Ferrochromium Alloys Market to Record an Exponential CAGR by 2027
It is
produced by electric arc carbothermic reduction of chromite. Around
900 kilo tons of ferrochrome was produced across the globe in 2018.
Most of the ferrochrome is produced in South Africa, Kazakhstan, and
India. These countries have large domestic chromite resources.
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Global
Ferrochromium Alloys Market: Trends
Ferrochrome
and chrome industries have been suffering from continued low demand
since last few years. This has created price disadvantage for most
suppliers. The recent regulation measures in aluminum and steel
industries have created additional uncertainty in development of
various end-use markets for ferrochrome alloys. In South Africa, the
traditional stronghold with 80% of global chrome ore reserves,
manufacturers of ferroalloys are facing a few challenges due to the
power shortage. Ecological trends and antidumping regulations enacted
in 2018 have negatively affected the ferroalloys market in China.
These factors are expected to restrain the global ferrochrome alloys
market during the forecast period.
Global
Ferrochromium Alloys Market: Segmentation
Based
on grade, the global ferrochromium alloys market can be divided into
high carbon, medium carbon, low carbon, and micro-carbon. Based on
end-use industry, the market can be divided into metallurgical,
refractories & foundry, and chemical. The metallurgical segment
can be further segmented to stainless steel production, carbon steel
production, and production of non-ferrous alloys. High carbon
ferrochrome, commonly designated as charge chrome, remains the most
widely used chromium addition in the production of stainless and
alloy steels. The steel industry has developed a large number of
specialty compositions to meet the needs of various applications. For
instance, low carbon ferrochrome can be supplied in a range of carbon
grades from 0.010% minimum to 0.25% maximum.
Global
Ferrochromium Alloys Market: Regional Outlook
Based
on region, the market can be segregated into North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa. Asia
Pacific accounted for dominant share of the global ferrochromium
alloys market in 2018 Europe and North America cumulatively accounted
for more than 30% share of the global market in 2017. In terms of
value and volume, the market in Asia Pacific is estimated to expand
at a rapid pace during forecast period owing to the rise in
production of stainless steels in major economies such as China,
Japan, and India. China became the largest producer of ferrochrome in
the world in 2018, surpassing South Africa, despite not having its
own chrome ore reserves. China has been driving the production of
stainless steel since the last decade. The country accounted for more
than 50% share of global ferrochromium alloys market in 2018. China
has tapped into the easily accessible chrome ore imports to increase
the production of ferrochrome in order to meet the domestic demand
for stainless steel, which is mainly driven by the construction
industry. Rise in production of ferrochrome has been achieved by
building new furnaces and switching furnaces previously used for
other alloys. High grade (70 wt% Cr) high carbon ferrochrome is
majorly produced in Albania, Kazakhstan, Russia, Sweden, and Turkey.
The production volume of these countries stood at more than 2000 kilo
tons in 2018. Low carbon ferrochrome is primarily produced in China,
India, Iran, and Zimbabwe. These countries constitute 50% share of
the global ferrochromium alloys market. Charge chrome or high carbon
grade ferrochromium alloys are majorly produced in Brazil, Finland,
and South Africa. Glencore-Merafe and Samancor were the largest
ferrochrome producers in South Africa in 2018.
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Global
Ferrochromium Alloys Market: Key Players
Key
companies operating in the global ferrochromium alloys market include
Glencore International AG, Balasore Alloys Limited, Mintal Group,
Ferro Alloys Corporation Limited (FACOR Group), and ArcelorMittal.
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