by The global manganese alloys market witnessed remarkable growth in 2021, reaching a market size of USD 2,739.4 million. According to the latest projections, this upward trajectory is set to continue, with an anticipated Compound Annual Growth Rate (CAGR) of 8.7% over the forecast period.
Rapid Urbanization Fuels Demand
One of the driving forces behind this growth is the rapid urbanization occurring in developing nations, notably China and India. The demand for new infrastructure, including buildings, roads, railways, and residences, has surged, creating lucrative opportunities for manganese alloy suppliers. Investments in infrastructure projects, automotive production, and fast urbanization in emerging economies are further propelling the market forward.
Automotive Industry Embracing Manganese Alloys
The automotive sector is increasingly turning to manganese alloys to meet energy conservation, safety, and material consumption goals. Manganese steel, known for its high strength-to-weight ratio, is helping reduce vehicle weight while enhancing safety features. The market is also benefiting from the rising demand for lightweight cars to improve fuel efficiency and reduce CO2 emissions. Additionally, the growth of the electric vehicle market is driving demand for manganese in lithium-ion battery manufacturing.
COVID-19 Impact on the Market
The COVID-19 pandemic disrupted the manganese market, particularly in top-producing countries like South Africa, Australia, China, Gabon, and Brazil, where mining operations were severely impacted. Supply chain disruptions and restrictions on human and material transportation had a significant negative impact on manganese alloy production and manganese ore availability.
Steel Industry Expansion and Automotive Demand
The expansion of the steel industry, driven by infrastructure development and housing projects in countries like China, India, Brazil, and South Africa, remains a major growth driver for manganese alloys. The automotive sectors increasing need for manganese steel to enhance vehicle body structures is another significant factor contributing to market growth.
Regulatory Challenges
However, regulatory challenges related to manganese exposure could potentially reduce demand in certain sectors. Agencies like the Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH) have set exposure limits for manganese to protect human health, potentially limiting its adoption in industries with direct exposure risks.
Segment Overview
The iron-manganese alloys segment is poised for growth, driven by demand in the construction industry, especially in BRICS nations. Stainless steels use in various construction projects is also supporting the expansion of this segment.
Regional Landscape
Asia Pacific leads the global market, fueled by high demand for high-carbon ferromanganese in the steel industry. Increased urbanization, particularly in emerging nations, has driven investments in construction projects. North America is also witnessing growth, driven by steel consumption in residential and commercial buildings and the expanding construction industry.
Competitive Landscape
Key players in the manganese alloys market, such as ERAMET, Cometal S.A., Assmang Limited, and Ferroglobe, are adopting strategic approaches like mergers, acquisitions, collaborations, and partnerships to expand their market reach. The industrys potential in various sectors, including dry cell batteries, chemicals, dyes, fertilizer, and animal feed, is opening up new opportunities.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/manganese-alloys-market
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COMTEX_442430648/2840/2023-10-25T09:54:55
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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