As per the latest report by Market Research Future (MRFR), the global manganese market is estimated to reach the valuation of USD 32,586.9 Million by 2023. The report also states that the market will be expanding at a CAGR of 5.02% during the forecast period 2021-2028.
In the recent past, automotive industry has observed advancements in technology, and also in production. Manganese is an important part of the automotive sector, as it is used for the manufacturing of steel, which in turn is utilized in the manufacturing of chassis as well as body structure. Manganese helps increase the strength and the flexibility of steel. As per reports, the overall total motor vehicle production has surged by 2.36% from 2016 to 2017, manufacturing almost 97,302,534 vehicles in the time period.
Within the infrastructure sector, steel is used for constructing tunnels, bridges, ports, rail tracks, airports and railway stations. In the wake of increasing infrastructural investments by governments of developing economies like India, Brazil and China, the demand for manganese has been noted to increase at a high rate. This factor is projected to be a major driving force behind the strong growth of the manganese market in the coming years.
Moreover, the construction sector is presumed to be the strongest contender amongst all the end-users in the global manganese market, with the fastest growth rate. Almost 50% of the world’s produced steel is utilized in the construction sector for numerous applications in energy generation, buildings, and transportation. In addition, speedy urbanization across the globe has elevated the need for new residential construction, buildings, railways and roads. In the construction sector, steel has widespread use on accounts of its easy availability, affordability, and a variety of properties like versatility, durability and strength. Moreover, steel (consisting of manganese) is used in bridges, offshore oilrigs, construction machines, civil engineering, power plants, hydroelectric plants and pressure vessels. Thus, with the high growth in the construction sector, the demand for manganese is predicted to surge at a striking rate. This will most likely create ample opportunities for the market growth in the near future.
Global Manganese Market – Segmental Analysis
MRFR’s report includes a thorough segmental analysis of the market based on type, and application.
The manganese market, based on the type, is segmented into high carbon ferromanganese, medium carbon ferromanganese, low carbon ferromanganese, silico-manganese, electrolytic manganese metal, and electrolytic manganese dioxide. Out of these, in the global market, silico-manganese held the largest share in 2018, and is poised to retain its dominant position during the review period.. As silico-manganese is used in the production of steel and other alloys, its demand is set to rise in the future with the expanding construction industry and its increasing applications in it. On the other hand, the high carbon ferromanganese segment showed lucrative growth with the second-largest share of the global market in 2018, at the value of USD 5,759.5 million. The segment is projected to surge at a CAGR of 4.52% from 2018 to 2023.
The application-based segments in the global manganese market are alloying additives, depolarizer, oxidizing agent, coloring agent, and others. Among these, alloying additives ruled the global market with the largest share of more than 85% in 2018, and is set to retain its lucrative growth rate throughout the forecast period with the value share of more than 90% by 2023. In aluminum alloys, adding manganese helps in augmenting its resistance against corrosion. Also, in copper alloys, adding even a small amount of manganese aids in deoxidizing the alloy, in addition to improving its mechanical strength as well as castability. Thus, the rising demand for steel will be the driving factor for the increasing demand for alloying additives in the review period. Whereas, the oxidizing agent segment held the second position in the global market with the second-largest share in 2018 at the value of USD 1,042.7 million. Furthermore, the segment is exhibited to surge at a CAGR of 4.29% from 2018 to 2023.
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Global Manganese Market – Regional Outlook
The MRFR report covers the key regions of Asia Pacific, Europe, Latin America, North America and the Middle East and Africa.
With more than 3/4th in 2018, Asia Pacific is leading the global market at the value of USD 11,947.8 million. Also, the regional market in Asia Pacific will be growing at the highest CAGR during the review period. Europe had been at the second position in the global market with the second-largest share in 2018, reaching the valuation of over USD 2,000 million.
The report, after carefully analyzing the market in Asia Pacific, acknowledges China to be the major contributor backed by its position as one of the largest automotive manufacturers in the region. There was a surge in the automotive production in the country by 3.19% in 2017 from 2016, with the total production estimated at 29,015,434 vehicles. There has been a tremendous rise in the number of railways, airports, roads, energy, water, and rural programs in the region.
In Europe, the market for manganese in Russia ruled the region with highest share in 2018 , and is expected to race ahead at the highest CAGR of 3.34% during the conjectured time frame. Following Russia is Germany with the second-largest share of over 20% in 2018, with the predictions that the market will grow at a CAGR of 2.96% in the country in the forthcoming years.
Global Manganese Market – Competitive Landscape
The top companies in the global Manganese Market profiled by MRFR in the report include Autlán (Mexico), Mizushima Ferroalloy Co., Ltd (Japan), Accura Weldrods Kovai Pvt Ltd (India), Eramet (France), MOIL Limited (India), OM Holdings Ltd (Singapore), Sakura Ferroalloys (Malaysia), Mesa Minerals Limited (Australia), Metals and Alloys Corporation (India), Nippon Denko Co., Ltd (Japan), African Rainbow Minerals Ltd (South Africa), Afarak Group Plc (Finland), Transalloys (South Africa), Translloy India Pvt Ltd (India), and Ferro Alloys Corporation Limited (FACOR) (India).
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