SAN FRANCISCO, Nov. 12, 2019 /PRNewswire/ -- The global ferrochrome market size is anticipated to reach USD 28.83 billion by 2030, expanding at a 4.6% CAGR during the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by demand from booming stainless steel industry especially in Asia. Stainless steel industry accounts for roughly more than 75% of the FeCr consumption in the globe. China, being the largest stainless steel producer is therefore also the biggest consumer of FeCr.
The global stainless steel production is predicted to witness considerable growth over the coming years owing to strong demand from building & construction industry. Stainless steel is largely consumed in building & construction industry due to its aesthetic appearance and corrosion resistance properties. Moreover, a variety of stainless steel products are easily fabricated and therefore, preferred by architects and building contractors.
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Read 117 page research report with ToC on "Ferrochrome Market Size, Share & Trends Analysis Report By Product (High carbon, Low Carbon), By Application (Stainless Steel, Other Steels), By Region, And Segment Forecasts, 2019 - 2030" at: https://www.grandviewresearch.com/industry-analysis/ferrochrome-market
Majority of chromite ore suppliers in these regions are integrated in nature as they are also involved with manufacturing of ferrochrome. Glencore and Samancor Chrome are some of the major players in South Africa that produce ferrochrome by extracting chromite from their own operating mines situated in South Africa. The chromite ore suppliers are concentrated in South Africa, Kazakhstan, India, Turkey, and Zimbabwe, as these countries are host to enormous amount of chromite ore reserves.
Industry rivalry in ferrochrome market is quite intensive owing to the presence of several established and integrated companies that are consolidated in South Africa, India, Turkey, and Kazakhstan. China is also among the largest suppliers of the FeCr along with South Africa. However, the suppliers in China is characterized by various small to medium sized players that import chrome ore mainly from South Africa for their FeCr production.
Major challenge faced by the South African manufacturers is lack of power supply as ferrochrome manufacturing is an energy intensive process. Power shortages coupled with high electricity tariffs over the past few years in South Africa have adversely affected the ferrochrome production and has led to either shut down or acquisition of many suppliers in the country. Some of the recent acquisitions include Samancor Chrome acquiring local South African subsidiary International Ferro Metals SA of International Ferro Metals.
Grand View Research has segmented the global ferrochrome market on the basis of product, application, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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