Ferrosilicon Market expected to grow at a CAGR of 2.4% from 2022 to 2030
Ferrosilicon Industry Overview The global ferrosilicon market size was valued at USD 11.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2030. The market is anticipated to be driven by the rising use of ferrosilicon as a deoxidizer in the steel industry and as an inoculant in cast iron. Growing demand for steel is compelling producers to increase their production capacity. For instance, in January 2022, AM/NS India signed an MoU with the Government of Gujarat, under which the company will invest over USD 22.0 billion in six projects across the state. An investment of USD 5.97 billion will be for expanding its steel production from 8.6 to 18.0 million tons per annum in the Hazira plant. The U.S. is one of the largest steel producers in the world. Its production reached 86.0 million tons in 2021, up by 18.3% from 2020. The rise in production is on account of increasing investments toward infrastruc...