Manganese Alloy Market Trends, Business Opportunities, Challenges, Size, Share, Growth Insights to 2026
The global manganese alloy market is set to gain traction from the increasing shift of production activities towards Asian countries. This is attributable to the surging demand from the expanding steel industry, as well as the presence of cheap labor. This information is published by Fortune Business Insights™ in a new report, titled, “Manganese Alloy Market Size, Share & COVID-19 Impact Analysis, By Type (Silicomanganese, High Carbon – Ferromanganese, Medium & Low Carbon – Ferromanganese, and Others), Application (Steel Manufacturing, Welding Accessories, Foundry, and Others), and Regional Forecast, 2020-2027.” The report further states that the manganese alloy market size was USD 25,615.7 million in 2019 and is projected to reach USD 42,004.4 million by 2027, exhibiting a noteworthy CAGR of 7.4% during the forecast period.
Tightening regulatory directives to build fuel-efficient automobiles will play a pivotal role in the expansion of the global Manganese Alloy Market size during the forecast period. Pollution worldwide is reaching dangerous levels and one of the main contributors to this is passenger and commercial vehicles. In response, governments in many countries are putting in place stringent regulations for automotive manufacturers to find alternative materials to make their products more fuel- and cost-efficient. For instance, the National Highway Traffic Safety Administration under the US Department of Transport formulated the Corporate Average Fuel Economy (CAFE) standards in 2019 to ardently regulate fuel economy of vehicles. Subsequent to this announcement, US carmakers are exploring metals that can be alloyed with aluminum to build lightweight and safer vehicles. One of the top contenders for this is manganese owing to its properties of hardness, wear resistance, and ductility, which signals good news for this market.
Key Players Covered in the Manganese Alloy Market Report:
- Mortex Group
- Maithan Alloys Limited
- Sakura Ferroalloys
- Godawari Power and Ispat Ltd (GPIL)
- Jindal Steel & Power Ltd.
Drivers & Restraints
Increasing Demand for Steel Products from Various Countries to Aid Growth
Manganese alloy is mainly used in the production of alloy steels. Governments of South Africa, Brazil, India, and China are focusing on building robust infrastructures and housings for the increasing population in these countries. Hence, the demand for steel products is surging rapidly. The World Steel Association declared that the production of steel increased to 1,869.9 million metric tons in 2019 from 1,606.3 million metric tons in 2016. This factor is anticipated to accelerate the manganese alloy market growth in the near future. However, the exposure to fumes and dust of manganese alloys can lead to poisoning and hence obstruct their demand.
Steel Manufacturing Segment to Dominate Owing to High Demand from Construction & Automotive Industries
Based on the application, the foundry segment earned 2.8% in terms of the manganese alloy market share in 2019. The steel manufacturing segment is set to dominate in the near future backed by the high demand for manganese alloys from the automotive and construction industries.
Expansion of the Automobile Industry to Favor Growth in Europe
Regionally, Asia Pacific generated USD 18,084.9 million in 2019 in terms of revenue. This growth is attributable to the increasing usage of high-carbon ferromanganese in the steel industry. Europe, on the other hand, is expected to showcase considerable growth owing to the expansion of the automobile industry. In North America, the high demand for residential buildings and the adoption of silicomanganese in welding accessories would contribute to the rising demand for manganese alloys in this region.
Gain More Insights into the Manganese Alloy Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/manganese-alloy-market-101569
Promising Applications of Manganese in Alternative Energy to Favor Market Growth
Manganese alloys are grabbing global attention as the world steadily shifts towards clean energy. The most remarkable applications of manganese and its alloys is being seen in the development of electric vehicles (EVs), making it one of the top manganese alloy market trends. For instance, carmakers are experimenting with new battery technologies called lithiated manganese dioxide (LMD), which provided better thermal stability, higher power output, and are safer than the traditional lithium-ion batteries. The Nissan Leaf and the Chevy Volt electric cars are already running on these batteries. Another ground-breaking application of manganese alloys is in off-the-grid power, a domain where Tesla’s Powerwall is making significant strides. The demand for this material will get a major booster shot as more number of EVs hit the roads in the coming few decades, which, the International Energy Agency estimates, will reach 125 million by 2030.
Asia-Pacific to Hold Largest Growth Potential; North America to Occupy Commanding Position
Among regions, Asia-Pacific is anticipated to dominate the manganese alloy market share in the forthcoming years as India and China are two of the largest steel producers in the world. These two countries are also two of the largest consumers of manganese alloys worldwide. Besides this, rapid development of the manufacturing sector will also drive the market in the region. In North America and Europe, concerted shift towards clean energy will propel the market, while increasing industrialization in the Middle East and Africa will bode well for this market.
Academic Research Initiatives to Bring New Perspectives to Market Competition
Given the potential of manganese alloys in clean energy, many private and public academic institutions are engaging in intense research to come up with innovative solutions. Other market players are undertaking different measures, such as diversification of product offerings and strategic collaborations, to entrench their position in this market, as per the manganese alloy market analysis.