Ferrosilicon market forecast and global industry analysis
FerroSilicon is basically an iron alloy, an alloy of silicon and iron, which contains about 15% to 90% silicon. Ferrosilicon is a kind of "heat inhibitor", mainly used in the production of stainless steel and carbon. In addition, it is also used to produce cast iron because it can accelerate graphitization. Ferrosilicon is added to the alloy to improve the physical properties of the new compound, such as corrosion resistance and high temperature resistance. In addition, it has various physical properties, including wear resistance, high specific gravity and high magnetic properties.
Various raw materials are used to produce ferrosilicon, including charcoal, quartz, and oxide scale. Ferrosilicon is produced by reducing quartzite with metallurgical coke/gas, coke/charcoal, etc. Ferrosilicon is used for various purposes, including the manufacture of other ferroalloys, silicon and cast iron, and the production of pure silicon and silicon copper for semiconductors in the electronics industry.
It is expected that in the near future, the increasing demand for ferrosilicon as a deoxidizer and inoculant in various end-use industries will have a significant impact on market growth.
Electrical steel is also called silicon steel, which uses a large amount of silicon and ferrosilicon to improve the electrical properties of steel such as resistivity. In addition, the demand for electrical steel in the manufacture of transformers and motors is increasing. The power generation equipment is expected to drive the demand for ferrosilicon in electrical steel manufacturing, thereby boosting the global ferrosilicon market during the forecast period.
Due to the slowdown in crude steel production in the past few years and the increasing preference of China and other countries for alternative materials such as crude steel, global ferrosilicon consumption has declined recently. In addition, the steady growth of world cast iron production has led to an increase in the use of aluminum in automobile manufacturing. Therefore, the utilization of alternative materials is one of the main challenges found in the market. The above factors are expected to inhibit the growth of the global ferrosilicon market in the next ten years.
Taking into account the region, the Asia-Pacific region is expected to dominate the global ferrosilicon market in terms of value and quantity. China is a major consumer and producer of ferrosilicon in the world. However, due to illegal exports of materials from South Korea and Japan, it is expected that the growth of demand for ferrosilicon in the country will decline in the next ten years, and changes in government policies will also have a significant impact on the country's market. Europe is expected to follow China in terms of ferrosilicon consumption. During the forecast period, the share of North America and other regions in the global ferrosilicon market consumption is expected to be very small.
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