At 7.0% CAGR, Europe Ferroalloys Market is Projected to be Worth US$ 44.76 Billion by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe ferroalloys market was valued at US$ 26.13 billion in 2023 and is expected to reach US$ 44.76 billion by 2031, registering a CAGR of 7.0% from 2023 to 2031. Growth in global aerospace & defense industry and rising demand for ferroalloys in automotive industry are among the critical factors attributed to drive the Europe ferroalloys market growth.

The aerospace industry is experiencing significant growth in technological advancements. In the industry, there is a rise in innovative ferroalloy applications, as ferroalloys contribute to fuel efficiency by reducing the overall aircraft weight and improving safety and reliability. The pursuit of sustainable transportation solutions and electrification in the aerospace industry has gained momentum. The utilization of ferroalloys in the production of lightweight, high-capacity batteries for electric aircraft aligns with the global transition toward green aviation. According to the European Commission, the European Union established Horizon Europe in 2021, a research and innovation program with a total budget of ~US$ 103 billion, which includes aerospace research. Moreover, increased security risks and the need to enhance national border security have prompted governments of various countries to increase investments in defense and ballistic protection. For instance, the Ministry of Defense (India) published a report in 2022 stating its target of increasing defense production to US$ 22 billion by 2025. The report also revealed that the government started initiatives such as Innovations for Defense Excellence and Technology Development Fund to provide financial assistance for product innovations for the Armed Forces. Thus, the growth in the global aerospace & defense industry is expected to create lucrative opportunities for the ferroalloys market expansion during the forecast period.

On the contrary, fluctuations in raw material prices hamper the growth of Europe ferroalloys market.

Based on type, the Europe ferroalloys market is segmented into ferrochrome, ferromanganese, ferro silico manganese, special alloys, and others. The ferro silico manganese segment held 39.6% market share in 2023, amassing US$ 10.34 billion. It is projected to garner US$ 18.19 billion by 2031 to register 7.3% CAGR during 2023-2031.

In terms of application, the Europe ferroalloys market is categorized into steel making, wire manufacturing, welding electrodes, superalloys, and others. The steel making segment held 83.0% share of Europe ferroalloys market in 2023, amassing US$ 21.68 billion. It is anticipated to garner US$ 37.56 billion by 2031 to expand at 7.1% CAGR during 2023-2031.

By country, the Europe ferroalloys market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 44.7% share of Europe ferroalloys market in 2023. It was assessed at US$ 11.67 billion in 2023 and is likely to hit US$ 20.39 billion by 2031, registering a CAGR of 7.2% during 2023-2031.

Key players operating in the Europe ferroalloys market are Glencore Plc, Ferro Alloys Corp Ltd, Brahm Group, Tata Steel Ltd, and Nikopol Ferroalloys Plant, among others.


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