Global ferroalloys market to reach US$188.7B by 2025

According to a report by Research and Markets, the global ferroalloys market was valued at US$112.8 billion in 2016 and is estimated to reach US$188.7 billion by 2025, expanding at a CAGR of 5.9% between 2017 and 2025.

Ferroalloys are the alloys of iron metal used for steelmaking. One or more chemical additives sometimes noble earth elements, are added into molten iron for the production of special grades of steel. General properties of the iron metal are enhanced by mixing appropriate quantities of ferroalloys such as strength and flexibility. Steel making is one of the primary consumer of ferroalloys and consumes a significant part of the total ferroalloys produced around the globe. Ferroalloys can be divided into two major categories: bulk ferroalloys and noble ferroalloys. Most of the noble ferroalloys are made from rare earth minerals and are expensive to produce as compared to bulk ferroalloys.