According to the research report titled ‘Global Ferroalloys Market Size study, by Product Type (Ferrochrome, Ferro manganese, Ferro Silico Manganese, Ferrosilicon), by Application (Carbon & low alloy steel, Stainless steel, Alloy steel, Cast Iron, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global ferroalloy market was valued at approximately USD 42.7 billion in 2020 and is anticipated to reach USD 69.02 billion by the end of the forecast timeframe 2021-2027, registering a steady CAGR of 7.1% throughout.
 

As per the findings of the report, expansion of steel sector in line with rising steel production is majorly driving global ferroalloy market growth. In fact, credible sources cite that total steel output grew from 1826 million metric tons in 2018 to 1880 metric tons in 2019.  Apart from this rising trend, favorable government initiatives will enhance the industry outlook in the forthcoming years.
 

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For the unversed, ferroalloys are crude iron alloys that contain one or more other elements and are primarily used to deoxidize molten steel and produce alloy steels.
 

Despite the positive industry outlook, expensive costs and strict rules & regulations may hamper the remuneration potential over the study timeframe.
 

The worldwide global ferroalloy market is fragmented into product type (ferrochrome, ferro manganese, ferrosilicon, ferro silico manganese), and application (carbon & low alloy steel, alloy steel, cast iron, stainless steel, and others).
 

With respect to geography, as per the report, worldwide ferroalloy market size is fragmented into North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, Rest of APAC), and Latin America (Mexico and Brazil).
 

Among the aforementioned regions, Asia Pacific accounts for the largest market share due to its huge output of industrial components and high-volume steel & cast-iron production. Meanwhile, Europe is expected to develop rapidly over the projection period.
 

Considering the competitive landscape, SAIL (Steel Authority of India Ltd.), China Minmetals Corp., ArcelorMittal SA, Tata Steel Ltd., SC Feral SRL, Glencore plc, Shanghai Shenjia Ferroalloys Co. Ltd., Ferro Alloys Corporation Ltd., Samancor Chrome Ltd., and Jindal Steel & Power Ltd. are the major companies influencing the global ferroalloy market trends.