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Manganese Alloy Market Expected to Reach $44 Billion by 2031—Allied Market Research

 
2022
Manganese Alloy Market

Report Code : A53703

quote The global manganese alloy market is expected to possess high growth potential in the coming years owing to the fact that manganese alloys are used in a variety of end-use sectors such as automotive, electrical & electronics, aerospace & defense, and building & construction for production of various parts and equipment. In addition, manganese alloy is used in foundry for removing oxygen and sulfur when iron ore is converted into iron. Furthermore, it also is an essential alloy that helps convert iron into steel. As an alloy, it decreases the brittleness of steel and imparts strength. These factors altogether have boosted the potential application of manganese alloy in metal fabrication sector. However, outbreak of the COVID-19 pandemic has negative impacts on the global manganese alloy market. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Manganese Alloy Market," The manganese alloy market was valued at $24.7 billion in 2021, and is estimated to reach $44.0 billion by 2031, growing at a CAGR of 6% from 2022 to 2031. 

Manganese alloys are metals that contain some percentage of magnesium, carbon, sulfur, and other trace elements. They are strong, ductile, and extremely corrosion resistant. They serve as a deoxidizer of molten steel and controls its sulfur content. In addition, they enhance strength and hardness of the alloy and its resistance to corrosion. They are used in high-temperature, stainless, & manganese steels and in nickel, chromium, & aluminum alloys. They are also used as a catalyst during preparation of oxygen from potassium chlorate.

Factors such as increase in disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth. For instance, according to a report published by India Brands Equity Foundation, the domestic automobile production increased by a CAGR of 2.36% from 2016-20 with 26.36 million vehicles being manufactured in India in 2020.

The surge in fuel processing has led the key automotive manufacturers such as Maruti Suzuki and Hyundai to produce lightweight vehicles to enhance fuel mileage. High manganese alloys provide a favorable combination and balance of properties such as ductility, formability, strain hardening, and strength level parameters. These significant properties help reduce the weight of vehicles and at the same time improve resistance against the effects of automobile accidents. This factor has led the auto makers to increasingly use manganese alloy for producing lightweight vehicles with enhanced mileage. This may fuel the demand for manganese alloy in the growing automotive sector during the forecast period.

Furthermore, the increase in use of metal casting/foundry applications in various end-use sectors such as building & construction, railways, and automotive have boosted the demand for manganese alloy used for removing oxygen and sulfur content during iron and steel manufacturing. This may act as one of the key drivers responsible for the growth of the manganese alloy market. Furthermore, increase in demand for aluminum, structural steel, and iron, in sectors such as telecom and healthcare has further aided the demand for manganese alloy used for manufacturing various metals. However, health hazards associated with the production of manganese alloys may restrain the growth of the manganese alloy market during the forecast period.

On the contrary, factors such as attractive government policies for supporting emission vehicles and growing demand for low emission commuting coupled with rise in awareness for sustainable activities have led the electric vehicle sales to witness a significant increase. For instance, according to an article published by The Times of India in July 2022, India may reach up to five crore electric vehicles sales by 2030. This factor has led the car battery manufacturing companies to enhance their production capacities where manganese alloys act as a stabilizer in the structure of NMC (nickel manganese cobalt) cathode materials that are the key performing drivers of lithium-ion batteries. This may enhance the demand for manganese alloys in the growing electric vehicle sector; thus, creating remunerative opportunities for the market.

The manganese alloy market is segmented on the basis of type, application, and region. By type, the market is segregated into silicomanganese, high carbon ferromanganese, medium and low carbon ferromanganese, and others. The silicomanganese segment dominated the global market, in terms of revenue in 2021. silicomanganese is used as a deoxidizer, desulfurizer, and an alloying element in the production of steel. Thus, the increase in demand for steel from various end use sectors in both developed and developing economies may boost the manganese alloy market for silicomanganese type.

By application, the market is divided into steel, welding, foundry, superalloys, and others. The steel application segment dominated the global market, in terms of revenue in 2021 with 56.8% share in the global market. Continued demand for steel from sectors such as automotive, marine, aerospace & defense, and others may lead the steel manufacturing sector to witness a healthy growth rate which in turn may surge the demand for manganese alloy in the steel manufacturing sector during the forecast period.

The rise in building & construction, transportation, industrial, and other sectors have enhanced the performance of the manganese alloy market in Asia-Pacific. China's industrial sector is growing rapidly, which in turn, has enhanced the performance of the manganese alloy market in the region.

According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer goods in 2019. Moreover, countries such as India and Australia have witnessed a rapid increase in automotive & transportation sectors, where manganese alloy is used to produce various lightweight automotive components.

Region wise, the manganese alloy market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific manganese alloy market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2021. The rise in building & construction, transportation, industrial, and other sectors have enhanced the performance of the manganese alloy market in Asia-Pacific. China's industrial sector is growing rapidly, which in turn, has enhanced the performance of the manganese alloy market in the region. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer goods in 2019.

Key players operating in the global manganese alloy market include Ferroglobe, Maithan Alloys Ltd., Nava Limited, Eramet, Vale, Tata Steel, Hickman Williams and Company, SIMPAC Inc., Gulf Manganese Corporation Limited, and MOIL.

COVID-19 analysis:

The health crisis increased the supply–demand gap, hampering the global manganese alloy supply chain. Moreover, several metallurgy companies had either shut down or shrank their operations due to the risk of infections among the workforce, where manganese alloy is widely used for metal fabrication purposes. This temporarily hampered the demand for manganese alloy amid the COVID-19 period.

Furthermore, the temporary shutdown of construction and infrastructure sector where manganese alloy in conjunction with steel is used as structural supports for interior and exterior of construction sites have negatively impacted the demand for manganese alloy in the construction sector. For instance, according to a report published by a research journal named as the Journal of Physics, the COVID-19 pandemic reduced the investment in the construction industry in India by 30%.

In 2022, manganese alloy prices were higher in Asia-Pacific. The price rise was due to continued regional demand trends and tight product availability. Firm downstream manganese alloy demand and stronger upstream costs are expected to sustain the price gain.

However, the manganese alloy market has recovered rapidly post COVID-19 situation due to its increased dependency over automotive, aerospace, marine, and other sectors. For instance, according to an article published by the Government of Canada in 2023, the Canadian auto sales rose by 5.1% in 2023. This is expected to enhance the performance of the manganese alloy market.

Furthermore, the construction sector has registered a significant growth post COVID-19 situation wherein manganese alloy is widely used in producing high quality construction grade steel. For instance, according to a report published by National Investment Promotion and Facilitation Agency of India in 2021, the construction Industry in India is expected to reach $1.4 trillion by 2025. This factor is projected to fuel the demand for manganese alloy market in the growing construction sector during the forecast period.

Key findings of the study

  • By type, the silicomanganese segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.8% from 2022 to 2031.
  • By application, the steel segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.1% from 2022 to 2031.
  • By region, Asia-Pacific garnered the highest share of more than 65% in 2021, in terms of revenue, growing at a CAGR of 6.1%.

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quote Manganese Alloy Market by Type (Silicomanganese, High Carbon Ferromanganese, Medium and Low Carbon Ferromanganese, Others), by Application (Steel, Welding, Foundry, Superalloys, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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