Middle East & Africa Ferroalloys Market Forecast to 2031

At 5.2% CAGR, Middle East & Africa Ferroalloys Market is Speculated to be Worth US$ 19.46 Billion by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa ferroalloys market was valued at US$ 13.01 billion in 2023 and is expected to reach US$ 19.46 billion by 2031, registering a CAGR of 5.2% from 2023 to 2031. Rising demand for ferroalloys in automotive industry and rise in infrastructure development investments by government bodies are among the critical factors attributed to drive the Middle East & Africa ferroalloys market growth.

The automotive industry is experiencing robust growth owing to technological advancement and a surge in preference for EVs, SUVs, crossovers, and other light trucks. The report published by the ACEA stated that global passenger car production accounted for 68 million units in 2022, recording a rise of 7.9% compared to 2021. Further, as per data released by International Organization of Motor Vehicle Manufacturers (OICA), the global vehicle production accounted for over 93 million units in 2023, recording a rise of 10% compared to 2022. Companies operating in the automotive sector are investing heavily in automobile manufacturing to increase production and sales. According to the International Energy Agency’s annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and projected to grow by 35% in 2023 to reach 14 million. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of ferroalloys has become more crucial. In March 2022, Saudi Arabia announced setting up its first electric vehicle manufacturing plant in the country as the government plans to ensure 30% of all vehicles in Riyadh’s capital city run on electricity by 2030. In April 2022, Lucid Group announced a new agreement with long-time supporter Saudi Arabia to purchase up to 100,000 electric vehicles over a 10-year period. Furthermore, as per OICA, Morocco witnessed a 15% year-on-year increase in motor vehicle production from 4,64,864 in 2022 to 5,35,825 in 2023, representing a rise of 15%. Additionally, South Africa witnessed a surge of 14% in the production of motor vehicles from 2022 to 2023. Ferroalloys play a major role in the automotive industry by enhancing the properties of steel used in vehicle manufacturing. Ferroalloys impart specific properties to steel, enhancing its strength, durability, and corrosion resistance. Ferromanganese is generally added to steel to improve its mechanical properties such as tensile strength and toughness. Ferromanganese also helps in deoxidizing and desulfurizing the steel, which is important in achieving high-quality weld and preventing brittleness. Ferrosilicon is added to steel to enhance its resistance to corrosion and high temperatures. Thus, the rising demand for ferroalloys in the automotive industry drives the market.

On the contrary, fluctuations in raw material prices hamper the growth of Middle East & Africa ferroalloys market.

Based on type, the Middle East & Africa ferroalloys market is segmented into ferrochrome, ferromanganese, ferro silico manganese, special alloys, and others. The ferro silico manganese segment held 41.0% market share in 2023, amassing US$ 5.34 billion. It is projected to garner US$ 8.30 billion by 2031 to register 5.7% CAGR during 2023-2031.

In terms of application, the Middle East & Africa ferroalloys market is categorized into steel making, wire manufacturing, welding electrodes, superalloys, and others. The steel making segment held 80.3% share of Middle East & Africa ferroalloys market in 2023, amassing US$ 10.45 billion. It is anticipated to garner US$ 15.83 billion by 2031 to expand at 5.3% CAGR during 2023-2031.

By country, the Middle East & Africa ferroalloys market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 82.7% share of Middle East & Africa ferroalloys market in 2023. It was assessed at US$ 10.76 billion in 2023 and is likely to hit US$ 15.81 billion by 2031, registering a CAGR of 4.9% during 2023-2031.

Key players operating in the Middle East & Africa ferroalloys market are Glencore Plc, Samancor Chrome, Brahm Group, Tata Steel Ltd, and Nava Ltd, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa ferroalloys market.
o Highlights key business priorities to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa ferroalloys market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the Middle East & Africa ferroalloys market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Middle East & Africa Ferroalloys Market Landscape
4.1 Overview
4.2 Porters Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Ferroalloys Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 End-Use Industry
5. Middle East & Africa Ferroalloys Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for Ferroalloys in Automotive Industry
5.1.2 Rise in Infrastructure Development Investments by Government Bodies
5.2 Market Restraints
5.2.1 Fluctuations in Raw Material Prices
5.3 Market Opportunities
5.3.1 Growth in Global Aerospace & Defense Industry
5.4 Future Trends
5.4.1 Growing Adoption of Superalloys
5.5 Impact of Drivers and Restraints:
6. Ferroalloys Market – Middle East & Africa Analysis
6.1 Middle East & Africa Ferroalloys Market Overview
6.2 Ferroalloys Market Volume (Thousand Tons), 2020-2031
6.3 Ferroalloys Market Volume Forecast and Analysis (Thousand Tons)
6.4 Ferroalloys Market Revenue (US$ Billion), 2020-2031
6.5 Ferroalloys Market Forecast and Analysis
7. Middle East & Africa Ferroalloys Market Volume and Revenue Analysis – by Type
7.1 Ferrochrome
7.1.1 Overview
7.1.2 Ferrochrome: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
7.1.3 Ferrochrome: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
7.2 Ferromanganese
7.2.1 Overview
7.2.2 Ferromanganese: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
7.2.3 Ferromanganese: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
7.3 Ferro Silico Manganese
7.3.1 Overview
7.3.2 Ferro Silico Manganese: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
7.3.3 Ferro Silico Manganese: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
7.4 Special Alloys
7.4.1 Overview
7.4.2 Special Alloys: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
7.4.3 Special Alloys: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
7.5 Others
7.5.1 Overview
7.5.2 Others: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
7.5.3 Others: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
8. Middle East & Africa Ferroalloys Market Revenue Analysis – by Application
8.1 Steel Making
8.1.1 Overview
8.1.2 Steel Making: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
8.2 Wire Manufacturing
8.2.1 Overview
8.2.2 Wire Manufacturing: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
8.3 Welding Electrodes
8.3.1 Overview
8.3.2 Welding Electrodes: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
8.4 Superalloys
8.4.1 Overview
8.4.2 Superalloys: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
8.5 Others
8.5.1 Overview
8.5.2 Others: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
9. Middle East & Africa Ferroalloys Market – Country Analysis
9.1 Middle East & Africa Market Overview
9.1.1 Middle East & Africa Ferroalloys Market Breakdown, by Key Countries, 2023 and 2031 (%)
9.1.1.1 Middle East & Africa Ferroalloys Market Volume and Forecast and Analysis – by Country
9.1.1.2 Middle East & Africa Ferroalloys Market Revenue and Forecast and Analysis -by Country
9.1.1.3 South Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
9.1.1.3.1 South Africa Ferroalloys Market Breakdown by Type
9.1.1.3.2 South Africa Ferroalloys Market Breakdown by Application
9.1.1.4 Saudi Arabia Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
9.1.1.4.1 Saudi Arabia Ferroalloys Market Breakdown by Type
9.1.1.4.2 Saudi Arabia Ferroalloys Market Breakdown by Application
9.1.1.5 United Arab Emirates Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
9.1.1.5.1 United Arab Emirates Ferroalloys Market Breakdown by Type
9.1.1.5.2 United Arab Emirates Ferroalloys Market Breakdown by Application
9.1.1.6 Rest of Middle East & Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
9.1.1.6.1 Rest of Middle East & Africa Ferroalloys Market Breakdown by Type
9.1.1.6.2 Rest of Middle East & Africa Ferroalloys Market Breakdown by Application
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Overview
11.2 Mergers and Acquisitions
11.3 Expansion
11.4 Partnerships and Collaborations
12. Company Profiles
12.1 Glencore Plc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Samancor Chrome
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Tata Steel Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Brahm Group
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Nava Limited
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
13. Appendix
13.1 About The Research Team

LIST OF TABLES

Table 1. Middle East & Africa Ferroalloys Market Segmentation
Table 2. Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Table 3. Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Table 4. Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons) – by Type
Table 5. Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Type
Table 6. Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Application
Table 7. Middle East & Africa Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons) – by Country
Table 8. Middle East & Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Country
Table 9. South Africa Ferroalloys Market -Volume and Forecast to 2031 (Thousand Tons) – by Type
Table 10. South Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Type
Table 11. South Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Application
Table 12. Saudi Arabia Ferroalloys Market -Volume and Forecast to 2031 (Thousand Tons) – by Type
Table 13. Saudi Arabia Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Type
Table 14. Saudi Arabia Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Application
Table 15. United Arab Emirates Ferroalloys Market -Volume and Forecast to 2031 (Thousand Tons) – by Type
Table 16. United Arab Emirates Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Type
Table 17. United Arab Emirates Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Application
Table 18. Rest of Middle East & Africa Ferroalloys Market -Volume and Forecast to 2031 (Thousand Tons) – by Type
Table 19. Rest of Middle East & Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Type
Table 20. Rest of Middle East & Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion) – by Application

LIST OF FIGURES

Figure 1. Middle East & Africa Ferroalloys Market Segmentation, by Country
Figure 2. Ferroalloys Market Porter’s Analysis
Figure 3. Ecosystem: Ferroalloys Market
Figure 4. Ferroalloys Market – Key Market Dynamics
Figure 5. Fluctuations in Iron Ore Prices from January 2019 to April 2023
Figure 6. Impact Analysis of Drivers and Restraints
Figure 7. Ferroalloys Market Volume (Thousand Tons), 2020-2031
Figure 8. Ferroalloys Market Revenue (US$ Billion), 2020-2031
Figure 9. Ferroalloys Market Share (%) – Type, 2023 and 2031
Figure 10. Ferrochrome: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 11. Ferrochrome: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 12. Ferromanganese: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 13. Ferromanganese: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 14. Ferro Silico Manganese: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 15. Ferro Silico Manganese: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 16. Special Alloys: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 17. Special Alloys: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 18. Others: Ferroalloys Market – Volume and Forecast to 2031 (Thousand Tons)
Figure 19. Others: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 20. Ferroalloys Market Share (%) – Application, 2023 and 2031
Figure 21. Steel Making: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 22. Wire Manufacturing: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 23. Welding Electrodes: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 24. Superalloys: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 25. Others: Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 26. Middle East & Africa Ferroalloys Market, by Key Country – Revenue (2023) (US$ Billion)
Figure 27. Middle East & Africa Ferroalloys Market Breakdown by, Key Countries, 2023 and 2031 (%)
Figure 28. South Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 29. Saudi Arabia Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 30. United Arab Emirates Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 31. Rest of Middle East & Africa Ferroalloys Market – Revenue and Forecast to 2031 (US$ Billion)
Figure 32. Heat Map Analysis by Key Players
Figure 33. Company Positioning & Concentration