Ferro Manganese Market Is Driven By Demand From Steel Production
Key Takeaways
Key players in the ferro manganese market include Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. These players are focusing on expansion plans and new product launches to gain a competitive advantage in the market.
The growing demand from the construction and automotive industries is also driving the Ferro Manganese Market Demand Steel is a crucial material used in buildings, infrastructure, vehicles, and equipment. As economic activities pick up pace globally, the need for steel is increasing steadily which is augmenting the consumption of ferro manganese.
The major ferro manganese producing companies are diversifying their production facilities across global locations to cater to the rising international demand. For instance, Chinese ferro manganese makers are setting up plants in countries like Africa and South America to ensure a stable supply for overseas customers. This global expansion strategy is allowing vendors to tap into new markets.
Market Drivers
The steel industry accounts for over 95% of the total ferro manganese consumption globally. As steel production is dependent on ferro manganese for removing impurities and enhancing steel properties, the growth of the latter is directly associated with the former. Since developing economies are rapidly industrializing and urbanizing, their steel demand is rising sharply. This increasing appetite for steel from China, India, and other emerging nations is the key driver propelling the ferro manganese market forward.
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