Wide range of applications of manganese alloys in manufacture of steel propelling steady revenue streams; abundant demand for silicomanganese alloys in steel production, including high-performance steel products underpins enormous opportunities

Wilmington, Delaware, United States, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market demand for manganese alloys stems from use of manganese in a wide range of alloys notably to impart high resistance and tactile strength to the final materials. An assessment of trends in the manganese alloys market underscores that there is an enormous consumption of the products in the manufacture of steel. The global market is projected to expand at a CAGR of 5.9% during 2022–2031.

Extensive utilization of manganese in form of ferroalloys during the production of steel is steering revenue generation in manganese alloys market. Demand for steel is likely to rise steadily from building & construction industry, thus shaping future of manganese alloys market. The alloys are stridently gathering traction for the manufacture of high-performance steel products, which key vendors in manganese alloys market are capitalizing on.

Over the years, the use of manganese alloys in steel production has gained significant fillip on the back of need for higher-quality steel with lower concentration of impurities. This is important for commercial producers in the manganese alloys market, since impurities degrades corrosion performance and ductility. The study found that of all the product types silicomanganese is widely used, and the segment led the global market in 2021.

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Key Findings of Manganese Alloys Market Study

• Widespread Applications of Low Carbon Steels Presents Enormous Opportunity: Widespread utilization of low-carbon steels in the manufacture of several of the steel products is a key factor spurring the popularity of medium and low carbon ferromanganese. Of note, those performance attributes matter to manufacturers of stainless steel, high-manganese steel, and acid-resistant steel, thereby reinforcing a lucrative demand for various products including high carbon ferromanganese.
  
  

• Rising Use in Manufacture of Lightweight Automobile to Propel Lucrative Prospects: Ever-growing need for improving the fuel economy of vehicles is a key underpinning for the use of lightweight automobile. Thus, the demand for manganese alloys in the automotive industry is expected to attract strong momentum. In several economies in the developed and developing regions, automotive manufacturers are keen on complying with regulations pertaining to fuel economy, CO2 emissions, and strength in order to meet the safety and comfort requirements of their consumers. This has opened a vast avenue for players in the global manganese alloys market.
  
  

• Substantial Uptake of Steel in Infrastructure Industry to Spur Revenue Generation: Rise in use of steel in infrastructure projects is a key driver for the manganese alloys market. Rise in new infrastructural construction activities is fueled by rapid pace of urbanization.
  

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Manganese Alloys Market: Drivers

• Growing infrastructure spending especially in numerous emerging economies is a key driver of the manganese alloys market
  
  

• Rise in automobile productions where lightweight and high-performance automotive materials are gathering traction is accelerating the consumption of manganese alloys. A burgeoning prospect for electrical vehicles (EV) commercialization has filliped the demand for manganese alloys, and will keep the market buoyant over the next few years.
  

Manganese Alloys Market: Regional Dynamics

• Asia Pacific held a major share of the global manganese alloys market, amounting to 77.4%, in 2021. The region is estimated to remain remarkably lucrative until the end of the forecast period. Rising uptake of the alloys in the automotive industry especially for the production of lightweight automobile will generate revenue prospects for players in the regional market.
  
  

• North America is an emerging market, and is likely to witness substantial revenue streams during the forecast period. The regional market is projected to clock CAGR of 5.5% from 2022 to 2031.
  

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Manganese Alloys Market Competition Landscape

The manganese alloys market is intensely competitive with several companies vying for a sizable share of the global market. Top players are leaning vertical integration of the value chain in a bid to consolidate their shares

Some of the key players in the Marubeni Tetsugen Co., Ltd., Transalloys (PTY) Ltd., Vale, Nippon Denko, South32, Monnet Group, Ferroglobe, Eramet S.A, and Maithan Alloys Ltd.

Manganese Alloys Market Segmentation

• Type

  • High Carbon Ferromanganese

  • Refined Ferromanganese

  • Silicomanganese

• Application

  • Steel

  • Superalloys

  • Others

Regions

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• Latin America
  

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