Silicon Alloys Market Growth Opportunities 2022
The global silicon alloys market was valued at USD 6.4 billion in 2021 and expected to reach USD 9.2 billion by the end of 2028, recording a CAGR of 5.3% during the forecast period 2022-2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global Silicon Alloys Market By Type (Ferrosilicon, Deoxidizers, Inoculants and Others (including Nodulizers)), By Application (Carbon Steel & Other Alloy Steel, Stainless Steel, Electrical Steel, Cast Iron and Others) and Geography - Global/Region/Country Forecast to 2028”
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Growing demand for aluminum-silicon alloys is fuelling the Global Silicon Alloys Market
Global Silicon Alloys Market covers all the current trends, market dynamics including drivers and constraints, which are presently affecting the market growth. It also covers recent innovations and key advancements. Increase in the sales of automobiles particularly in emerging economies including India and China because of the growing disposable income and increasing buying power is anticipated to fuel the silicon alloys market. Growing production of automobiles and increase in automotive sales are some of the important factors drive the growth of market. Electricity has the key contribution in the complete cost of silicon and ferrosilicon alloys. Silicon alloys production is an energy-intensive process. Increase in electricity costs may hugely affect the silicon alloys production cost which also serves as the chief constraint for the market growth. Furthermore, emerging economies such as China and India also suffer from power shortages and power cuts problem, which is the main issue for the silicon alloy production in such economies.
A few of the major factors enhancing growth of market, which include increase in the sales of automobiles, expansion of the automotive industry, fast infrastructure development and industrialization around different regions, increase in buying power, growing disposable income of the customers and growing demand for aluminum-silicon alloys. On the other hand, there are a few factors hindering the growth of market are dependence on reductants and power and high production cost.
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Regional Analysis - Global Silicon Alloys Market
Global silicon alloys market report provides complete outlook on silicon alloys around the globe covering important regions like Latin America, North America, Europe, Asia Pacific, Middle East and Africa. Among all these regions, Asia Pacific witnessed major revenue in the global silicon alloys market witnessing significant CAGR rate as this region is an automotive and industrial hub. Growing demand for solar panels, portable electronics and automobiles in this region greatly contribute in fuelling the growth of market. Moreover, the biggest consumer and producer of silicon alloy, China makes it a leading contributor for the growth of market in the region.
Competitive Analysis - Global Silicon Alloys Market
There are a few major players working in the global silicon alloys market, which include ArcelorMittal, DMS Powders, Dragon Northwest Ferroalloy, Elkem, Ferroglobe, Georgian American Alloys, Jilin Ferroalloys, JSL Limited, Kuwait United Chemalloys Manufacturing, Lalwani Ferro Alloys, OJSC Chelyabinsk Electrometallurgical Works, OM Holdings Ltd, Pioneer Carbide, Steelmin Limited and Tata Steel.
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