Ferrochrome Market Size, Insights, Key Players, Growth, Forecast For 2024-2033

The ferrochrome market size has grown rapidly in recent years. It will grow from $8.85 billion in 2023 to $9.81 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to growth in stainless steel production, rise in infrastructure and construction activities, expanding automotive industry, global economic growth, urbanization trends.

The ferrochrome market size is expected to see strong growth in the next few years. It will grow to $13.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to renewed infrastructure investments, evolution of energy infrastructure, rising popularity of electric vehicles, strategic initiatives in stainless steel production. Major trends in the forecast period include focus on ferrochrome recycling, integration of ferrochrome in renewable energy technologies, supply chain resilience and diversification, strategic investments in ferrochrome production facilities, market response to regulatory changes.

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.

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Expanding Stainless-Steel Industry Boosts Growth In The Ferrochrome Market
The expanding stainless-steel industry is expected to propel the growth of the ferrochrome market going forward. The stainless-steel industry refers to the sector that produces and processes stainless steel, which is an environmentally neutral and inert alloy of steel, iron, chromium, and other metals. Ferrochrome, a chromium-iron alloy, is commonly used in the production of stainless steel for its excellent corrosion and oxidation resistance and offers strength, hardness, ductility, and other mechanical properties. For instance, in December 2021, according to International Stainless-Steel Forum (ISSF), a Belgium-based non-profit research organization for the stainless industry, stainless steel melt shop production climbed by 16.9% year on year to 43.0 million metric tons in the first nine months of 2021. Therefore, the expanding stainless-steel industry is driving the ferrochrome market.

Competitive Landscape -
Major companies operating in the ferrochrome market report are 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

Strategic Partnerships Drive Growth Trends In The Ferrochrome Market
Strategic partnerships are the key trend gaining popularity in the ferrochrome market. Major companies operating in the ferrochrome market are focused on forming strategic alliances to strengthen their position in the market. For instance, in September 2022, SAL STEEL LTD., an India-based manufacturer of ferrochrome, ferroalloys, and steel, engaged in a three-year procurement deal with AIA Engineering (AIA) for the unrestricted supply of ferrochrome for $15.1 million that is supposed to be utilized to repay the company's loan and for working capital obligations. AIA Engineering is an Indian company that designs, manufactures, and installs high-chromium, abrasion, and corrosion-resistant parts.

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Key Segments -
The ferrochrome market covered in this report is segmented -
1) By Product Type: High Carbon, Low Carbon, Other Product Type
2) By Production Method: Blast Furnace Method, Electric Furnace Method, Plasma Furnace Method
3) By Application: Stainless Steel, Cast Iron, Powder Metallurgy, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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