Global Ferrochrome Market 2019-2023
About this market
Increase in ferrochrome slag processing plants to drive growth in the ferrochrome market. The slag processing plants help in the easy recovery of ferrochrome metal. the ferrochrome slag can be used as aggregate in construction industry. The growing environmental concerns about the proper ferrochrome waste slag is expected to foster market growth. Technavio’s analysts have predicted that the ferrochrome market will register a CAGR of almost 7% by 2023.
Growth in stainless steel industry
Chromium is one of the vital elements used in the steel production. It provides strength, toughness, and temperature stability to steel. Ferrochrome is the major source of chromium in the stainless-steel industry. The growing use of ferrochrome as a source of chromium in stainless steel production is expected to drive market growth.
Impact of chromite mining
Chromite mining is the main raw material used in ferrochrome production. The mining of chromite pollutes water as well as air and degrades the local landscape. Thus, environmental concerns and sustainability are likely to limit chromite mining, thereby, hindering the growth of the ferrochrome market.
For the detailed list of factors that will drive and challenge the growth of the ferrochrome market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Samancor Chrome and Yildirim Group the competitive environment is quite intense. Factors such as the increase in ferrochrome slag processing plants and the growth in stainless steel industry, will provide considerable growth opportunities to ferrochrome manufactures. Eurasian Resources Group, Glencore, HERNIC, Outokumpu, Samancor Chrome, and Yildirim Group are some of the major companies covered in this report.
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