Ferrosilicon Market Size Expected to Reach USD 14.92 Bn by 2033

The global ferrosilicon market size is calculated at USD 11.91 billion in 2024 and is expected to reach around USD 14.92 billion by 2033, growing at a CAGR of 2.53% from 2024 to 2033.

Ottawa, May 22, 2024 (GLOBE NEWSWIRE) — The global ferrosilicon market size was valued at USD 11.62 billion in 2023 and is predicted to reach USD 14.55 billion by 2032, According to Precedence Research. The ferrosilicon market is driven by increasing demand for ferrosilicon in steel manufacturing industries.

The global ferrosilicon market volume accounted for 8,373.76 Kilotons in 2024 and is expected to reach around 10,221.35 Kilotons by 2033, growing at a CAGR of 2.24% from 2024 to 2033.

The ferrosilicon market refers to the global trade and consumption of ferrosilicon, an alloy of iron and silicon. Ferrosilicon (FeSi) is an iron-silicon alloy with varying silicon concentrations ranging from 10% to 90%. It is used as a master alloy in steel production to control the qualities of the melt, cooling process, and finished product.

The fundamental advantage of FeSi is its deoxidizing function, which reduces metals from oxides while preventing carbon loss. It is also used to manufacture silicon, electrode coatings, hydrogen, and magnesium. It is made in electric arc furnaces or blast furnaces through the reduction of quartz sand with coke in the presence of iron, yielding a flat sheet.

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Ferrosilicon Market Key Insights

  • Asia-Pacific has held the biggest revenue share of 67% in 2023.
  • North America is projected to grow at a CAGR of 2.21% over the forecast period.
  • By application, the deoxidizers segment has captured more than 70% of revenue share in 2023.
  • By application, the inoculants segment is expected to expand at the fastest rate during the forecast period.
  • By end use, in 2023, the carbon and other alloy steel segment has accounted for more than 45% of revenue share in 2023.
  • By end use, during the forecast period, the cast iron segment is anticipated to witness remarkable growth in the market.

Asia Pacific Ferrosilicon Market Size and Trends 2024 to 2033

The Asia Pacific ferrosilicon market size accounted for USD 7.99 billion in 2024 and is anticipated to reach around USD 10.07 billion by 2033, expanding at a CAGR of 2.60% from 2024 to 2033.

Asia Pacific dominated the ferrosilicon market due to its high global steel output, expanding car population, and greater use in the electronics industry. The region’s technological advancements in the metallurgy industry also contribute to its good performance in the market. This combination of variables establishes Asia Pacific as a global leader in the ferrosilicon business, with the ability to maintain this position in the future. Chinese ferrosilicon smelters are predicted to increase their green production efforts in 2024, owing to the growth of green development concepts, government assistance, and downstream steelmaker demand.

The energy-intensive ferroalloys business is a significant priority for government-driven green development initiatives, with energy-saving and carbon-emission-reduction guidelines set to be released in 2022 and 2023. The move has piqued the interest of Chinese smelters, with more companies anticipated to go green in 2024. To reduce their environmental impact, more ferrosilicon factories intend to use wind power instead of thermal coal to generate energy. The price of ferrosilicon is determined by variations in electricity costs and international energy prices.

North America is the fastest growing during the forecast period. The market is driven by rising demand for steel and metal alloys and expansion in the automotive and construction industries, which are two of the major industries in the North American region. Governments have launched programs to boost steel production and minimize carbon footprints, with the steel industry being the largest downstream user of domestic iron ore. North American ferrosilicon provides advantages such as magnetism and hardness, corrosion and wear resistance, strength, high-temperature resistance, and high specific gravity, resulting in investment.

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Ferrosilicon Market Report Coverage

Report Attribute Key Statistics
Ferrosilicon Market Size in 2023         USD 11.62 Billion
Ferrosilicon Market Size in 2024 USD 11.91 Billion
Ferrosilicon Market Size by 2033 USD 14.92 Billion
Ferrosilicon Market Volume in 2023 8,190.3 Kilotons
Ferrosilicon Market Volume in 2024         8,373.76 Kilotons
Ferrosilicon Market Volume by 2033         10,221.35 Kilotons
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Application, End-use, and Region
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Ferrosilicon Market Report Highlights:

Application Insights

The deoxidizers segment dominated the ferrosilicon market in 2023. Ferro silicon is an important deoxidizer in steelmaking, increasing steel hardness, strength, and elasticity while eliminating undesirable components such as sulfur and phosphorus. Its high specific gravity and strong penetration make it ideal for tool steel, structural steel, spring steel, and converter silicon steel. Ferro silicon also boosts the breeding effect, the number of eutectic pellets produced in casting, and the formation of graphite nuclei in graphite cast iron. Because of its affinity for oxygen, the chemical reaction process is more stable, making ferrosilicon a low-cost and effective deoxidizer. Its rapid good effect, deoxidizing speed, high safety, and ease of use make it a preferred choice for steel mills. This makes ferrosilicon an efficient approach to increasing steel quality while lowering deoxidizing costs.

The inoculants segment is expected to grow at the fastest rate over the projected period. Ferrosilicon inoculants have a variety of impacts, including increasing graphitization, decreasing white mouth, refining grains, boosting mechanical strength, modifying hardness, and improving matrix and graphite morphology and distribution. They also lower internal stress and wall thickness sensitivity in castings, improving the overall mechanical characteristics of the material.

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End-use Insights

The carbon and other alloy steel segment dominated the ferrosilicon market in 2023. Ferro silicon is a commonly used deoxidizer in steelmaking, producing silicon dioxide (SiO2) to remove impurities such as oxygen and sulfur, leading to cleaner, more refined steel. It also enhances grain refinement, which improves mechanical characteristics and surface quality.

Ferro silicon increases steel’s strength and hardness, making it appropriate for structural applications. It also enhances electrical and magnetic properties, making it suitable for electromagnetic devices. It also improves heat resistance, making it ideal for high-temperature applications. Ferro silicon is a low-cost alloying element, making it an attractive option for improving steel characteristics without considerably raising production costs. It also provides greater control over the steel’s microstructure, resulting in increased mechanical qualities and overall performance.

The cast iron segment is anticipated to witness significant growth in the ferrosilicon market during the forecast period. Cast iron is a less expensive and more durable material than iron and steel. Manufacturers increase production as the market grows. To prevent carbides from developing, ferrosilicon powder can be utilized as a ferroalloy product in the manufacturing process. This product, which is less expensive than standard metallurgical ingredients, can be suspended during smelting and enhances cast iron quality and manufacturer profitability. This makes it an excellent product for streamlining the manufacturing process.

Market Dynamics

Driver: Rising demand in the steel industry

Ferrosilicon is used in the steelmaking and foundry sectors as a deoxidizer, inoculant, alloying agent, and spheroidizing agent; therefore, understanding the raw material additives in these heavy industries is critical. The steel industry is dedicated to honesty, environmental health, and sustainability, with more than 40 members designated as Sustainability Charter Members. Steel is utilized in many industries, including energy, construction, automobiles, transportation, infrastructure, packaging, and manufacturing.

Steel use is expected to increase by 20% by 2050. With over 6 million workers worldwide, the industry offers chances for employment, training, and advancement. Industry is at the heart of a green economy, as 90% of the water used is cleaned, cooled, and returned to its source. Therefore, the global rise in steel industries is driving the ferrosilicon market.

Restraint: Hazardous nature

Exposure to ferrosilicon can irritate the eyes, nose, and throat and be hazardous if inhaled or consumed. Ferrosilicon is extremely poisonous and can cause serious harm or death if inhaled. When they come into touch with water, they can form corrosive solutions and even ignite. Fires can also emit these compounds, which can be ignited by heat, sparks, or flames. Some chemicals are delivered in highly flammable liquids, which can explode when heated.

The Emergency Response Guidebook (ERG) also states that these compounds can cause lung alterations in rats, interact with water, and cause skin-smarting and reddening. They are also hazardous when consumed or inhaled, and the dust can irritate the eyes and respiratory tract.

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Opportunity: Novel refining technology

Low-carbon ferrosilicon (FeSi) is utilized in high-grade steel refining, special-purpose steels, modifiers, casting mortars, and pure metals production because of the silicothermic process of oxide reduction in ores or concretion. Carbon is undesirable in alloy steels because it generates carbides, which reduce strength, plasticity, and chemical characteristics. Reducing carbon concentration in FeSi directly enhances the quality of the smelted steel.

A novel ferrosilicon refining process was developed to eliminate carbon from alloys while preserving other components. This is accomplished by the adsorption properties of amorphous silica fume, which produces carbonized particles that either flow into slag or are absorbed by the ladle lining. This new technology will increase R&D and competitive opportunities in the ferrosilicon market.

Recent Developments:

  • In April 2024, Minerals Development Oman (MDO) intends to engage in two projects centered on the manufacture of ferrosilicon and magnesium metal, which are critical commodities for steel, cast iron, and low-carbon ferroalloy. These initiatives will strengthen MDO’s investment portfolio while also contributing to the country’s burgeoning downstream investment portfolio. Local availability of ferrosilicon may encourage investment in various industrial and manufacturing projects.
  • In December 2023, Tamilnadu Coke & electricity Limited filed for an initial public offering (IPO), focused on operational efficiency in metallurgical coke manufacturing and electricity generation. The profits will fund development into new markets and product areas, such as a ferrosilicon facility and a solar power plant.
  • In January 2024, Turkmenistan plans to build a ferroalloy mill that will produce silicon carbide, ferrosilicon, and technical silicon. The Ministry of Industry and Construction Production is seeking global participation in an open international procurement for a feasibility study. Interested parties must provide applications, a power of attorney, registration documents, and a representative’s passport, as well as a non-refundable participation cost of $1,725 (including VAT).
  • In January 2024, Turkmenistan’s Ministry of Industry and Construction Production launched an international tender for a feasibility study on a ferroalloys factory. The plant is anticipated to manufacture widely used materials such as silicon carbide, ferrosilicon, and technical silicon. All interested companies and organizations are asked to submit proposals within 30 days.

Ferrosilicon Market Key Players

  • Elkem ASA
  • Eurasian Resources Group
  • Ferro Alloys Corporation Limited (FACOR)
  • Ferroglobe
  • IMFA
  • OM Holdings Ltd.
  • Russian Ferro-Alloys Inc.
  • VBC Ferro Alloys Limited

Market Segmentation

By Application

  • Deoxidizer
  • Inoculants
  • Others

By End-use

  • Carbon & Other Alloy Steel
  • Stainless Steel
  • Electric Steel
  • Cast Iron
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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