A ferroalloy with a high manganese content is ferromanganese. It is made by heating a mixture of Fe2O3 and MnO2, as well as carbon. An electric arc furnace or a blast furnace is used to heat this mixture. The oxides undergo carbothermal reduction in the furnace, resulting in ferromanganese, which is used as a steel deoxidizer. Major ferromanganese deposits can be found in South Africa, Mexico, France, and Australia. Steel demand is expected to be the primary driver of the ferromanganese market. Aside from steel, rise in demand for aluminium alloys is expected to propel the industry growth. Ferromanganese is a critical component in the production of steel and iron. Ferromanganese is divided into two types based on its carbon content—high carbon ferromanganese and medium carbon ferromanganese. High carbon ferromanganese is an excellent antioxidant with a high carbon content and heat resistance. It has anti-oxidant and desulphurizing properties and is used in metallurgy, the chemical industry, and the steel industry.
COVID-19 Impact analysis
The COVID-19 outbreak has affected economies and industries in a number of countries due to lockdowns, travel bans, and business closures. The global food & beverage industry is one of the major industries experiencing serious disruptions such as supply chain disruptions, technology event cancellations, and office closures because of the outbreak. COVID-19 had a negative impact on the market in 2020. Manganese is used to remove sulphur and oxygen from iron ore during the iron-making process. It is also used to make steel from iron. As an alloy, it makes steel less brittle and gives it more strength. Steel is used extensively in the construction industry. Construction activities were temporarily halted during the government-imposed lockdown to stop the spread of new COVID-19 cases, which reduced demand for steel from the construction industry during the pandemic scenario. However, in light of the post-pandemic situation, the construction industry is picking up steam and is expected to boost the market demand.
Top Impacting Factors
The construction industry is expected to prosper due to strong demand from several BRICS countries, including Brazil, Russia, India, China, and South Africa. The construction industry's success will, in turn, open up new growth opportunities for the global ferromanganese market in the coming years. The global ferromanganese market is expected to grow in the forecast timeframe due to rising steel demand around the world. Furthermore, rise in demand for the chemical in the production of aluminium alloys is expected to propel the global ferromanganese market forward in the near future.
- The rise in demand for manganese in lithium-ion battery production, owing to the surge in demand for electric vehicles, is expected to propel the market growth in the short term.
- Manganese (MN) is a silvery-white to grey chemical transition metal that is hard and brittle. Pyrolusite (MnO2), psilomelane, romanechite, and other ores are the most common sources. Manganese is not found as a free element in nature.
- Steel contains manganese because it improves hardenability and tensile strength. Steel is used in buildings (structural sections, reinforcing bars, sheet products, non-structural steel, and other applications), infrastructure, and transportation for over 40% of the world's steel production.
- Manganese can also be used as a mild oxidizer. Offshore oilrigs, bridges, civil engineering and construction machines, pressure vessels, power plants, and hydroelectric plants are all made of steel.
- The demand for new residential construction, buildings, and railways has increased because of rapid urbanization. Steel is used in the construction industry in the form of sections, plates, and bars. It is widely available, inexpensive, and has a wide range of properties, including strength, versatility, and durability.
- Investments in new construction projects have increased in recent years because of rapid urbanization, particularly in developing countries. Because of the growth in investments in China, India, Japan, and ASEAN countries, Asia-Pacific has dominated construction sector investments around the world.
- Increased infrastructure construction activities, as well as the entry of major European Union players into China's lucrative market, have fueled the industry's growth.
Key Benefits of the Report
- This study presents the analytical depiction of the ferro manganese market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the ferro manganese market share.
- The current market is quantitatively analyzed to highlight the ferro manganese market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed ferro manganese market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Ferro Manganese Market Report
- Who are the leading market players active in the ferro manganese market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is ferro manganese?
- What does ferro manganese allow organizations to achieve?
- Which technologies combine to make ferro manganese critical organizational asset.
- What are the current trends and predicted trends?
Ferro Manganese Market Report Highlights