Manganese Ore Market Segmentation:
End User Segment Analysis
The iron & steel segment share in the manganese ore market is estimated to cross 89% in the year 2035. The growth of the segment can be attributed to the rising demand for manganese ore in steel and iron production. The majority of manganese ore is smelted to create alloys used in the manufacture of iron and steel. Manganese is essential in the manufacture of iron and stainless steel, accounting for more than 90% of manganese mined globally. The demand for stainless steel is expected to increase faster than steel in general, increasing demand for manganese. Furthermore, per capita steel consumption in the developing world is continually increasing, driven by population growth as much as increased income, and is thus somewhat impervious to economic downturns.
Finished Products Segment Analysis
The HCFeMn segment in the manganese ore market is expected to be largest with revenue share of 29% in the year 2035. The growing need for steel in the construction industry is expected to drive the segment’s growth. The finished steel demand from the building and construction industry is forecast to reach 90 MT in FY31, with a CAGR of 9.7 percent, and the infrastructure sector is expected to reach 63 MT in FY31, with a CAGR of 6.8 percent.
Our in-depth analysis of the global manganese ore market includes the following segments:
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