Regional Analysis
Based on the latest report, the silicomanganese market based on region is partitioned into five major regions such as Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of them, Asia-Pacific is accounting for the largest market share due to the rise in the construction sector, rapid urbanization, rapid industrialization, rise in steel production, and others. Europe is holding the second largest market share due to the surge in households, low rate of interest, single-family dwellings, and mortgage values in this region.
The silicomanganese market’s prominent players are Eramet Group (France), OM Holdings, Ltd (Singapore), Brahm Group (India), Jindal Steel & Power Ltd, (India), Sakura Ferroalloys (Malaysia), and others.
Market Overview
As per the recent study, the global silico- manganese market size in 2019 is registered at USD 17,196 million and is predicted to reach USD 23,996 million with a significant CAGR of 5.71% during the forecast period 2020-2027.
Silicomanganese is a few times called Ferro silicon manganese. It is a ferroalloy made up of manganese, silicon, and iron and is produced by smelting of slag with manganese ore, coke, quartz flux in an arc furnace which is submerged electrically with high temperature. silicon manganese is a mixture of carbon 1-2%, silicon 16-21%, manganese 65-70%, sulfur, and phosphorus. Silicon manganese production requires an energy-intensive process coupled with arc furnaces electrically submerged. This material forms major components which are used in the production of steel. These components are deoxidizers and desulfurizers leading to improve mechanical properties of steel which makes it ideal to use in large-scale industries like the automotive and automobile sectors.
Growing usage of silicomanganese in steel manufacturing and production is propelling the market growth. Rising demand for this material in various large-scale industries like the automobile and the automotive sector is boosting the demand for silicon manganese and further fuels the growth of the market. Increasing usage of steel in the various end-use industries like transportation, building, and construction. Upsurge in the alloying of steel to produce the products or supplements like carbon steel and stainless steel is accelerating the market growth.
The silicomanganese market opportunities are rising usage of steel in various end-use industries like transportation, building, and construction is escalating the market growth.
Market Segmentation
The Silico Manganese market Share is categorized into three segments based on the product, application, and end-user.
Product Segmentation: The silicomanganese market products are trifurcated into Low carbon Silico Manganese, Medium-carbon Silico Manganese, and High-carbon Silico Manganese.
Application Segmentation: The silicomanganese market based on the applications is classified into various forms such as dairy equipment, cutlery, automobile bodies, road rails, hand railings, and others.
End-user Segmentation: By end-user, the silicomanganese market is sectioned into automotive, defense, consumer appliances, and construction.
Industry news
According to the recent survey, the global silicomanganese market forecast states that this market is expected to grow at a significant rate for its demand in the automotive and automobile sectors, and non-biodegradable slag. As it is an eco-friendly alloy, it is rising demand in various sectors like the development of rigid pavements, ballasts, and other rail tracks are fueling the market growth.
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