Ferrosilicon Market Size

Ferrosilicon Market size was over USD 14.05 billion in 2024 and is anticipated to cross USD 22.25 billion by 2037, growing at more than 3.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of ferrosilicon is assessed at USD 14.45 billion.

Ferrosilicon is mainly used for the deoxidization of steel, and therefore the primary growth driver for ferrosilicon sales is the world steel market itself. It is estimated that the world finished steel production grew from 1.76 billion tons in 2020 to 1.84 billion tons in 2021. The rising industrialization across the world increases the use of metals. Also, the increasing construction of roads, railways, industrial parks, corridors, DFC, metro connectivity, transportation, and transmission towers initiated by the government is estimated to rise the growth of the market in the forecast. As steel is the main component used to build a base for any of these constructions, and it is projected to increase the growth of the global ferrosilicon market.

 The primary alloy used in the production of iron and steel is ferrosilicon. The primary factor that is expected to contribute to the ferrosilicon market's growth over the projection period is the environmental challenges connected with transporting ferroalloys. Manufacturers have been creating consistent sources of income in the steel business over the past few years since steel is a necessary raw material for most sectors. Moreover, iron is used in many industries as the primary component. The increasing mining technology, decrease in the prices of low-grade iron ore, and growing demand for lightweight vehicles including electric vehicles is projected to boost the market growth as per the market analysis. The occurrence of COVID-19 has had a huge impact on the decline of iron ore costs. Also, the supply chain is disrupted during the pandemic. All this increases the demand for iron and steel, with limited supply and production. The automobile sector also plays an important role in the rising demand for iron.