A recent report by Transparency Market Research (TMR) suggests that the global ferroalloys market is fragmented among various businesses across the globe. The report also suggests that there are possibilities that certain companies can gain dominance over their competitors as a result of various strategic steps taken by major businesses. To get a competitive edge over their competitors, businesses are getting involved in strategic acquisitions of various small and medium companies, collaborations and mergers, and also in events like brand promotions and product launches.
This allows businesses to retain their existing customers and acquire new ones. The TMR report suggest that global ferroalloys market is dominated by organizations such as ArcelorMittal, OM Holdings LTD, Sakura Ferroalloys, Pertama Ferroalloys, Tata Steel, NikoPol Ferroalloy Plant, Gulf Ferroalloys Company, BAFA Bahrain, Brahm Group, and China Minmetals Corporation. Some other prominent player of the market are, Shanghai Shenjia Ferroalloys Co. Ltd., Ferroalloy Corporation Limited, MORTEX Group, Vale S.A., Georgian American Alloys, SAIL, and OFZ S.A.
TMR report offers an in-depth analysis of global ferroalloys market. It also provides its expert review on various facets, drivers, segments, challenges and opportunities that businesses can leverage in the market. According to the report, the global ferroalloys market is expected to grow substantially with a CAGR of 5.9% in forecast period of 2017 to 2025. In terms of revenue the ferroalloys market shall rise from US$112.8 mn in 2016 to US$188.7 mn by the end of 2025.
TMR report segments the global ferroalloys market into two segments, noble and bulk. Out of the two, bulk ferroalloys segment shall dominate the market in the forecast period. The growth shall be the result of rising demands of bulk ferroalloys in various industries like steel and cast iron manufacturing. Also since noble ferroalloys are expensive to produce since they are made by combining rare metals with other metals, hence businesses seek a better profit in bulk ferroalloys segment. This in result shall help the bulk ferroalloys segment to dominate global ferroalloys market in the forecast period.
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TMR reports that Asia Pacific is expected to be the leading region of the ferroalloys market in the forecast period. This is because the region accounted 79.5% of overall demand in the global ferroalloys market in 2017. The region is likely to showcase the same potential throughout forecast period and maintaining its top position. The report also state that the region shall also exhibit the highest CAGR from 2017 to 2025 in ferroalloy market.
Rising Demand in Various End-Use Industry to Promote Ferroalloys Market Growth
Extensive usage of steel in flourishing building and construction industry in various emerging economies across the globe shall be the key driver for the growth of global ferroalloys market in the forecast period. Also the application of ferroalloys in various end-use industries such as super alloys production, wire production, and welding electrodes production is also pushing the growth of global ferroalloys market. Finally, rapid urbanization in BRICS nation is also one of the key growth driver for global ferroalloys market in the forecast period.
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Stringent Regulations with Respect to Pollution May Create Some Challenges
On one hand, the global ferroalloys market is showcasing promising growth in the forecast period whereas, on the other hand, the growth is somehow hampered by stringent regulations pertaining to pollution. Also, high operational cost may affect the overall growth of ferroalloys market in some regions. However, with the arrival of technologies that can constrain pollutant to get emitted into the atmosphere, businesses can leverage the opportunities of global ferroalloys market and flourish in the forecast period.