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Impact of Covid-19 on Ferromanganese Market

 

Global Ferromanganese Market: Overview

Ferromanganese refers to a ferroalloy that comes with high manganese content. It is produced by heating a mixture of MnO2 and Fe2O3 oxides with carbon. This carbon is generally coal and coke in a blast furnace or electric arc furnace. In the furnace, the oxides are made to go through the process of carbothermal reduction, thereby producing ferromanganese. This chemical is utilized in the form of a deoxidizer for steel. Rising demand for steel across the globe is expected to support growth of the global ferromanganese market in the forecast timeframe. In addition, growing demand for the chemical in the making of aluminum alloy is also anticipated to drive growth of the global ferromanganese market in the near future.

Application and region are the two important parameters based on which the global ferromanganese market has been categorized.

Global Ferromanganese Market: Notable Developments

One of the developments that offer a glimpse of the market dynamics about the global ferromanganese market is mentioned below:

·         In June 2019, Tata Steel made an acquisition of Bhushan Energy Ltd and has been renamed Tata Steel BSL Ltd. This acquisition is expected to strengthen TATA Steel’s presence in Odhisa, India.

Some well-known organizations in the global ferromanganese market include the below-mentioned:

·         Jiaocheng Yiwang Ferro Alloy Co. Ltd

·         Gulf Minerals Corporation

·         Monnet Group

·         Tata Steel Ltd. – Ferro Alloys and Steel Division

·         ISPAT India

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Global Ferromanganese Market: Key Trends

The global ferromanganese market is characterized by the presence of the following restraints, drivers, and opportunities.

Rising Demand from the Construction Industry to Offer Plethora of Opportunities

High demand for construction from several countries of BRICS, which are Brazil, Russia, India, China and South Africa is likely to help the construction industry to prosper. Prosperity of construction industry, in turn, is expected to open up growth avenues of the global ferromanganese market in the forthcoming years.

Stainless steel is an important end user of ferromanganese and the industry has observed immense growth over the last few years. Growth of the stainless steel industry is anticipated to bolster demand for ferromanganese in the near future.

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Global Ferromanganese Market: Geographical Analysis

North America is forecasted to dominate the global ferromanganese market over the period of analysis. Constant rise in the demand for steel in the country is expected to propel growth of the market in North America.

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