Manganese Alloys Market Estimated to Reach US$ 32,706.0 Mn by 2027 With Top Players ERAMET S.A., South32, Ferroglobe, ArcelorMittal, Jindal Stainless Ltd, Sakura Ferroalloys SDN BHD
Manganese is a brittle, hard, grey-white to silvery metal with the chemical symbol Mn. It is the fifth most abundant metal found in the Earth’s crust. Manganese serves as an important alloying agent. Manganese alloys are primarily used in the production of steel. Manganese enhances the strength, stiffness, hardness, toughness, hardenability, wear resistance, and forging and rolling qualities in steel. Manganese alloys are processed into different grades of superalloys and steel; therefore, these are employed in various industrial applications. Alloys with high manganese content possess properties such as ductility, formability, strain hardening, and strength level parameters, which reduce the weight of vehicles and improve resistance against effects of mechanical impact. Manganese increases the hardenability of steel. Manganese alloys are more durable as cost-effective as compared to other metals alloys.
Increase in Use of Magnesium Alloys in Automotive Industry to Drive Market
Demand for manganese-based steel alloys is increasing in automotive applications due to high demand for weight saving to reduce fuel consumption. Manganese and steel are alloyed together to reduce the weight of the component. Aluminum is alloyed with other elements, including manganese ore and silicomanganese, to create moderate-to-high strength, non-heat-treatable alloys that are readily weldable and corrosion-resistant. The addition of manganese alloys to steel creates favorable properties such as high thermal conductivity, good castability, high corrosion resistance, and machinability.
High Production Cost of Manganese Alloy to Restrain Market
The production cost of manganese alloys depends on key variables such as cost of power, cost of raw materials, cost of labor, and cost of transportation. The production process power intensive as it requires high temperatures and high power; therefore, the production cost is high. Thus, the high production cost and market volatility are projected to hamper the manganese alloys market. Several governments have imposed stringent mining regulations for the extraction of manganese. It ultimately hampers the production cost of manganese alloys. According to a report by the Bureau of Mines India, India is expected to experience a 5mtpa shortage of manganese ore by 2020. This likely to hamper the prices of manganese alloys. Implementation of stringent environment rules regarding water and air pollution in developing and developed countries is expected to affect the production of manganese alloys.
Growth in Automotive Industry to Create Lucrative Opportunities in Manganese Alloys Market
The automotive industry was valued at US$ 74 Bn in 2015 and surpass US$ 260 Bn by 2026. Demand for steel is expected to increase rapidly due to rise in capacity expansion in the automotive industry. The global automotive industry, which includes passenger cars, trucks, and heavy duty vehicles, is expected to grow at a substantial pace during the forecast period. Around 91.5 million units of passenger cars and commercial vehicles were manufactured in 2018. Global sales of cars and commercial vehicles increased in the last few years. This, in turn, drives the demand for manganese alloys.
Asia Pacific Constituted around 77.1% Share of Global Market in 2018
Based on region, the global manganese alloy market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominated the global market in 2018, as the region is an automotive and industrial hub. Moreover, the market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the rise in demand for automobiles in the region, especially in developing countries such as China and India.
Few Large Players Operate in Global Manganese Alloy Market
Key players operating in the global manganese alloy market include ERAMET S.A., South32, Ferroglobe, ArcelorMittal, Jindal Stainless Ltd, Sakura Ferroalloys SDN BHD, Pertama Ferroalloys Sdn. Bhd., Mortex Group, Georgian American Alloys, Nikopol Ferroalloy Plant, and Maithan Alloys Ltd.