Ferro Manganese MarketSize and Trends

Market Dynamics

Increasing stainless steel demand in the construction industry is expected to drive the global ferro manganese market. Stainless steel, which has high corrosion resistance, hardness, and tensile properties, is in higher demand due to growing building activity across the world. The building industry consumed around 52% of steel in 2020, according to a World Steel Association research. These are utilized in architectural cladding, handrails, drainage, and water systems, and fastening, to highlight a few. Furthermore, these are utilized while constructing the beams, pillars, canopies, atriums, pools sheds, and other structures to provide an aesthetic appeal, which is a key requirement of modern construction and consequently propels the global ferro manganese market forward.

There is a growing focus on infrastructure development due to the government-led fast building programs, which might drive demand for ferro manganese in forecast period. The majority of the steel industry, as well as related metallurgy and mining industries, are investing in construction projects, which will help the iron and steel industry expand. For instance, in March 2021, Arcelor Mittal Steel announced an (INR 50,000 crore) US$ 10 million deal with the Odisha government to build a steel plant in the state with a capacity of 12 million tons. The global ferro manganese market would benefit from an increase in the steel industry.

Market Outlook

For instance, in 2020, Asia Pacific led the ferromanganese market share, and this dominance is expected to continue over the forecast period. The presence of major manganese alloy manufacturing countries such as China, Japan, and India is associated with the region's rapid growth since manganese is in high demand as an alloying element in the steel industry. These alloying elements, such as steel, are widely used as a construction material in the region's rapidly increasing infrastructure.

Steel usage in the vehicle industry is predicted to fuel market expansion in the Europe. Due to the COVID-19 pandemic, steel manufacturing in the Europe region was hampered, and imports from China were prohibited. The steel is suited for forging and pressing procedures, both of which are widely utilized in the automotive industry in European countries, such as Germany, Russia, Turkey, etc. The global ferro manganese market is anticipated to rise significantly as the demand for steel in the automobile sector increases as a result of the growing need for electric vehicles in the Europe.