The silicon alloys market has evolved rapidly on the back of the fact
that silicon imparts substantial tribological properties to its alloys,
particularly when mixed with iron and aluminum. Extensive utilization of
ferrosilicon alloys in various forms such as steel alloys has helped market
players reap substantial, consistent revenue gains. Continuous advances made in
refining silicon alloys have led to plethora of materials with desired
structural properties, thereby expanding the scope of competition in the silicon alloys market. Growing
adoption of advanced metal forming technologies will likely keep the landscape
increasingly competitive. Some of the well-entrenched players in the silicon
alloys market are Georgian American Alloys, Jindal Stainless Ltd., SKP Group,
Alkem ASA, Tata Steel Ltd., and OM Holdings Ltd.
Growing utilization of silicon alloys in the automotive industry has
helped the market expand over the past few years. Proliferating demands for
iron and steel in numerous end-use industries have kept the market increasingly
competitive. The global silicon alloys market stood at a whopping US$8.40 bn in
2018 and the revenues are expected to rise at the CAGR of 5% during 2019 –
2027.
Emerging Economies of World Seeing Extensive
Utilization in Making Automotive
Strides made by production of cast iron and steel in industrialized
nations are key factors propelling the expansion of the silicon alloys market.
Sheer pace of industrialization has spurred the demands. Numerous rapidly
emerging regions, notably ASEAN, Brazil, and Brazil have seen surge in
infrastructural development propelling the uptake of silicon alloys. The
markets in these regions have also benefitted from the growing production of
industrial machinery.
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Over the past few years, new methods have come to the fore for metal
matrix composite formation, thereby opening new avenues in the silicon alloys
market. Prominently, the result of several of these advances have been
witnessed in the making of automotive components. Hence regions such as Asia
Pacific has been showing a substantial potential in reinforcing prospects of
the silicon alloys market in the next few years. The region in the recent years
has seen vast strides made by automotive manufacturing. The silicon alloys
market has been witnessing considerable opportunities in the making of high
impact strength materials for automotive industry.
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Demands for Corrosion Resistant Steel-Based
Materials Add Momentum to Growth
Growing usage of silicon alloys as corrosion resistant steel-based
materials for infrastructure building is propelling advances in the market.
Advances in manufacturing techniques have enabled the production of
corrosion-resistant materials with high durability and strength. Among the
various key applications, carbon steel and other alloy segment is expected to
rise at a promising pace. The application segment accounted for a share of more
than 45% of the global steel alloys market in 2018. The extensive demands in
oil and gas and chemicals industries will the keep the demand lucrative.
The study presented here is based on a report by Transparency Market
Research (TMR) titled “Silicon Alloys Market (Type – Ferrosilicon (Deoxidizers,
Inoculants, and Nodulizers); Application – Carbon Steel and Other Alloy Steel,
Stainless Steel, Electrical Steel, and Cast Iron- Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2019 - 2027”
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