Ferrosilicon Market Share

APAC Market Statistics

Asia Pacific industry is poised to hold largest revenue share of 64% by 2037. 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 along with ferrosilicon being the master alloy in steel production. 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 high quality and lower prices of steel increases the demand for the export of steel from the region. All these factors have a positive impact on market growth. India is the second largest steel producer using country in the Asian Pacific region after China. Moreover, China has advanced equipment that makes the production of steel faster and easier with less production cost, and it is expected to boost the market’s growth in the region.