New York, April 25, 2023 (GLOBE NEWSWIRE) -- The Global Silico Manganese Market size is expected to be worth around USD 40.05 Bn by 2032 from USD 23.76 Bn in 2022, growing at a CAGR of 5.5% during the forecast period from 2022 to 2032. The market is expected to expand because of the increasing demand for steel products in the construction and infrastructure sectors.
To rise the strength and corrosion resistance of steel, silico manganese is used in the production process, as well as it is used for non-metallic inclusion refinement, deoxidization, and modification. Consequently, increasing steel production and consumption are expected to boost market expansion. Rising investments in steel manufacturing facilities are predicted to boost demand for silico manganese in the United States over the course of the forecast timeframe. It is expected that increasing expenditures in both residential and non-residential development projects would boost demand for steel in the United States.
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Key Takeaway:
- By Product, in 2022, the low carbon segment dominated the global revenue share.
- By Application, the carbon steel segment dominated the largest market share.
- In 2022, the APAC region dominated the market with the highest revenue share of 73%.
- Middle East and Africa are anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Silico Manganese industry
There are several factors that can have an impact on the growth of the silico manganese market. Some of these factors include:
- Steel demand: silico manganese is a vital component used in the manufacture of steel, and there is a direct correlation between the demand for steel and the need for silico manganese. Any modifications in the demand for steel would directly affect the growth of the silico manganese industry
- Raw material availability and cost: The manufacturing of silico manganese depends on the availability of raw materials like silicon metal and manganese ore. The expansion of the sector therefore may be impacted by changes in the availability or cost of these raw materials.
- Technological developments: Through improving effectiveness and reducing costs, technological advancements in the silico manganese production process can promote industry growth.
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Market Growth
Steel is used in many different industries, such as manufacturing, construction, as well as the automotive sector. This is a key alloy used in the production of steel. The market for Silico Manganese is predicted to expand as a result of the rising demand for steel products, particularly in emerging nations. The growing emphasis on the usage of renewable energy sources, such as wind turbines, which need a substantial quantity of steel, is another driver boosting market development. Since that high-quality steel is necessary for these applications, there will likely be a rise in demand for silico manganese as a result.
Regional Analysis
In 2022, the Asia Pacific region dominated the market and had 73% of the global revenue share. The countries' investments in different projects to build infrastructure to boost their economies after the pandemic era are accountable for the market's dominance. The Middle East and Africa are projected to experience a CAGR of 5.8% in terms of revenue during the forecast period. The increased private investment to increase steel production in the area is attributed to this expansion. Throughout the forecast period, Central & South America is anticipated to experience a CAGR of 4.9% in terms of revenue. Investments in oil and gas projects are expected to enhance the demand for steel in the region.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 23.76 billion |
| Market Size (2032) | USD 40.05 billion |
| CAGR (from 2023 to 2032) | 5.5% |
| Asia Pacific Revenue Share | 73% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Growing demand for steel: Silico manganese is a key element used in the manufacture of steel, and the demand for steel and silico manganese are strongly related. It is anticipated that the market for silico manganese would increase because of the rising demand for steel products, particularly in emerging nations.
- Increasing construction industry: The demand for this market is anticipated to increase as the global construction market continues to rise. The construction sector is a big consumer of steel products.
- Technical developments: Using electric furnaces, for instance, technological advances in the manufacture of silico manganese can improve efficiency and cut costs, encouraging the expansion of the sector.
Market Restraints
Limited availability and high transportation costs may restrict the growth of this industry. Silico manganese does have certain drawbacks, such as the variable accessibility of the material in various regions, which means higher transportation and logistics costs and may significantly restrict the expansion of the silico manganese market. In addition to all the other factors that must be taken into consideration for this product's safe delivery. Owing utilizing this product has higher costs.
Market Opportunities
- Increasing demand for electric vehicles: Demand for electric cars is rising as the automotive sector transitions to electric cars to reduce carbon emissions. Silico manganese specialty steel alloys are needed for the manufacturing of electric vehicles. As the market for electric vehicles grows, silico manganese demand will increase.
- Research and development: Continued efforts in the areas of metallurgy and material science are creating new opportunities for silico manganese markets and applications. For instance, because of the invention of new steel alloys using silico manganese, new markets are opening up in the aerospace, military, and other sectors.
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Report Segmentation of the Silico Manganese Market
Product Insight
In 2022, the low carbon revenue share was larger than 33.0% worldwide. The manufacturing of stainless steel makes various use of low-carbon silico manganese. Throughout the forecast period, it is expected that the segment's growth would be driven by the rising production of stainless steel at the global level. Revenue growth for high carbon is expected to average 6.6% during the forecast timeline. The growing demand for cast iron is likely to be driven by increased investments in a variety of sectors, including kitchenware, machinery & tool production, and construction. As a result, it is predicted that segment growth would be favourable over the forecast period.
Application Insight
In 2022, carbon steel had a revenue share of almost 32% of the worldwide market. The material is utilized to make constructions, pipeline networks, train tracks, and machinery parts because of its high strength. Increasing investments in these sectors are expected to encourage market expansion. During the course of the forecast years, the Stainless steel sector is anticipated to expand its revenues at the fastest rate of 6.8%. In the upcoming years, segment growth is predicted to be driven by growing electric car adoption and increased investment in the construction sector.
Recent Development of the Silico Manganese Market
- In January 2021- The Indian government introduced anti-dumping duties on imports of Silico Manganese from China, Vietnam, and Ukraine in an effort to protect their domestic industry.
- In March 2021- Georgian Manganese LLC, a major producer of Silico Manganese in Georgia, announced plans to invest $30 million to modernize and expand their production facilities.
- In August 2020- the European Union implemented anti-dumping duties on imports of Silico Manganese from Russia and China in an effort to safeguard their European industry.
- In December 2020- Tata Steel revealed their plans to sell their stake in a Silico Manganese manufacturing plant located in Odisha, India to their joint venture partner.
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Market Segmentation
Based on Product
- Low Carbon
- Medium Carbon
- High Carbon
- Other Products
Based on Application
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Cast Iron
- Other Applications
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Many competitors are participating in the silico manganese market. These companies manufacture and distribute silico manganese, and they are always looking for new ways to increase their market share. Some of these techniques include mergers and acquisitions, company expansions, and the introduction of new products.
For instance, Ferroglobe PLC increased its presence in the European Silico Manganese market in 2020 by purchasing Glencore's European Manganese Plants. With the purpose of creating cutting-edge manufacturing techniques and raising the calibre of their products, several companies in the Silico Manganese market are also investing in Research activities. To access new markets, the industry participants are also concentrating on expanding their distribution systems.
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