– Manganese-based steel alloys see substantial uptake in automobile industry in Asia Pacific, the region to contribute sizable revenues to global market
– Stringent mining regulations continue to hurt the profit margins of producers of manganese alloys, competitive dynamics increasingly fragmented and intensely competitive
ALBANY, N.Y., March 10, 2021 /PRNewswire/ — Manganese alloys are gaining preference to metal-based alloys in numerous applications. In particular, ferromanganese finds widespread and steady demand in the steel industry, where it is used to carbon steel. The use of manganese imparts various desired characteristics to the final steel products such as combination of stiffness, hardness, toughness, hardenability, and wear resistance. Further, the use of various grades of ferromanganese aids in fabrication of steel products in the way they are forged and rolled before final shape is given. Manganese is also used as desulfurizer and an alloying agent to develop lower carbon content steels. Manganese when alloys with nickel imparts good thermal conductivity and corrosion resistance.
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Growing volumes of manganese ore mining to meet the demand for steel industry is a key driver and accelerant for the expanding valuation of the manganese alloys market over the years. During the forecast period of 2019 – 2027, the global valuation is predicted to rise at 5.9% CAGR.
Key Findings of Manganese Alloys Market Study
Proliferating Use in Numerous Industries Drive Prospects
The growing demand for manganese alloys in various end-use industrial applications is key to expanding revenue streams in the manganese alloys market. Grades of alloys are used in ships and boats construction, where the use of manganese imparts high tensile strength and hardenability. The use of manganese as alloys considerably improved the machinability of end-use applications of the steel industry. The unique combination of properties that manganese alloys results in lightweight automobile structures. The growing use of ferromanganese alloys in the steel industry has been driven by the rapid strides in steel manufacturing in some of the rapidly emerging economies of the world.
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Automotive Industry Exhibits Vast Uptake
Expanding capacity of vehicle production around the world has also spurred the demand for manganese alloys in making of steel used in automobile manufacturing. Growth in both commercial and passenger vehicles productions has propelled the demand in the manganese alloys market. Rising sales of cars over the past decades have boosted the revenue generation for players in the market. A remarkable growth avenue has come from uptake in automobile manufacturing for meeting the demand among consumers in Asia Pacific. The region has been a hotbed of opportunities for manganese miners.
Stringent Regulations on Mining Hampering Growth Prospects
Growing concern of environmental impact of manganese mining in various parts of the world has dampened the investments on its mining. Additionally, producers of manganese alloys suffer from the high cost miners expend in meeting these norms. This eventually affects the profit margins of alloy producers. On the other hand, a thriving demand for shipbuilding has been imparting momentum to the relatively modest growth of the manganese alloys production.
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Manganese Alloys Market: Key Driving Factors
- Rise in demand for construction industry in emerging and developed economies spurring the utilization of manganese alloys
- Rapid pace of urbanization in the developing geographies of the world spurs the industrial application of manganese alloys
- Striking pace of industrialization in Asia Pacific to spur growth prospects
Manganese Alloys Market: Key Industry Participants
Some of the key companies engaged in production of different types of ferroalloys and prominent steel companies in the manganese alloys market are:
- Nikopol Ferroalloy Plant
- Mortex Group
- Pertama Ferroalloys Sdn. Bhd.
- Sakura Ferroalloys SDN BHD
- Jindal Stainless Ltd.
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