The ferrosilicon market is projected to reach USD 12.9 billion by 2028, at a CAGR of 3.4% from USD 10.9 billion in 2023. The market growth is driven by influencing factors such as robust demand for steel in automotive, construction, manufacturing industry, and growing focus on renewable energy to reduce carbon emissions.
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Ferro silicon is an alloy composed primarily of iron and silicon, along with small amounts of other elements like carbon, aluminum, and calcium. It is produced by smelting quartz and iron in an electric arc furnace. Ferro silicon is commonly used as a deoxidizer and alloying agent in the production of steel and cast iron. It helps to remove oxygen from molten metals, improve the fluidity of the melt, and enhance the strength and hardness of the final product. Additionally, ferro silicon is utilized in the manufacturing of various ferrous alloys, foundry applications, and as a source of silicon in the chemical industry.
The key global players in the ferrosilicon market include Elkem (Norway), RFA International (Switzerland), DMS Powders (South Africa), Ferroglobe (UK), Eurasian Resources Group (Luxembourg), Feng Erda Group (China), Finnfjord AS (Norway), Mechel PAO (Russia), Om Holdings Ltd (Singapore), Maithan Alloys Ltd (India) are the key players in the ferrosilicon market. These companies are strong in their home region and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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Elkem
Elkem is one of the leading companies, providing advanced silicon-based materials. The company has expertise in developing silicones, silicon products and carbon solutions by combining natural raw materials. The company operates through three business segments, namely silicones, silicon products, and carbon solutions. The company’s product line includes silicones, silicon-based materials, foundry alloys, carbon-based materials, and others. Elkem serves various markets, including mobility & transportation, healthcare, construction, science & chemicals, personal care & consumer goods, digital communication, energy & power, advanced manufacturing and industrial. The company has a global presence, operating in North America, South America, Europe, the Middle East & Africa, and Asia Pacific
RFA International
RFA international is the world leader in the supply of ferrochrome, ferrosilicon, micro silica, and other ferroalloy products. The company serves a diverse clientele that includes prominent construction firms, specialty steel producers, stainless steel manufacturers, and foundries across the continents of Africa, Asia, Europe, the Middle East, and both North and South America. The company has a presence in all markets through branch offices and agency agreements.
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Asia Pacific markets exhibit robust growth, a trend expected to persist. The surging automotive and construction sectors, along with increased investments in manufacturing, drive demand for ferrosilicon. Technological advancements and a focus on energy-efficient materials elevate ferrosilicon’s significance, enhancing steel and alloy properties. The region’s preference for sustainable materials, economic expansion, and evolving consumer choices further boost ferrosilicon demand across industries.
