The ferrosilicon magnesium market is expected to grow in the near future. This is due to the growing demand for steel products, which are the main applications of the metal. Additionally, the growth of the steel industry in emerging countries, which include Brazil, Russia, India and China (BRIC) is driving the market.
In addition, the rising per capita consumption of steel in developing economies is also driving the market. Moreover, the increasing demand from automotive manufacturers in Europe is also expected to increase the market size for ferrosilicon magnesium.
The ferro silicon magnesium market is expected to grow at a CAGR of 7.4% from 2018 to 2022. This is attributed to the growth in the automotive and construction industries, which require steel products. Furthermore, the increasing per capita income in developing economies is expected to further fuel the market.
1. The ferrosilicon magnesium market is segmented into particle size, type and application.
The global market for ferrosilicon magnesium is mainly segmented into particle size, type and end-use industry. The global market for ferrosilicon magnesium includes briquettes, alloys and ingots.
2. The global market for ferrosilicon magnesium comprises the following regions: North America, Asia-Pacific, South America and Europe.
The market for ferrosilicon magnesium in North America is expected to witness faster growth as compared to other regions. This is owing to the increasing per capita consumption of iron and steel in this region. In addition, the growing per capita consumption of steel in BRIC countries is also expected to further drive the market.
3. The global market for ferrosilicon magnesium consists of the following major segments: industrial and domestic use.
The industrial use segment is expected to grow at a CAGR from 2018 to 2022. This is owing to the growing use of ferrosilicon in various industries such as automotive, construction, etc.
4. The global market for ferrosilicon magnesium involves the following major industries: foundry, metal magnesium and steel production.
The casting industry is the largest consumer of ferrosilicon and consumes more than 90% of its total production each year. It is therefore necessary to have an ample supply of this alloy in order to meet the demand of different customers.
5. The global market for ferrosilicon magnesium requires a significant amount of investment in terms of equipment and raw materials.
The major cost associated with the manufacture of ferrosilicon magnesium is investment in the furnace and other equipment. Besides, a large proportion of raw material is consumed in the process. This has led to the need for a more efficient means of manufacturing.
6. The global market for ferrosilicon magnesium offers an excellent opportunity for companies in the manufacturing sector to improve profitability.
The global market for ferrosilicon magnesium provides an excellent opportunity for companies in the manufacturing sector, particularly those involved in the cast iron and steel industry. This is owing to the fact that ferrosilicon is used as an alloying agent in cast iron foundries and in steel production. In addition, it has a lower vapour pressure, which makes it much easier to handle and transport. In addition, the low production cost and high reactivity of this alloy make it ideal for many applications.
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