The upcoming report by Persistence Market Research (PMR) provides key insights on the global ferrochromium market. The report titled “Ferrochromium Market: Global Industry Analysis and Forecast 2016-2022,” offers segment-wise analysis and forecast of the market. Ferrochromium is being largely used by the manufacturing sector, especially in steel manufacturing as it helps in producing high quality of material i.e. heat resistance, yield strength, and is corrosion resistant. Owing to the large chromite resources found in China, India, Kazakhstan, ferrochromium is produced on a large scale in these countries. The rise in global steel market will drive the growth of ferrochromium.
The steel industry is expected to account for maximum consumption of ferrochromium, due to the growth in infrastructure and construction with high demand for steel. Various companies are looking forward to expanding in various countries. China has already established it business operations in countries such as South Africa, Turkey, Zimbabwe, and the Philippines, boosting its presence in the global ferrochromium market. Owing to the low cost of electricity and labor in developing countries leads to significant reduction in production cost. Hence emerging economies such as China are gaining traction in the global ferrochromium.
Asia Pacific to Remain Dominant in the Global Ferrochromium market
The report provides in-depth analysis on various regions including Latin America, Europe, North America, the Middle East and Africa (MEA), and Asia Pacific. Among all these regions, Asia Pacific is expected to emerge as the largest market in the global ferrochromium market. It is also anticipated to gain maximum market share, countries in Asia Pacific like India and China have an excellent market for steel, and thus the consumption of ferrochrome is also high. Meanwhile, China is also planning to import chrome ore from various countries such as Turkey, South Africa, Middle East, Zimbabwe, and Africa for ferrochrome production. These countries are also witnessing significant growth in ferrochromium market. Also, South Africa accounts for maximum chromite resources, which is used in ferrochromium production.
Meanwhile, Europe is also expected to experience a significant growth in the global ferrochromium market in the coming years, owing to the rise in the automobile industry. While Latin America and North America are at emerging stage in the global market for ferrochromium.
However, the rise in export tax and the imposition of export quotas by South Africa on chrome ore can hamper the global market for ferrochromium. Due to the fear of losing ferrochromium market to China, South Africa is introducing various regulations. Although South Africa holds a significant share in ferrochromium market, it faces various challenges in form of high cost of production and problem of power supply.
Considering the wide scope of the global ferrochromium market, the report provides segment-wise analysis. The global market for ferrochromium is segmented on the basis of carbon percentage, available form, and application.
The report also provides a detailed profile of various key market players in the global ferrochromium market such as VISA STEEL, Nava Bharat Ventures Limited, Vyankatesh Metals & Alloys Pvt. Ltd, SR Group, Balasore Alloys Limited, and Aarti Steels Ltd.
A sample of this report is available upon request @ https://www.persistencemarketresearch.com/samples/10046