Know The Use and Importance of Ferroalloys

Ferroalloys are iron metal alloy composed of aluminum, silicon, or magnesium primarily used in steel production. To enhance metal properties, such as durability, the tensile strength with magnetic properties makes them useful in constructing electrical appliances & large motor. Ferrous metals are also found helpful in automobiles, housing construction, railways & roadways transportation, etc. Ferroalloys impart unique characteristics to steel, such as improved hardness, resistance to corrosion, higher abrasion resistance, enhanced tensile strength at extreme temperatures, and significant creep strength.

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The presence of iron ore in abundance worldwide, coupled with intensifying demand for multiple types of steel grades due to lack of feasible alternatives, will boost the ferroalloy market in the upcoming years. Increasing demand for steels in end-user industries, including automotive, construction, shipbuilding, and various other sectors, is one of the primary drivers for the ferroalloy market. The emerging countries, including India and China, hold considerable shares in this as the prime demand centers for steel. Growing coupled with enhancing the standard of living gives a boost to the construction industry as well.

Recent initiatives taken by governments in the Asia Pacific region to increase the manufacturing industry will also boost the demand for ferroalloy during the forecast period. Global steelmakers are slowly shifting from blast furnace to Electric Arc Furnace (EAF) to produce steel. EAF needs much lower investment, uses lower chemical reaction, and provides higher efficiency compared to a blast furnace. The usage of EAF enables steel producers to manufacture steel from 100% scrap metal feedstock, minimizing the overall energy consumed to manufacture steel as compared to steel made from ores.

Top Companys

1. Arcelor Mittal
2. China Minmetals
3. Eurasian Resources Group
4. Georgian American Alloys
5. Gulf Ferroalloys Company
6. OM Holdings
7. SAIL
8. Sakura Ferroalloys
9. Shengyang Group
10. Tata Steel