The ferro silicon market is experiencing significant global growth, primarily driven by escalating demand in the steel and iron foundry industries.
Austin, May 26, 2025 (GLOBE NEWSWIRE) — The global Ferro Silicon Market is projected to reach USD 14.68 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.62% from 2024 to 2032.
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Ferro Silicon is a type of ferroalloy that consists of iron and silicon and is used as a deoxidizing agent and alloying element in steelmaking and cast-iron production. This increase in demand is primarily due to the burgeoning construction and automotive sectors, particularly in developing economies, and due to technological improvements in steel manufacturing techniques. Market prospects are also strengthened by a changing technology increasingly favouring electric arc furnace (EAF) steelmaking, which requires high-purity alloys. That property of the alloy itself, corrosion resistance, high hardness, and magnetic properties, makes the alloy material a valuable input to metallurgical applications.
Ferro Silicon Market Expands in the U.S. Amid Rising Demand from Steel and Automotive Sectors, Infrastructure Push, and Technological Advancements
The United States held a significant market size of USD 3.40 billion in 2023, and held the largest market share of around 68.4% during the forecast period. The U.S. has a very structured metallurgical sector, fairly rapid use of new technology in smelting, and stringent quality control rules. Additionally, the American Foundry Society itself has been prioritizing sustainability and process efficiency, which, in turn, has promoted local Ferro Silicon production for specialized castings and, in particular, automotive-grade steel applications.
Key Players:
- Anyang Xinyi Alloy Co., Ltd.
- DMS Powders
- Elkem ASA
- Ferroglobe PLC
- FINNFJORD AS
- Indian Metals & Ferro Alloys Limited (IMFA)
- Maithan Alloys Limited
- Mechel PAO
- OM Holdings Ltd.
- Pertama Ferroalloys Sdn. Bhd.
- Russian Ferro-Alloys Inc.
- Sinogu China
- VBC Ferro Alloys Limited
- XINLONGSEN Metallurgical Material Co., Ltd.
- Zaporozhsky Ferroalloy Plant
- Anyang Lishi Industrial Co., Ltd.
- HENAN Star Metallurgy Material Co., Ltd.
- OFZ, a.s.
- FENG ERDA GROUP
- Huta Laziska SA
Ferro Silicon Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 11.63 Billion |
| Market Size by 2032 | USD 14.68 Billion |
| CAGR | CAGR of 2.62% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Atomized, Milled) • By Application (Deoxidizer, Inoculants, Others) • By End-use (Carbon & Other Alloy Steel, Stainless Steel, Electric Steel, Cast Iron, Others) |
| Key Drivers | • Rapid Integration of Ferro Silicon in Electric Arc Furnaces to Support Sustainable and Cost-Effective Steelmaking Processes. |
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Market Segmentation
By Type
The atomized segment held the largest market share, around 62.5% in 2023. It is owing to its use in the manufacturing of high-quality steel and special alloys. Atomized Ferro Silicon is formed when Ferro Silicon in a molten state is subjected to rapid cooling, giving rise to fine, consistent particles. Such type of ferro silicon is highly desired in sectors that require accurate control of the composition and properties of the material. This is extensively applied in manufacturing high-strength steels, stainless steels, and electrical steels, essential materials in transportation, energy, and construction applications. Such an atomized shape brings a more controlled deoxidation and alloying process, ensuring better results in both quality and consistency.
By Application
The deoxidizer segment dominated the ferro silicon market in 2023, accounting for approximately 57.8% of the global market share. It is due to its essential utilization in steelmaking and foundry applications. Ferro Silicon also serves as a common deoxidizer for steelmaking. It removes oxygen from molten steel and enhances the quality of liquid steel, ensuring requisite material characteristics. Ferro Silicon serves as a deoxidizing agent whose effects fortify the steel’s strength, toughness, and corrosion resistance that are critical for the manufacturing of high-quality steel in automotive, construction, and manufacturing industries.
By End-Use
Carbon & Other Alloy Steel held the largest market share, around 48.2% in 2023. It is owing to the high demand of this segment from major end-use industries such as construction and automotive, infrastructure, and machinery manufacturing. Ferro Silicon is the essential material for carbon and alloy steels, where it serves as a deoxidizer with a profound effect on the properties, primarily strength, of both carbon and alloy steels, and the alloying agent, imparting hardness to steel and improving wear and corrosion resistance. These steels are used for structural and other components, pipelines, tools, and auto parts in applications where performance and toughness are important.
Regional Analysis
Asia-Pacific led the market in 2023, holding over 42.8% of the global share. The prominence in the region is expected to sustain until 2032, aided by fast industrialization, continuous investments in public infrastructure, and increasing production of steel in China, India, South Korea, and Japan. Due to the availability of raw materials, cheap labor, and cheap exports from the growing domestic industry, China continues to hold the value in Ferro Silicon production and export.
India’s Ferro Silicon sector has big growth potential, backed by government initiatives like “Make in India” and production-linked incentive (PLI) schemes to promote metallurgical production in the country. Moreover, steel products have seen significant consumption owing to demand arising out of construction and railways, which is in turn benefits the Ferro Silicon market indirectly.
Recent Developments
- In January 2024, Ferroglobe PLC announced the expansion of its Ferro Silicon production facility in South Africa to meet growing global demand and improve supply chain resilience. The plant is expected to increase output by 20% by the end of 2025.
- In March 2024, Elkem ASA introduced a low-carbon Ferro Silicon product line under its “Green Alloy” brand. These products are designed to meet the requirements of eco-conscious steelmakers and comply with stringent EU environmental standards.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Ferro Silicon Market Segmentation, By Type
8. Ferro Silicon Market Segmentation, By Application
9. Ferro Silicon Market Segmentation, By End-use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practice
13. Conclusion
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