- Summary
- Table Of Content
- Methodology
Atomized Ferrosilicon Market Introduction :
Consegic Business Intelligence analyzes that the atomized ferrosilicon market is growing with a healthy CAGR of 4.3% during the forecast period (2023-2030), and the market is projected to be valued at USD 80.53 Million by 2030 from USD 57.59 Million in 2022.
Atomized Ferrosilicon Market Definition & Overview:
Atomized ferrosilicon is a type of ferrosilicon powder that is produced by atomizing molten ferrosilicon in a stream of water. This process creates spherical particles with high specific gravity and low oxygen content. Ferrosilicon is an alloy of iron and silicon in the composition of 15-90% by weight. Atomized ferrosilicon is produced by the atomization of molten ferrosilicon with water or air, resulting in small spherical particles. The particle size of atomized ferrosilicon typically ranges from 212 microns to 20 microns. These particles have a uniform size distribution with high density which makes them suitable for various applications.
Atomized ferrosilicon is used for various applications such as mining, scrap processing, magnesium production, welding electrode, and others. Atomized ferrosilicon is heavily used for Metallurgy Processing applications such as the production of steel and iron. Atomized ferrosilicon helps to remove impurities and enhance properties of the steel and iron during Metallurgy Processing applications.
Atomized Ferrosilicon Market Insights :
Atomized Ferrosilicon Market Dynamics - (DRO) :
Key Drivers :
Increasing demand for magnesium products is benefiting the market growth
Atomized Ferrosilicon is used as a reducing agent during the production of magnesium metal in the metal extraction process. Magnesium metal is generally lightweight it is utilized in various applications such as the manufacturing of car seats, cameras, power tools, laptops, luggage, and others. Magnesium is heavily used for the manufacturing of firecrackers and fireworks. The engineering application of magnesium includes applications in aerospace body parts and automobiles. The investment to produce aircraft aerospace body parts across the globe is driving the market growth globally. For instance, in July 2023, Collins Aerospace announced the investment of USD 14 million for the construction of its additive manufacturing and aerospace components manufacturing facility in West Des Moines, Iowa, U.S. With the launch of a new production facility the company aims to improve their aerospace components production capacity to meet the growing client demand. Hence, the increase in the demand for aerospace components is boosting the demand for atomized ferrosilicon for the manufacturing of magnesium metal. This, in turn, is benefiting the market growth.
Growth in the mining sector is boosting the growth of the market
Atomized ferrosilicon is used in the mining industry for dense medium separation applications. DSM or dense medium separation is a process in which particles are separated based on their densities. This process helps to remove unwanted material, foreign particles, separation of minerals or aggregates as per the size, and other applications. This dense medium separation is highly used across the mining sector for the separation, extraction, and processing of minerals. Significant growth in the mining sector across the globe is driving the demand for atomized ferrosilicon for mining applications. For instance, according to the report by the Australian Bureau of Statistics in May 2023, the Australian mining industry in 2022 increased by 29.5% from the previous year 2021. The mining industry across the country accounted for USD 187.87 billion in 2022 which was USD 145.03 billion in 2021. Hence, the bolstering mining industry is accelerating the demand for atomized ferrosilicon as the material is used in the mining industry for dense medium separation applications. This, in turn, is driving the growth of the market.
Key Restraints :
Decreasing steel production are restraining the market growth
Atomized ferrosilicon finds major application in Metallurgy Processing in the iron and steel production industry. Atomized ferrosilicon is used to carry out the deoxidization process in steel processing. Deoxidation is important in the steelmaking process as oxygen is often detrimental to the quality of steel produced. The slowdown in steel production across the globe is decreasing the demand for atomized ferrosilicon. For instance, according to the report by the World Steel Organization in January 2023, the world crude steel production accounted for 140.7 million tons in 2022, which was a 10.8% decrease as compared to 2021. In the Europe region, the steel demand got heavily affected by increasing inflation and high crises level across the region. The lower demand for steel and decreased steel production hampers the atomized ferrosilicon demand. Thus, the lower demand for steel and reduced steel production across various countries worldwide are posing a major roadblock to the revenue growth of the market.
Future Opportunities :
Growing construction and automotive industry across the globe will favor the market growth
Atomized ferrosilicon is one of the major materials used in the manufacturing of steel, iron, and automotive parts for the construction and automotive industry. In the automotive industry atomized ferrosilicon is used for the manufacturing of lightweight automotive components, car seats, handles, and other components. The flourishing automotive industry globally is expected to provide lucrative growth opportunities for the global atomized ferrosilicon market over the estimated year. For instance, according to data from International Trade Administration in April 2023, the production of passenger cars in China accounted for 21.48 million in 2021 which was a 7.1% increase from the previous year 2020. Furthermore, atomized ferrosilicon is also used in steel production which is a major material in the construction industry. Increasing construction projects worldwide are expected to improve the demand for steel as well as atomize ferrosilicon for steel production. For instance, in November 2021, the president of the U.S. Mr. Joe Biden signed the Bipartisan Infrastructure Deal, which allocated USD 550 billion for improving the infrastructure of roads, airports, ports, and freight rails.
Hence, the expansion strategies for various construction activities along with the growing automotive industry at the global level are spurring the demand for atomized ferrosilicon as it is utilized in construction and automotive applications. This prominent factor is supplementing the atomized ferrosilicon market.
Atomized Ferrosilicon Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 80.53 Million |
| CAGR (2023-2030) | 4.3% |
| By Type | Coarse Atomized FeSi, Fine Atomized FeSi, and Extra Fine Atomized FeSi |
| By Application | Metallurgy Processing, Diamond Processing, Semiconductor Processing, Mining, Welding, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | DMS Powders, Sinoferro, Futong Industry, Exxaro, M&M Alloys, Imexsar, and Westbrook Resources Ltd. |
Atomized Ferrosilicon Market Segmental Analysis :
Based on the Type :
The type segment is categorized into coarse atomized FeSi, fine atomized FeSi, and extra fine atomized FeSi. In 2022, the fine atomized FeSi segment accounted for the highest market share of 58.50% in the overall atomized ferrosilicon market and holds the fastest growing CAGR over the estimated year. Fine atomized FeSi have properties such as resistance to corrosion, hardness, and strong anti-galling properties. Due to this, it is used in the production of alloys. It also has strong magnetic properties, which makes it a useful component in magnetic separation. The significant growth in industrialization worldwide is improving the demand for metal alloys. The increasing government initiatives to boost industrialization are driving segment growth. For instance, in December 2022, the Government of India undertook initiatives to promote the manufacturing sector, due to which the manufacturing sector across the country increased by 11.85 in the financial year 2022 from the previous year. Thus, due to the above beneficial properties, the deployment of atomized ferrosilicon is increasing for alloy manufacturing for various industrial applications, which, in turn, is benefiting the market growth.
Based on the Application :
The application segment is categorized into metallurgy processing, diamond processing, semiconductor processing, mining, welding, and others. In 2022, the metallurgy processing segment accounted for the highest market share in the atomized ferrosilicon market. Atomized ferrosilicon is used in the metal and scrap processing industry for metal refining applications. In scrap processing, atomized ferrosilicon separates mixed heavy metals such as copper alloys, magnesium, aluminum, and steel. Atomized ferrosilicon also reduces energy consumption during the metallurgy processing application. The increasing focus on scrap recycling is expected to drive the segment's growth. For instance, in August 2021, Tata Steel launched there first steel recycling plant at Rohtak in Haryana in India. The plant has been set up in collaboration with Aarti Green Tech Ltd., on a ‘Build, Own, Operate' (BOO) basis. The plant has an annual capacity of 0.5 million tonnes of steel recycling. Hence, the increasing focus on scrap recycling projects will create a lucrative opportunity for Atomized Ferrosilicon demand for metallurgy processing applications. This, in turn, will boost the segment growth in the forecast years.
However, the mining segment is expected to be the fastest-growing segment during the forecast period because of the significant growth in the mining sector worldwide, government initiatives to boost the mining sector, and others.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In 2022, Asia Pacific accounted for the highest market share at 35.55% and was valued at USD 20.47 million and is expected to reach USD 28.80 million in 2030. In Asia Pacific, China accounted for the highest market share of 22.25% during the base year of 2022. This is due to the growth of the various end-use industries, including mining, metal processing, semiconductor, and others. Atomized ferrosilicon is used for metal and alloy processing applications in the semiconductor industry. According to the data published by Semiconductor Industry Association in January 2022, China's semiconductor device sales recorded USD 39.8 billion, accounting for only 30.6% of global chip sales in 2020. With this high production of semiconductors in China the country accounts for 9% of global semiconductor production in 2020. Furthermore, increasing investments across the metallurgical industry the is also driving market growth. For instance, in Jue 2022, the mining sector in India attracted a foreign direct investment of USD 21.34 billion in the financial year 2021-22, which was a 76% increase from the previous year.
Furthermore, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 4.6% during 2023-2023. This is due to the increasing development of new buildings & construction, manufacturing, and mining industry in the region.
Top Key Players & Market Share Insights:
The Atomized Ferrosilicon market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- DMS Powders
- Sinoferro
- Westbrook Resources Ltd.
- Reade International Corp.
- Futong Industry
- Exxaro
- M&M Alloys
- Imexsar
Recent Industry Developments :
- In November 2021, Gxakra Investment (GI) consortium announced the acquisition of DMS Powders, which is a producer of ferrosilicon in South Africa. With the acquisition, the company aims to expand GMS's product portfolio for ferrosilicon.
Key Questions Answered in the Report
What was the market size of the atomized ferrosilicon industry in 2022? +
In 2022, the market size of atomized ferrosilicon was USD 57.59 million
What will be the potential market valuation for the atomized ferrosilicon industry by 2030? +
In 2030, the market size of atomized ferrosilicon will be expected to reach USD 80.53 million.
What are the key factors driving the growth of the atomized ferrosilicon market? +
Increasing demand for magnesium products is benefiting the market growth.
What is the dominating segment in the atomized ferrosilicon market by type? +
In 2022, the fine atomized FeSi segment accounted for the highest market share of 58.50% in the overall atomized ferrosilicon market.
Based on current market trends and future predictions, which geographical region is the dominating region in the atomized ferrosilicon market? +
Asia Pacific accounted for the highest market share in the overall Atomized Ferrosilicon market.
