Ferrosilicon Market Regional Analysis:
North America Ferrosilicon Market Insights
The North America ferrosilicon market is projected to exhibit a staggering CAGR during the forecast timeline, with the U.S. emerging as the key regional market. With the rising demand for stainless steel across end-use industries, the adoption of ferrosilicon for stainless steel manufacturing is expected to expand in the forthcoming years. The region is dominated by the presence of some prominent steel companies comprising United States AK Steel, Nucor Corp., ArcelorMittal USA, and Steel Dynamics Inc. (STLD).
The U.S. ferrosilicon (comprising 55% silicon) export value in September 2024 was USD 315,000 and between January to September, it was estimated at USD 4,190,000, while the ferrosilicon (7202.29.0000) exports in September 2024 were worth USD 819,000 and during Jan-Sep it was USD 8,420,000. Silicon metal (99.99% silicon) exports were USD 815,000, primarily to Japan with a gross weight of 5,850 metric tons. The U.S. government is keen on minimizing the dependency on ferrosilicon imports. In June 2024, the U.S. Commerce Department imposed high duties on imports from Russia- a preliminary subsidy rate of 748.58% and a preliminary dumping rate of 283.27%.
Asia Pacific Ferrosilicon Market Insights
Asia Pacific ferrosilicon market is poised to hold the largest revenue share of 64% by 2035. The growth of the market can be attributed majorly to the presence of China and India, the two largest steel-producing countries in the world. Steel production in India rose from 100.3 million tons in 2020 to 119 million tons in 2021. The rapid modernization of the economy, increasing construction, infrastructure development, and growing manufacturing industries in the region are projected to increase the market growth during the forecast. The manufacturing sector includes automobile vehicles, consumer electronics, and construction materials. Also, the higher production capacity of China with its lower steel prices increases the demand for the export of steel from the region.
The Japan ferrosilicon market had a share of over 10% of Asia Pacific in 2024. The demand for ferrosilicon as an inoculant for iron casting despite a slump in crude steel production is factoring the country’s growth. Furthermore, the presence of prominent foundries in Japan, such as Ota Chuzosho Co., Ltd., Tomotetsu Kogyo Co., Ltd., Shimamura Industry Co., Ltd., and Koyochuzo Co., Ltd., positively influences the country’s trajectory.
