Growth in prevalence of automotive industry, rising demand from the electrical & electronics, aerospace & defense, and building & construction for production of various parts and equipment drive the growth of the global manganese alloy market.
PORTLAND, Ore., March 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Manganese Alloy Market by Type (Silicomanganese, High Carbon Ferromanganese, Medium and Low Carbon Ferromanganese, Others), by Application (Steel, Welding, Foundry, Superalloys, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global manganese alloy industry generated $24.7 billion in 2021, and is anticipated to generate $44.0 billion by 2031, witnessing a CAGR of 6.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Growth in prevalence of automotive industry, rising demand from the electrical & electronics, aerospace & defense, and building & construction for production of various parts and equipment, and increased use of manganese alloy in the metal fabrication industry drive the growth of the global manganese alloy market. However, the health hazards associated with the production of manganese alloys hinder market growth. Additionally, upcoming space expansion projects and increase in electric vehicle production is expected to create lucrative opportunities in the industry.
The silicomanganese segment to rule the roost-
By type, the silicomanganese segment accounted for nearly three-fifths of the global manganese alloy market share in 2021 and is expected to rule the roost by 2031. Silicomanganese is used as a deoxidizer, desulfurizer and an alloying element in the production of steel. Thus, the increase in demand for steel from various end use sectors in both developed and developing economies drive the silicomanganese segment. However, the high carbon ferromanganese segment would display the fastest CAGR of 6.4% throughout the forecast period. Both developed and developing economies, including the U.S., China, India, and others, have placed a greater emphasis on the production of high-tech aircrafts equipped with contemporary armor facilities. High carbon ferromanganese is frequently combined with steel to build different aircraft and fighter jet's components.
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The steel segment to dominate by 2031-
By application, the steel segment contributed to nearly three-fifths of the global manganese alloy market share in 2021 and is projected to retain its dominance by 2031. The growth is attributed to an increase in government expenditure on infrastructure & construction sectors, expansion of railways, bridges, and others. On the other hand, the superalloys segment would portray the fastest CAGR of 6.4% throughout the forecast period. This is due to the growing use of superalloys in industries like automotive, oil & gas, industrial turbines, and others, where manganese alloy is frequently used to offer various major properties to superalloys.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered nearly three-fourths of the global manganese alloy market revenue in 2021 and is expected to continue its lead in terms of revenue during the forecast period. Simultaneously, the same region would also cite the fastest CAGR of 6.1% throughout the forecast period. Surge in growth of the building and construction, transportation, industrial, and other sectors drive the growth of the manganese alloy market in the Asia-Pacific region.
Leading Market Players-
The report analyzes these key players in the global manganese alloy market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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