Ferroalloys Market Size

Ferroalloys Market size was over USD 104.74 billion in 2024 and is poised to reach USD 204.16 billion by the end of 2037, witnessing around 5.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of ferroalloys is assessed at USD 109.18 billion.Ferroalloys are mainly used for the deoxidization and refining of steel, and therefore the primary growth driver for ferroalloys sales is the world steel market itself. As the steel industry expands, so does the demand for ferroalloys, which are important raw ingredients in the steelmaking process. Steel demand is influenced by a variety of variables, including economic expansion, population increase, urbanization, and infrastructure development. In fact, global steel production has increased slowly but steadily, from 1.88 billion tons in 2020 to 1.94 billion tons in 2021.

Ferroalloys are a primary material used in steel production. They entail several iron alloys that contain a significant amount of one or more other elements, such as silicon, manganese, or aluminum. They are employed in the synthesis of alloys and steels. The alloys are strongly linked to the iron and steel sector, the top consumer of ferroalloys, as they give steel and cast-iron specific properties or perform crucial tasks during manufacture. Steel is an essential raw material for most industries, so manufacturers have generated steady revenue over the last few years.