North America And EMEA Ferrosilicon Market Business Overview, Challenges And Opportunities 2028

North America And EMEA Ferrosilicon Industry Overview

The North America and EMEA ferrosilicon market size was valued at USD 3.10 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 2.6% from 2021 to 2028.

The market is expected to gain momentum owing to the growth of solar energy coupled with the driving shift toward Electric Vehicles (EVs) over the forecast period. The rising market growth was, however, hampered in 2020 owing to the emergence of the novel coronavirus. The pandemic restricted all industrial operations, which had a major impact on the demand and production across the world. Ferrosilicon production was significantly affected in the first half of 2020, as the raw material movement was impacted owing to the lockdown imposition in various nations.

Gather more insights about the market drivers, restrains and growth of the North America And EMEA Ferrosilicon Market

U.S. ferrosilicon market size, by application, 2018 - 2028 (USD Million)

The U.S. holds a significant position in the industry owing to extensive product utilization in major end-use industries including electronics, automotive, and construction. A rise in construction activities is propelling the product demand.

The product demand is high in the steel industry as over 80% of the total ferrosilicon production is consumed by the industry as a source of silicon and as a deoxidizer and inoculant. Steel products are widely used across multiple industries, such as construction, automotive, oil & gas, appliances, industrial machinery, and others. Thus, steel demand directly influences market growth.

The product demand, however, declined in 2020 amidst the COVID-19 pandemic as many key players decided to shut down their production plants owing to unfavorable market conditions. Also, increased raw material prices and shortage in their supply further impacted the product demand. The disruption in labor migration, financial constraints, and disturbed supply chain operations are the factors hindering market growth.

Moreover, the use of aluminum as a substitute for steel, mainly in automotive applications, is projected to restrain the latter’s demand, thus, impacting the growth of the ferrosilicon market over the coming years. One pound of aluminum can replace up to 1.8 pounds of conventional steel, thereby, reducing the overall vehicle weight.

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Market Share Insights 

  • June 2021: President Joe Biden announced support for the USD 1.2 trillion Bipartisan Infrastructure Framework.
  • February 2019: Maithan Alloys Ltd., a company engaged in manufacturing ferrosilicon, silicomanganese, and ferromanganese, announced its plan to invest INR 600 crore for setting up 1,20,000 ton units near Kolkata, India to double the capacity in the coming years. 

Key Companies profiled:

Some of the prominent players in the North America and EMEA ferrosilicon market include:

  • Eurasian Resources Group
  • Ferroglobe
  • Eti Elektrometalurji AS
  • Elkem ASA.
  • Iran Ferroalloys Co.
  • Eramet Norway
  • Thyssenkrupp Materials Trading GmbH
  • Huta Łaziska SA

Order a free sample PDF of the North America And EMEA Ferrosilicon Market Intelligence Study, published by Grand View Research.

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