferrochrome used in the energy and power generation industries.
RESTRAIN:
The presence of substitute Types of ferrochrome material in market
Carbon fiber can be a better substitute for Stainless steel, as carbon fiber is light weight, high strength, and anticorrosive material then steel. Decrease in demand for Stainless steel can impact FeCr demand proportionately
OPPORTUNITY:
As the countries increases investment in construction of bridge, residential buildings, road elevates the ferrochrome demand.
As ferrochrome is the primary source of stainless steel the ferrochrome material market has gained demand with usage of stainless steel proportionally. As the countries increases investment in construction of bridge, smart buildings, road. these all-demand manufacture of stainless steel and special steel. Other than that, features of Ferrochrome like heat and wear-resistant, alloying agent, anticorrosive, magnetic properties, and high melting point, and recycling potential add on usage in automobiles and energy and power generation industries.
CHALLENGES:
Large amount of electricity consumed and raw material like chromium needed for production of ferrochrome can be the challenge in this ferrochrome market domain.
Both Russia and Ukraine are significant players in the ferrochrome producer category. These wars had negatively impacted on every industry globally. These wars impacted people's livelihoods, disrupted imports and exports, caused regional market instability. Due to war few industries in Ukraine were closed for a particular period effected production and logistics had for a long-term. The sanctions imposed on Russia create instability in the supply and demand chain. Reduced availability of ferrochrome material supply from these countries disrupts the supply chain, causing a high price rise for customers. In these cases, they may search for alternatives or delay projects. These all factors impacted the global ferrochrome market, decreasing its size. But after some time, this may adjust to changing geopolitical situations.
Over the last few years, due to the rise in inflation, every country has been impacted by the price rise of commodities and services. All industrial sectors, such as automotive, machinery, and infrastructure sectors. The demand for ferrochrome material decreases trade, supply, and long-term performance. During a recession, there is a delay in economic activities in every sector, such as manufacturing, construction, automotive, and machinery. These are major consumers of stainless steel. Investors and bankers will become cautious before investing in small-scale industries, new projects, and startups. Small industries may be acquired by large players. Every industry will delay production to avoid losses due to the price rise of ferrochrome and mining processes carried out at that time. Hence, inflation may have an impact on global levels. Many initiatives have been taken by government to tackle these conditions.
By Type
High Carbon
Medium Carbon
Low Carbon
By Application
Stainless Steel
Cast Iron
Powder Metallurgy
Others
The Asia-Pacific region dominates the Production and consumption sectors of the ferrochrome market, as China is one of the largest producers and users of ferrochrome material, driven by large infrastructure projects. In Asia, countries like China, India, and other countries with large populations and a developing economy are the major users.
Countries in the Europe region like Kazakhstan, South Africa, and Russia have abundant chrome ore reserves and well-developed mining activities; therefore, these countries are prominent producers.
In the North America region, the United States has many infrastructure and automotive sectors, which make them major consumers of stainless steel and indirectly drive market growth. The Middle East, Africa, and Latin America have seen significant growth in their markets.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin American
Eurasian Resources Group, Merafe Resources Ltd., Hernic Ferrochrome Ltd, TATA Steel, International Ferro Metals Ltd., Samancor Chrome Ltd., Ferro Alloys Co. Ltd., Shanxi Jiang County Minmetal Co Ltd., Daido Steel Co. Ltd, Glencore, and other key players are mentioned in the final report.
Tata Steel- In 2023 Tata Steel has taken a step further towards digitalisation by launched an online portal for sales of Ferro Alloys and other minerals online. It will enable customers to mining to place order and track status on real time basis of placed order.
| Report Attributes | Details |
| Market Size in 2023 | US$ 18.61 Bn |
| Market Size by 2031 | US$ 30.67 Bn |
| CAGR | CAGR of 6.4% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (High Carbon, Medium Carbon, Low Carbon) • By Application (Stainless Steel, Cast Iron, Powder Metallurgy, Other) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Eurasian Resources Group, Merafe Resources Ltd., Hernic Ferrochrome Ltd, TATA Steel, International Ferro Metals Ltd., Samancor Chrome Ltd., Ferro Alloys Co. Ltd., Shanxi Jiang County Minmetal Co Ltd., Daido Steel Co. Ltd, Glencore |
| Key Drivers | • The huge application of ferrochrome material to manufacture stainless steel is followed by specialty steel and other applications. • Economic growth with rising GDP and rapid industrialization has led to increased FeCr demand in the manufacturing of steel. |
| Market Opportunities | • As the countries increases investment in construction of bridge, residential buildings, road elevates the ferrochrome demand. |
Ans: USD 18.61 billion was the market size of the Ferrochrome market in 2023.
Ans: The CAGR Growth rate of Ferrochrome Market over the forecast period is 6.4%.
Ans: USD 30.67 billion is the projected market size of the Ferrochrome Market in 2031.
Ans. Asia Pacific is the major dominating region in Ferrochrome Market
Ans. KEY DRIVERS
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Ferrochrome Market Segmentation, By Type
8.1 High Carbon
8.2 Medium Carbon
8.3 Low Carbon
9. Ferrochrome Market Segmentation, By Application
9.1 Stainless Steel
9.2 Cast Iron
9.3 Powder Metallurgy
9.4 others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1.1 North America Ferrochrome Market by Country
10.2.1.2 North America Ferrochrome Market by Type
10.2.1.3 North America Ferrochrome Market by Application
10.2.4 USA
10.2.4.1 USA Ferrochrome Market by Type
10.2.4.2 USA Ferrochrome Market by Application
10.2.5 Canada
10.2.5.1 Canada Ferrochrome Market by Type
10.2.5.2 Canada Ferrochrome Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Ferrochrome Market by Type
10.2.6.2 Mexico Ferrochrome Market by Application
10.3 Europe
10.3.1 Europe Ferrochrome Market by Country
10.3.2 Europe Ferrochrome Market by Type
10.3.3 Europe Ferrochrome Market by Application
10.3.4 Germany
10.3.4.1 Germany Ferrochrome Market by Type
10.3.4.2 Germany Ferrochrome Market by Application
10.3. UK
10.3.5.1 UK Ferrochrome Market by Type
10.3.5.2 UK Ferrochrome Market by Application
10.3.6 France
10.3.6.1 France Ferrochrome Market by Type
10.3.6.2 France Ferrochrome Market by Application
10.3.7 Italy
10.3.7.1 Italy Ferrochrome Market by Type
10.3.7.2 Italy Ferrochrome Market by Application
10.3.8 Spain
10.3.8.1 Spain Ferrochrome Market by Type
10.3.8.2 Spain Ferrochrome Market by Application
10.3.9 The Netherlands
10.3.9.1 Netherlands Ferrochrome Market by Type
10.3.9.2 Netherlands Ferrochrome Market by Application
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Ferrochrome Market by Type
10.3.10.2 Rest of Europe Ferrochrome Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Ferrochrome Market by Country
10.4.2 Asia Pacific Ferrochrome Market by Type
10.4.3 Asia Pacific Ferrochrome Market by Application
10.4.4 Japan
10.4.4.1 Japan Ferrochrome Market by Type
10.4.4.2 Japan Ferrochrome Market by Application
10.4.5 South Korea
10.4.5.1 South Korea Ferrochrome Market by Type
10.4.5.2 South Korea Ferrochrome Market by Application
10.4.6 China
10.4.6.1 China Ferrochrome Market by Type
10.4.6.2 China Ferrochrome Market by Application
10.4.7 India
10.4.7.1 India Ferrochrome Market by Type
10.4.7.2 India Ferrochrome Market by Application
10.4.8 Australia
10.4.8.1 Australia Ferrochrome Market by Type
10.4.8.2 Australia Ferrochrome Market by Application
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Ferrochrome Market by Type
10.4.9.2 APAC Ferrochrome Market by Application
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Ferrochrome Market by Country
10.5.2 The Middle East & Africa Ferrochrome Market by Type
10.5.3 The Middle East & Africa Ferrochrome Market by Application
10.5.4 Israel
10.5.4.1 Israel Ferrochrome Market by Type
10.5.4.2 Israel Ferrochrome Market by Application
10.5.5 UAE
10.5.5.1 UAE Ferrochrome Market by Type
10.5.5.2 UAE Ferrochrome Market by Application
10.5.6 South Africa
10.5.6.1 South Africa Ferrochrome Market by Type
10.5.6.2 South Africa Ferrochrome Market by Application
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Ferrochrome Market by Type
10.5.7.2 Rest of Middle East & Asia Ferrochrome Market by Application
10.6 Latin America
10.6.1 Latin America Ferrochrome Market by Country
10.6.2 Latin America Ferrochrome Market by Type
10.6.3 Latin America Ferrochrome Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Ferrochrome Market by Type
10.6.4.2 Brazil Africa Ferrochrome Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Ferrochrome Market by Type
10.6.5.2 Argentina Ferrochrome Market by Application
10.6.6 Rest of Latin America
10.6.6.1 Rest of Latin America Ferrochrome Market by Type
10.6.6.2 Rest of Latin America Ferrochrome Market by Application
11 Company Profile
11.1 Eurasian Resources Group
11.1.1 Market Overview
11.1.2 Financials
11.1.3 Product/Services /Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Merafe Resources Ltd.
11.2.1 Market Overview
11.2.2 Financials
11.2.3 Product/Services /Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Hernic Ferrochrome Ltd
11.3.1 Market Overview
11.3.2 Financials
11.3.3 Product/Services /Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 International Ferro Metals Ltd.
11.4.1 Market Overview
11.4.2 Financials
11.4.3 Product/Services /Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Samancor Chrome Ltd.
11.5.1 Market Overview
11.5.2 Financials
11.5.3 Product/Services /Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Ferro Alloys Co. Ltd.
11.6.1 Market Overview
11.6.2 Financials
11.6.3 Product/Services /Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Shanxi Jiang County Minmetal Co Ltd.
11.7.1 Market Overview
11.7.2 Financials
11.7.3 Product/Services /Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Daido Steel Co.
11.8.1 Market Overview
11.8.2 Financials
11.8.3 Product/Services /Offerings
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 TATA Steel
11.9.1 Market Overview
11.9.2 Financials
11.9.3 Product/Services /Offerings
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Glencore
11.10.1 Market Overview
11.10.2 Financials
11.10.3 Product/Services /Offerings
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. USE Cases and Best Practices
14. Conclusion
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