The market for ferro manganese is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and expected to reach the market value of around US$ 20.0 Bn by 2027.
Ferro Manganese (FeMn) or chemical formula Fe-Mn is a ferroalloy with a high percentage of manganese. It is manufactured by heating a mixture of oxides, MnO2, and Fe2O3 with high carbon content in a blast furnace or in an electric arc furnace-type system termed as submerged arc furnace. Basically, FeMn is produced when oxides go through a carbothermal reduction in the furnaces. Ferro Manganese is used as a deoxidizer for steel and mainly used to counteract the bad effects of sulfur. It improves the hot-working properties of the product as it acts as a deoxidizer and combines with sulfur.
The increasing demand for stainless steel from various industrial sectors especially of emerging economies across the globe is supporting the market growth. The increasing use of ferromanganese to substitute nickel in stainless steel production is additionally accelerating market growth. The high demand from the construction sector of several countries BRICS including Brazil, Russia, India, China, and South Africa is further bolstering the market growth. The use of ferromanganese imparts metallurgical properties such as increased strength, hardness toughness, and hardenability is additionally bolstering the demand in the market. The increasing use of FeMn powder in the welding industry and FeMn lump in the steel industry is further boosting the market growth.
Furthermore, the ongoing R&D activities by major players of various industrial sectors are further projected to create potential855 opportunities over the forecast period from 2020 to 2027.
Based on grade, the high carbon Ferromanganese segment accounted for the maximum share in terms of revenue (US$ Mn). High Carbon Ferro Manganese is the primary product of the smelting process. It’s a carbon-saturated ferroalloy containing 76 to 80% manganese, 12 to 15% iron, up to 7.5% carbon, and up to 1.2% silicon. This can be produced by two methods first when ores are selected on the basis of their acidity and on smelting 70 to 80% of the manganese is recovered in the melt while a slag containing 30 to 42 percent manganese is also obtained. Moreover, the second method that employs basic ores or fluxes, recovers 85 to 90% of the metal and generates a slag low enough in manganese to be discarded.
By application, the carbon steel segment is leading the market with maximum revenue share in 2019. The region along with its major economies including China and India is projected to maintain its dominance throughout the forecast timeframe from 2020 to 2027. The high demand for carbon steel in the construction industry is supporting segmental market growth. The rapidly expanding construction sector particularly in emerging economies is primarily accelerating the segmental market growth.
Asia Pacific is leading the market with maximum revenue share
In 2019, Asia Pacific led the ferromanganese market with maximum revenue share (%). The emerging economies of the region including China and India are the major contributors to regional market growth. China is leading the regional market with maximum share (%) in terms of revenue (US$ Mn). The increasing disposable income coupled with the infrastructural development is propelling the regional market value.
Key Market Players
The players profiled in the report include China Minmetals Group Co., Ltd., Eramet Group, Eurasian Resources Group, Ferroglobe, Gulf Manganese Corporation Limited, Monet Group, OM Holdings Ltd., South32, Tata Steel, Vale, and others. The major market players were involved in mergers and acquisitions, partnerships & collaborations, and new product development for the expansion of market share.
Market By Grade
High Carbon Ferro Manganese
Refined Ferro Manganese
Market By Application
Market By Geography
Middle East & Africa
The market for ferro manganese is expected to reach a market value of around US$ 20.0 Bn by 2027.
The ferro manganese market is expected to grow at a CAGR of around 4.5% from 2020 to 2027.
Carbon Steel is the leading segment by application in the ferro manganese market.
The increasing demand of stainless steel, increasing use of ferro manganese to substitute nickel in stainless steel production, demand from construction sector of several countries BRICS including Brazil, Russia, India, China and South Africa, use of ferro manganese imparts metallurgical properties such as increased strength, hardness toughness and hardenability, increasing use of FeMn powder in welding industry and FeMn lump in steel industry are some of the factors driving the market growth.
China Minmetals Group Co., Ltd., Eramet Group, Eurasian Resources Group, Ferroglobe, Gulf Manganese Corporation Limited, Monet Group, OM Holdings Ltd., South32, Tata Steel, Vale, and others are the prominent players in the market.
Asia Pacific held the highest market share in the ferro manganese market
Asia Pacific is expected to be the fastest growing market over the forecast period