The Manganese Mining Market size is projected to grow at a CAGR of 4.1% during the forecast period 2022-2027 and reach US$29.3 billion by 2027. Manganese alloys such as silicomanganese, high carbon ferromanganese and others improve the strength, workability and wear resistance of ferrous alloys, non-ferrous alloys, fertilizers, batteries and other products. As a result, manganese is deployed across various end-use industries. The flourishing transport & building & construction industry is the prominent factor propelling the manganese mining market growth. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020 the worldwide automotive production was 77,711,725 units and in 2021 it was 80,154,988 units, an increase of approximately 3% over 2020.
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Manganese Mining Market: Leading Segment is Ferrous Alloys
On the basis of the application, the Manganese Mining market can be segmented into ferrous alloys, non-ferrous alloys and others. The ferrous alloy application is evaluated to be the leading segment in the manganese mining market in 2021. During the forecast period 2021-2027, the ferrous alloys segment is expected to grow with a CAGR of 4.3%. Iron ore's oxygen and sulfur are eliminated by manganese (an iron and oxygen compound). Hence, to produce a variety of ferrous metals, including steel, cast iron and more, manganese alloys like high-carbon ferromanganese are essential. The growth of ferrous metal production is being driven by factors like the expansion of current businesses and rising investment in steel, cast iron and other metals. According to the World Steel Association, in 2021, the total steel production in North America was 117.8 million tons, an increase of 16.6% over 2020. As a result, it is anticipated that increased ferrous metal production will increase the demand for manganese. In turn, this will fuel market expansion in the coming years.
Manganese Mining Market: Leading Region is the Asia-Pacific
On the basis of geography, the Manganese Mining market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 41.1% share of the total revenue earned by the market globally. The Asia-Pacific region's booming industries include those related to building and construction, transportation and other fields. The expansion of these industries is boosting demand for batteries, ferrous and non-ferrous alloys and other products. According to the World Steel Association, in 2021, India was the second-largest producer of steel worldwide, which was 118.1 million tons, an increase of 17.8% over 2020. Therefore, the increasing ferrous metal production in Asia-Pacific is fueling the demand for manganese. This, in turn, is propelling the market growth.
The Major Players in this Market Include
The major companies in the Manganese Mining market include Eramet FerroGlobe, Maithan Alloys Ltd., Nava Bharat, Citic Dameng Mining Industries Limited, Vale, OM Holdings Ltd., Hickman, Williams & Company, Marubeni Tetsugen Co., Ltd. and Guangxi Jinmeng Manganese Industry Co., Ltd.