The Ferromanganese Market size is estimated to reach US$19.5 billion by 2027, growing at a CAGR of 4.2% during the forecast period 2022-2027. The use of Ferromanganese in building & construction has increased significantly in recent times. Ferromanganese (FeMn) is a ferroalloy that contains a high manganese or carbon content. The grades of ferromanganese are high-carbon ferromanganese and low-carbon ferromanganese. The building and construction industry is thriving as a result of increased investment and urbanization, as well as the development of architectural sites and residential housing plans. The seasonally adjusted annual rate of construction in the United States increased from US$1,553,547 in April 2021 to US$1,744,801 in April 2022, according to the US Census Bureau.
Ferromanganese Market: The Automotive Industry Leads the Market
On the basis of the end-use industry, the Ferromanganese market can be segmented into transportation, building & construction, chemical industry and others. During the forecast period 2022-2027, the automotive segment is expected to grow at a CAGR of 4.7%. With the increase in building and construction projects around the world, demand for ferromanganese for various applications in carbon steel, stainless steel and others is expected to rise. This would boost the market growth in the building and construction industry during the forecast period. According to Japan's Ministry of Land, Infrastructure, Transport and Tourism, the construction order for new houses rose to 32.3% in June 2021, compared to -13.4% in June 2020.
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Ferromanganese Market: Asia-Pacific Holds the Largest Share
On the basis of geography, the Ferromanganese market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 45% share of the total revenue earned by the market, globally. Asia-Pacific countries, including India and China, are ahead comparatively in terms of consuming construction products. The Make in India campaign by the Government of India plans to achieve infrastructural investment worth US$965.5 million by 2040. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from 2022 to 2030.
The Ferromanganese market would also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Ferromanganese market.
Ferromanganese Market: Competitive Landscape
Key companies holding major shares in the Ferromanganese market are Mizushima Ferroalloy, Yunan Wenshan Dounan Manganese Industry, Sichuan Chuan Tou Emei Ferroalloy, OM Materials (Qinzhou), Sinai Manganese, Yunnan Jianshui Manganese, Gulf Ferro Alloys, Tata Steel's Ferro Alloys & Minerals, Guangxi Xin-Manganese Group and ERAMET.
In May 2021, Maithan Alloys invested Rs 74.22 crore to acquire Impex Metals & Ferro Alloys. This acquisition would increase Maithan Alloys' Ferromanganese and silicon manganese production capacity by 70,355 TPA and 49,500 TPA, respectively.
In April 2021, Salasar Techno Engineering launched a new structural steel fabrication plant in Hapur, Uttar Pradesh. The plant would have an installed capacity of 15,000 tonnes per year.
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