Electrolytic Manganese Metal Market 2023 with CAGR Value: In-Depth Analysis of Industry Share, Size, Top Key Players Update, Development History with Top Countries Data and Forecast to 2030
The global electrolytic manganese metal market size is projected to expand steadily owing to the increasing demand and consumption of renewables worldwide, states Fortune Business Insights™ in its report, titled “Electrolytic Manganese Metal Market Size, Share & Industry Analysis, By Type (Flake Form, Powder Form), By Application (Aluminum Alloy Industry, Magnetic Material Industry, Chemical Industry, Steel Industry, others) and Regional Forecast, 2023-2030”. According to the International Renewable Energy Agency (IRENA), renewable energy sources generated 6,586TWh amount of electricity in 2018, with hydropower leading the charge, followed by wind and solar. The IRENA estimates that there was a 6.1% increase in renewable electricity generation in 2018 from 2017 levels. While the adoption of renewables is accelerating worldwide, the biggest challenge for countries is storing surplus energy. As a result, the demand for lithium-ion batteries is escalating, which in turn is stoking the demand for electrolytic manganese metal. This is because Li-ion batteries require high-purity manganese that can meet the durability, performance, and safety standards required in the energy & power industry. Thus, the expansion of renewables is expected to favor the growth of this market in the forthcoming years.
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What Does The Report Offer?
- Granular analysis on the market size & share and the factors influencing them;
- Quantitative & qualitative assessment of the different market segments;
- Valuable insights into the regional developments in the market; and
- Holistic examination of the key players’ profiles and strategies.
Increasing Steel Production to Ensure Stable Market Growth
The most prominent factor driving the electrolytic manganese metal market growth is the rising production of steel around the globe. According to the World Steel Association, crude steel production has grown exponentially in the past decade. In 2009, for example, 1,239 million tons of crude steel was produced worldwide, while in 2019 global steel production stood at 1,869 million tons. Moreover, 1,767 million tons of steel was utilized to make finished steel products in 2019, with mechanical equipment and automotive applications holding the dominant share. Manganese metal is a crucial raw material in the hardening of steel and for making steel alloys. The electrolytic variant of this metal is also becoming an essential component in the making of electrical and electronic products such as smartphones and electric vehicle batteries.
Natural Availability of Manganese Carbonate Ores to Fuel the Asia Pacific Market
Geographically, Asia Pacific is expected to lead the electrolytic manganese metal market share in the upcoming years on account of the abundant availability of manganese carbonate ores in China and India. These countries have excelled in extracting electrolytic-grade manganese from manganese carbonate ores by treating them with sulfuric acid and as a result, Asia Pacific is occupying a commanding position in this market.
In North America, quick adoption of advanced production processes and rapid progress made in the region in the development of energy storage batteries will drive the market. Meanwhile, in Europe, increasing investments in renewable energy storage technologies and advancements in battery-driven vehicles are anticipated to propel the regional market growth.
Regulatory Support & Financial Aid to Novel Projects to Shape Competitive Dynamics
Regulatory bodies and international financial institutions are providing the necessary support to the key players in this market for their novel ventures to expand the applicability of manganese metal in sustainable energy production. Such support is encouraging companies to innovate and initiate projects and ideas in the burgeoning field of clean energy.
Inquiry before buying:
- June 2020: Euro Manganese announced the filing of the Environmental Impact Assessment (EIA) Notification with the Czech Ministry of Environment to get clearance for its Chvaletice Manganese Project. The project aims at reprocessing a huge manmade deposit of manganese carbonate in the region.
- June 2020: Umicore secured a loan of € 125 million from the European Investment Bank (EIB) to finance part of the company’s investment in its cathode materials plant in Poland. Upon completion, the plant will allow Umicore to supply battery cell materials to its automotive clients across Europe.
List of Key Players Covered in the Electrolytic Manganese Metal Market Report:
- Guangxi Dameng Manganese Industry Group
- CITC Damen Mining
- Fengda Alloy
- JH Silicon MMC (Manganese Metal Co)
- MESA Minerals
- Nippon Denko Co.
- Tianyuan Manganese Industry Group
- Euro Manganese Inc.
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