The bulk ferroalloys market is anticipated to enjoy noticeable growth avenues in the years to come. The increasing market growth has been attributed to the growing use of steel in order to foster novel innovations in automotive designs. Several opportunities for the manufacturers have been created with the introduction of the Paris Agreement related to the electrification of vehicles by the year 2030. The automaker is looking for lightweight materials for the improvement of efficiency of fuels in the vehicles, and this factor has been estimated to fuel demand opportunities for steel in the market.
There has been a noticeable increase in construction activities across the world. Owing to this rising rate of construction, it is also predicted to have a noticeable increase in growth opportunities in the bulk ferroalloys market.
On the flip side, the gradual depletion of the natural reserves is predicted to pose a serious challenge for the production of these alloys in the years to come. In numerous countries, the availability of raw materials for the ferroalloys industry has been inadequate. This leads to increasing dependence on imports of these products that have been expected to influence the ferroalloys price. This factor also serves as one of the important concerns for the manufacturers in the market. Thus, based on the high cost to generate power, the plants of ferroalloys are unable to utilize the full capacity of themselves and it surges the end products price. Thus, owing to these factors, a noticeable change in the bulk ferroalloys market can be noticed.
As per the research report by Transparency Market Research, the bulk ferroalloys market is estimated to expand at a CAGR of ~6% and reach a valuation of US$79 Bn. during the forecast period from 2019 to 2027.
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Increasing Demand for Bulk Ferroalloys for Steel Application Anticipated to Boost Demand Opportunities in Market
On the basis of application, the bulk ferroalloys market is bifurcated into superalloys, wire production, steel, and alloys (excluding steel), and others. Ferroalloys have been added to steel to enhance the properties, for example, resistance to fatigue corrosion, strength, and ductility. These materials are used at an increased rate in the steel industry to cast iron and for the deoxidation of steel.
The automotive industry has been increasingly using steel for a longer period of time. For instance, in the year 2017, Audi A8 has switched back to steel. More than 40% of its body has been made of steel. Thus based on the increasing application of steel, its market has been predicted to grow at a noticeable speed in the forthcoming years.
Some of the key players dealing in the bulk ferroalloys market include China Minmetals Corporation, Brahm Group, BAFA Bahrain, gulf Ferroalloys Company, Nikopol Ferroalloy Plant, Tata Steel Pertama Ferroalloys, Sakura Ferroalloys, OM Holding LTD., and ArcelorMittal.
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Manufacturers From Asia Pacific Expected to Witness Noticeable Growth Opportunities
As per the research report that has been prepared by the analysts from Transparency Market Research, the Asia Pacific region has accounted for ~57% of the total market share in the year 2018. This market growth has been on the back of favorable geographical location and increasing production of steel in Japan, India, and China. High budget allocation for the infrastructural activities and permission for foreign direct investment up to 100% are some of the crucial factors to boost growth opportunities in the regional market.
A noticeable rate of growth in the automotive industry has been predicted to boost growth opportunities in the bulk ferroalloys market. For example, in the year 2018, Mitsubishi Motors has announced its plan to increase the capacity of production of its plant that is situated at Bekasi. The production capacity has been estimated to increase from 160,000 units to 220,000 units, on annual basis by 2020.
More Trending Report by Transparency Market Research – https://www.prnewswire.com/news-releases/wire-and-cable-materials-market-to-expand-at-cagr-of-4-5-during-forecast-period-notes-tmr-study-301478838.html