Ferro Manganese Market Global Research, Demand and Top Leading Player By 2028
The global Ferro manganese market was worth USD 15 billion in 2020 and is predicted to increase at a CAGR of 4.0 percent between 2021 and 2028. Over the forecast period, increased demand for the grade in stainless steel production is expected to support market expansion.
Stainless steel demand from various industrial sectors has been steadily increasing over the last few years, which has had a favourable impact on production dynamics. The use of ferro manganese as a nickel alternative in stainless steel manufacture has acquired widespread acceptance around the world. Over the forecast period, a consistent production of stainless steel is expected to drive the ferro manganese market.
The United States is heavily reliant on ferro manganese imports, with the majority of the commodity coming from South Africa, Australia, Norway, and South Korea. The overall import volume climbed from about 229 kilotons in 2016 to approximately 427 kilotons in 2018, according to data given by the United States Geological Survey (USGS) in 2019. However, due to the domestic federal government's protectionist actions, import volume decreased in 2019.
The domestic industry in the United States experienced serious difficulties at the start of FY 2020, when downstream demand from the steel industry began to decline. Domestic crude steel output declined by roughly 29.4% year over year in July 2020 compared to July 2019. During the first half of FY 2020, the steel industry's increased volatility had a direct impact on market growth.
Steel demand from important end-use sectors like as construction and automotive is another major problem for the market in the United States. Major automotive manufacturers in the country, including Ford, General Motors, and Tesla, suspended operations in March 2020, significantly disrupting the industry.
In July 2020, automotive activities resumed at full capacity. However, falling automotive vehicle sales are likely to put pressure on the manufacturing side of the business, indicating weak demand for steel grades. The demand for Ferro manganese in the United States is expected to remain dormant until steel demand picks up.
The United States is heavily reliant on ferro manganese imports, with the majority of the commodity coming from South Africa, Australia, Norway, and South Korea. The overall import volume climbed from about 229 kilotons in 2016 to approximately 427 kilotons in 2018, according to data given by the United States Geological Survey (USGS) in 2019. However, due to the domestic federal government's protectionist actions, import volume decreased in 2019.
The domestic industry in the United States experienced serious difficulties at the start of FY 2020, when downstream demand from the steel industry began to decline. Domestic crude steel output declined by roughly 29.4% year over year in July 2020 compared to July 2019. During the first half of FY 2020, the steel industry's increased volatility had a direct impact on market growth.
Steel demand from important end-use sectors like as construction and automotive is another major problem for the market in the United States. Major automotive manufacturers in the country, including Ford, General Motors, and Tesla, suspended operations in March 2020, significantly disrupting the industry.
In July 2020, automotive activities resumed at full capacity. However, falling automotive vehicle sales are likely to put pressure on the manufacturing side of the business, indicating weak demand for steel grades. The demand for Ferro manganese in the United States is expected to remain dormant until steel demand picks up.
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