Manganese Alloy Market Size 2023 Estimate to Boost Growth In Demand Comprehensive Study By 2027
The global manganese alloy market is set to gain traction from the increasing shift of production activities towards the Asian countries. This is attributable to the surging demand from the expanding steel industry, as well as the presence of cheap labor. This information is published by Fortune Business Insights™ in a new report, titled, “Manganese Alloy Market Size, Share & COVID-19 Impact Analysis, By Type (Silicomanganese, High Carbon – Ferromanganese, Medium & Low Carbon – Ferromanganese, and Others), Application (Steel Manufacturing, Welding Accessories, Foundry, and Others), and Regional Forecast, 2020-2027.” The report further states that the manganese alloy market size was USD 25,615.7 million in 2019 and is projected to reach USD 42,004.4 million by 2027, exhibiting a noteworthy CAGR of 7.4% during the forecast period.
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This Report Answers the Following Questions:
- Which segment is set to lead the market?
- How will manganese alloy providers surge sales?
- Will the COVID-19 pandemic affect the market negatively?
- What are the crucial innovations and developments in the market?
Drivers & Restraints-
Increasing Demand for Steel Products from Various Countries to Aid Growth
Manganese alloy is mainly used in the production of alloy steels. Governments of South Africa, Brazil, India, and China are focusing on building robust infrastructures and housings for the increasing population in these countries. Hence, the demand for steel products is surging rapidly. The World Steel Association declared that the production of steel increased to 1,869.9 million metric tons in 2019 from 1,606.3 million metric tons in 2016. This factor is anticipated to accelerate the manganese alloy market growth in the near future. However, the exposure to fumes and dust of manganese alloys can lead to poisoning and hence obstruct their demand.
Steel Manufacturing Segment to Dominate Owing to High Demand from Construction & Automotive Industries
Based on the application, the foundry segment earned 2.8% in terms of the manganese alloy market share in 2019. The steel manufacturing segment is set to dominate in the near future backed by the high demand for manganese alloys from the automotive and construction industries.
Expansion of Automobile Industry to Favor Growth in Europe
Regionally, Asia Pacific generated USD 18,084.9 million in 2019 in terms of revenue. This growth is attributable to the increasing usage of high-carbon ferromanganese in the steel industry. Europe, on the other hand, is expected to showcase considerable growth owing to the expansion of the automobile industry. In North America, the high demand for residential buildings and the adoption of silicomanganese in welding accessories would contribute to the rising demand for manganese alloys in this region.
Key Companies Focus on Expanding Their Production Capacities to Fulfil Rising Demand
The global market for manganese alloys houses a large number of manufacturers that are mainly focusing on expanding their production capacities to cater to the high demand for the product. Some of the others are signing new agreements and acquiring prominent firms to strengthen their positions. Below are the two latest industry developments:
- October 2020: South32 surged its production of manganese and metallurgical coal. It is also planning to sell its stake in South Africa Energy Coal to TEMCO manganese alloy smelter and Seriti Resources.
- August 2020: GFG Alliance entered into an agreement with an entity owned by Anglo American Plc and South32 Limited for a smelter of Tasmanian Electro Metallurgical Company (TEMCO) in northern Tasmania. It will help TEMCO to join LIBERTY Steel Group.
A list of all the reputed manganese alloy producers operating in the global market:
- Eramet (France)
- FerroGlobe (United Kingdom)
- Maithan Alloys Ltd. (India)
- NavaBharat (India)
- ROHIT FERRO-TECH LIMITED (India)
- Vale (Brazil)
- OM Holdings Ltd. (Singapore)
- Hickman, Williams & Company (United States)
- Marubeni Tetsugen Co., Ltd. (Japan)
- Guangxi Jinmeng Manganese Industry Co., Ltd. (China)
- Citic Dameng Mining Industries Limited (China)
- Inner Mongolia Yao Kui Special Ferroalloy Co. Ltd. (China)
- Gulf Manganese (Australia)
- Tata Steel (India)
- Transalloys (south Africa)
- Simpac (South Korea)
- MOIL (India)
- Other Key Players
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