Silico Manganese Market Size Highlights
Global Silico Manganese Market Size
is Estimated to Be Valued at USD 23,500 Million By 2027 and Record a CAGR of
over 5% During the Forecast Period.
The global Silico Manganese Market
Size 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 Size. 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 Size. 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 Size.
Key Players
Market Research Future (MRFR)
recognizes the following companies as the Key Players in the Global Silico Manganese Market Size:
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).
Segmental Analysis
According to MRFR analysis, the
global Silico Manganese Market Size has been segmented based on product,
application, and region.
Based on product, the global Silico
Manganese Market Size 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 2027.
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 2027.
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Regional Analysis
Geographically, the global Silico
Manganese Market Size 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 Size 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, 2019–2027.
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