Global Silico Manganese Market is Estimated to Be Valued at USD 23,500 Million By 2025 and Record a CAGR of over 5% During the Forecast Period.
The global Silico Manganese market is expected to witness a surging growth in the coming assessment period owing to the increased demand for Silico Manganese in steel production and the increasing steel production in the Asia-Pacific region. The growth in the steel industry is attributed to its widespread usage in diverse end-use industries such as automotive, building & construction, and railroads. In the automotive industry, Silico Manganese is used in the production of structural components, engine parts, transmission components, and others in automotive bodies. The increasing production of automobiles worldwide is supporting the growth of the global Silico Manganese market. Furthermore, the Silico Manganese slag produced during the production of steel is widely used in the construction and railroad applications. Coarse aggregates manufactured using Silico Manganese slag are used as rail ballast for various types of railroad tracks, from industrial sidings to high-speed main lines. Thus, the growth in construction activities globally is fueling the growth of Silico Manganese market. However, factors such as high production cost and fluctuations in raw material prices are likely to hinder the growth of the global Silico Manganese market.
According to MRFR analysis, the global Silico Manganese market has been segmented based on product, application, and region.
Based on product, the global Silico Manganese Market has been segmented into high-carbon Silico Manganese, medium-carbon Silico Manganese, and low-carbon Silico Manganese. The high carbon Silico Manganese segment accounted for the largest share of over 50% in the global market in 2018. The segment is expected to witness a healthy CAGR of 5% in the forecast period owing to its extensive application in diverse, end-use industries such as automotive, construction, and consumer appliances. The segment is expected to be valued at over USD 10,000 million by the end of 2025.
Based on application, the global market has been segmented into road rails, automobile bodies, cutlery, dairy equipment, hand railings, and others. Among these, the automotive bodies segment is expected to witness the fastest growth of CAGR 5.5% during the forecast period owing to the demand for high strength products in the automotive sector. The growth in this segment is mainly attributed to the growing automotive production worldwide, around 100 million units were produced in 2018. Furthermore, the automotive bodies segment holds the largest market share of around 30% in the global market and is expected to reach a value of over USD 7,000 million by the end of 2025.
Geographically, the global Silico Manganese market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. As per MRFR analysis, the Asia-Pacific region dominated the global market, accounting for the largest share of around 80% in 2018 and is expected to register a CAGR over 5.5% during the forecast period. Asia-Pacific is followed by Europe, which accounted for the second-largest share of around 10% in the global Silico Manganese market in 2018. The North America region is expected to witness moderate growth at around a CAGR of 4% over the forecast period. Latin America and the Middle East & Africa markets are also expected to witness significant growth with a CAGR of around 3% during the forecast period, 2019–2025.
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Market Research Future (MRFR) recognizes the following companies as the Key Players in the Global Silico Manganese Market: Tata Steel (India), Steel Authority of India Limited (SAIL) (India), Eramet Group (France), Brahm Group (India), Gulf Ferro Alloys Company (SABAYEK) (Saudi Arabia), Jindal Steel & Power Ltd. (India), OM Holdings Ltd. (Singapore), Vipra Ferro Alloys Pvt Ltd. (India), Sakura Ferroalloys (Malaysia), Pertama Ferroalloys Sdn. Bhd. (Malaysia).
Key Findings of the Study
- The global Silico Manganese market was valued at around USD 16,000 million in 2018 and is expected to register a CAGR of 5% to reach around USD 23,000 million by the end of 2025.
- By type, the high-carbon Silico Manganese segment is estimated to be the largest segment of the global market, which accounted for around 50% market share in 2018.
- Based on application, the automotive bodies segment held the largest share of around 30% by value in 2018 and is expected to register a CAGR of over 5.5% during the forecast period.
- The Asia-Pacific market accounted for the largest share of around 80% by value in 2018.
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