June 18, 2024
Ferro Manganese Market

Ferro Manganese Market To Witness High Growth Owing To Increasing Steel Demand

Ferro manganese is an alloy comprising manganese and iron that is used as a additive in steel production to improve strength and elasticity properties. It enhances hardenability, toughness and steel weldability. Ferro manganese contains around 30% manganese and 70% iron. The growing steel industry has resulted in increasing demand for ferro manganese as it is a key component. Steel is used across a wide variety of sectors such as construction, automotive, infrastructure, manufacturing and others owing to its high strength and durability properties.

The Global ferro manganese market is estimated to be valued at US$ 81.8 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.\


Key Takeaways

Key players operating in the Ferro Manganese market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. Saint-Gobain and Momentive together account for over 30% of the global market share.

The growing infrastructure and construction industries present significant growth opportunities for ferro manganese producers. Rapid urbanization in developing countries is boosting construction activity. Additionally, focus on renewable energy is opening up avenues in solar and wind industries that utilize steel.

Asia Pacific dominates global ferro manganese consumption owing to large steel production. China alone consumes nearly 50% of the world’s ferro manganese. Rapid infrastructure growth is driving ferro manganese demand in China and India. Meanwhile, manufacturers are planning expansions and new production facilities in North America and Europe to cater to the recovering steel industry.

Market Drivers

The main driver propelling the Ferro Manganese Market Demand growth is the increasing steel demand worldwide. Steel finds widespread applications in construction, automotive, machinery, infrastructure, energy and other industries. Developing countries are witnessing significant investments in roads, railways, bridges, power projects and real estate which utilizes significant volumes of steel. This rising steel consumption is driving the need for ferro manganese to produce high grade steel.

PEST Analysis

Political: Global Ferro Manganese Market is influenced by regulations related to environmental protection and mining sector. Restrictions on mining activities impact availability of raw materials.
Economic: Growth in steel and automotive industries along with infrastructure development projects drives demand for ferro manganese. Increased purchasing power boosts consumption of steel.
Social: Expanding middle class population and urbanization trends in developing nations augment the usage of steel in construction and manufacturing sectors.
Technological: Developments in steelmaking techniques and product development enable usage of ferro manganese in specialized steel alloys with enhanced properties. Usage of ferro manganese enhances mechanical strength and corrosion resistance of steel.

The geographic regions where the market is concentrated in terms of value are Asia Pacific and Europe. Asia Pacific dominated the global market in 2024 accounting for over 45% share, led by China, India, Japan and other developing countries experiencing strong growth in construction and automotive sectors.

The fastest growing regional market for ferro manganese is expected to be Africa between 2024 to 2031. This growth is attributed to rising investments in infrastructure projects across nations for roads, railways, power and other construction activities. Initiatives such as China’s Belt and Road project and investments from Gulf countries are fueling the demand for steel in African construction industry thereby contributing to the demand for ferro manganese in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.