Technological Advancements in the North America Ferrosilicon Market-2023

The North American ferrosilicon Market size is expected to grow from USD 2398.5 Million in 2022 to USD 2961 Million by 2030, at a CAGR of 2.50% during the forecast period (2023-2030).

Market Overview:

North America Ferrosilicon  is made by reducing silica or sand with coke in the presence of iron. Typical sources of iron are scrap metal or rolled steel.

North America Ferrosilicon  with up to about 15% silicon is produced in blast furnaces lined with acid-refractory bricks. There are generally two types of North American ferrosilicon such as sputtered North American ferrosilicon and powdered North American ferrosilicon.

North America Ferrosilicon  is used in many industries such as carbon and other alloy steel, stainless steel, electronic steel, cast iron, and magnesium. An increase in demand for steel and metal alloys and growth in the automotive and construction industries are driving the North American ferrosilicon market.

Governments have implemented several initiatives to increase the use of steel in various industries and reduce carbon footprints. The steel industry is the most important downstream user of domestic iron ore.

North America Ferrosilicon  is mainly used in the production of steel in steel mills. Corrosion and wear resistance, high specific gravity, high strength, high magnetism and hardness, and high temperature resistance are the advantages of North America Ferrosilicon .

Top Key Players for North America Ferrosilicon  Market:

Russian Ferro-Alloys Inc. (US), Elkem AS (Norway), Globe Specialty Metals Inc. (US), Ferroglobe PLC (UK), IMFA (US), Washington Mills Electro Minerals Corp (UK), Thyssenkrupp Materials Trading GmbH (US), Mississippi Silicon LLC (US), and Other Major Players

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for North America Ferrosilicon  Market:

Drivers:

Increasing Use of North America Ferrosilicon in The Production of Steel and Metal Alloys

Since silicon and oxygen have a very strong chemical reactivity with each other, this makes North America Ferrosilicon  an effective antioxidant used in the steelmaking process. Growing silicon production is expected to boost the North America Ferrosilicon  market during the forecast period.

According to the US Geological Survey, total silicon production increased from 277 in 2020 to 310 in 2021. The growing use of North America Ferrosilicon  in the production of steel and metal alloys is driving the North America Ferrosilicon  market.

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Opportunities:

Increasing Demand for Steel in Different End-User Industries

The demand for steel is high in various industries such as automotive, construction, and industrial. The use of iron in steelmaking improves the physical, chemical, and mechanical properties of steel.

It also improves the quality of steel and its castings. North America Ferrosilicon  products are important raw materials for steel and other metallurgical industries.

They play a central role in modern economic development. The steel industry, foundries, and the ferroalloy industry are important markets for North America Ferrosilicon .

They account for more than 90% of the total annual demand for ferrous metals and it creates a growth opportunity for the market.

Segmentation Analysis of the North America Ferrosilicon  Market:

By Application, the deoxidizing segment is expected to grow during the forecast period. This is due to the increasing and continuous demand for steel globally in various industries and the use of North America Ferrosilicon  as an antioxidant in the steel industry.

Steel is deoxidized with North America Ferrosilicon  in the last stage of production to increase the elasticity and strength of steel. To increase the elasticity and strength of the steel, the steel is deoxidized with iron ore in the last stage of production.

North America Ferrosilicon  is used as a deoxidizer and alloying agent in the steel-making process. Such factors increase the Deoxidizer segment growth.

By End-user, stainless steel is one of the major end users for North America Ferrosilicon , but it's important to note that the North America Ferrosilicon  market is influenced by various factors and has multiple segments. North America Ferrosilicon  is an alloy of iron and silicon that is used in a variety of industries, and its demand can be influenced by different end-use sectors.

Stainless steel production is one of the key sectors that uses North America Ferrosilicon  as an alloying element. North America Ferrosilicon  is added to stainless steel to improve its properties, such as corrosion resistance and strength.

Therefore, the stainless-steel industry is a significant consumer of North America Ferrosilicon .

By Type

• Atomized North America Ferrosilicon
• Milled North America Ferrosilicon

By Application

• Inoculant
• Deoxidizer

By End-user

• Stainless Steel
• Cast Iron
• Electric Steel
• Carbon
• Other

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Regional Analysis of the North America Ferrosilicon  Market:

The United States is Expected to Dominate the Market Over the Forecast Period. The United States has a significant presence in the industry, with products widely used in key end-use industries including electronics, automotive, and construction.

The increase in construction activity increases the demand for products. For example, in June 2021, President Joe Biden announced his support for a $1.2 trillion bipartisan infrastructure framework.

The growth is due to increased demand for steel in the construction, automotive, aerospace, and defense industries. The North American construction industry is one of the leading sectors in the world and its share of the world's GDP is significant.

Growth in the construction industry is a major driver of demand for North American products.

By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In February 2018, Stakhanov Ferroalloy Plant launched North America Ferrosilicon  production. In the autumn all necessary preparations were carried out on the Stakhanov ferroalloy plant to launch one furnace.

Its operation was restored.

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