Selbyville, DE -- (ReleaseWire) -- 04/11/2018 --Ferroalloy Market from ferromanganese product segment was worth more than USD 15 billion and will have a healthy growth by more than 6% CAGR in the forecast span. It finds extensive application in the steel manufacturing as a cost efficient and easily available deoxidizer. Ferroalloy market has been segmented into ferromanganese, ferrosilicon, ferrochrome, and other product segments.

Ferroalloy Market will likely surpass USD 65 billion by 2024; according to a new research report by Global Market Insights, Inc. Rapidly growing construction industry in the BRICS nations will likely be another important factor that will positively influence the global ferroalloy market in the upcoming years. Growing population coupled with developing economies of these regions on the account of government initiatives and private investments has augmented the overall construction industry since the economic downturn and will likely flourish at a healthy rate. Moreover, events such as Olympic and Commonwealth Games, FIFA and ICC World Cup, etc. in these nations will catalyze construction spending.

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Construction industry accounts for close to half of the overall steel production and the vast raw material reserves, production, and consumption in the BRICS nations will further boost the growth. Construction industry in these countries generated over USD 3 trillion in 2015 and will likely grow at a CAGR over 10% to cross USD 9 trillion by the end of 2024, hence boosting the global ferroalloy market demand.

Huge operational costs for product manufacturing along with regulations mandated by the government and non-government regulatory bodies may hinder ferroalloy market growth in the coming years. Quality monitoring for the continuous production process in order to meet the industry standards require huge investments in terms of raw materials, machineries, labor costs, and energy. Environmental impacts for iron ore mining and regulations pertaining to ecologically sustainable mining and production may have a negative impact on the global ferroalloy market.

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Ferrosilicon has a wide application area for deoxidizing steel, inoculating iron to accelerate graphitization, and modifying the steel properties. However, associated threats of pulmonary disorders such as silicosis, pneumoconiosis, and tuberculosis from amorphous silica content of the alloy has minimized its application to a certain extent. This segment generated more than USD 7 billion for the global ferroalloy market in 2015 and will have a sluggish growth rate compared to other products.

Ferroalloy market application segment has been categorized into manufacturing of carbon steel, alloy steel, and stainless steel. Stainless steel accounted for a significant chunk of the global ferroalloy market and will witness a substantial growth at over 6% owing to the growth of its various end-user industries.

Prevalence of numerous large, medium, and small scale steel industries and vast iron ore deposits in Asia Pacific make it a notable regional player in the global ferroalloy market. The strong influence of China, India, and Japan in the construction and automobile sectors will have a positive impact on the product demand in the coming years. This region registered over USD 25 billion and will likely escalate at more than 6% CAGR.

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