China's Ferro-alloys Market to Reach 44M Tons and $100.2B by 2035, Driven by Increasing Demand - News and Statistics - IndexBox

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IndexBox has just published a new report: China - Ferro-Alloys - Market Analysis, Forecast, Size, Trends And Insights.

Driven by the rising demand in China, the ferro-alloys market is predicted to expand rapidly, reaching 44M tons in volume and $100.2B in value by 2035. This anticipated growth is attributed to the projected CAGR rates from 2024 to 2035, highlighting a promising future for the industry.

Driven by increasing demand for ferro-alloys in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.2% for the period from 2024 to 2035, which is projected to bring the market volume to 44M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2024 to 2035, which is projected to bring the market value to $100.2B (in nominal wholesale prices) by the end of 2035.

In 2024, after two years of decline, there was significant growth in consumption of ferro-alloys, when its volume increased by 6% to 28M tons. The total consumption volume increased at an average annual rate of +2.2% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 30M tons. From 2022 to 2024, the growth of the consumption remained at a lower figure.

The value of the ferro-alloys market in China reduced slightly to $56B in 2024, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate noticeable growth. Ferro-alloys consumption peaked at $71B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

Ferro-silico-manganese (10M tons), ferro-chromium (8.8M tons) and miscellaneous ferro-alloys (3.9M tons) were the main products of ferro-alloys consumption in China, together accounting for 80% of the total volume.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consumed products, was attained by miscellaneous ferro-alloys (with a CAGR of +34.6%), while consumption for the other products experienced more modest paces of growth.

In value terms, ferro-chromium ($18.6B), ferro-silico-manganese ($13.3B) and miscellaneous ferro-alloys ($12.4B) constituted the products with the highest levels of market value in 2024, together comprising 79% of the total market.

Among the main consumed products, miscellaneous ferro-alloys, with a CAGR of +28.7%, recorded the highest growth rate of market size over the period under review, while market for the other products experienced more modest paces of growth.

Ferro-alloys production in China declined slightly to 21M tons in 2024, almost unchanged from the previous year. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 10% against the previous year. Over the period under review, production reached the peak volume at 22M tons in 2019; however, from 2020 to 2024, production failed to regain momentum.

In value terms, ferro-alloys production fell to $36.1B in 2024 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 20% against the previous year. Ferro-alloys production peaked at $42.3B in 2022; however, from 2023 to 2024, production remained at a lower figure.

Ferro-silico-manganese (10M tons), ferro-chromium (5.2M tons) and ferro-silicon (3.5M tons) were the main products of ferro-alloys production in China, together comprising 89% of the total output. Ferro-manganese, ferro-molybdenum, miscellaneous ferro-alloys and ferro-titanium and ferro-silico-titanium lagged somewhat behind, together comprising a further 11%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading produced products, was attained by ferro-molybdenum (with a CAGR of +2.6%), while production for the other products experienced more modest paces of growth.

In value terms, ferro-silico-manganese ($13.2B), ferro-chromium ($10.9B) and ferro-silicon ($4.9B) were the products with the highest levels of production in 2024, together comprising 81% of the total output. Ferro-manganese, ferro-molybdenum, miscellaneous ferro-alloys and ferro-titanium and ferro-silico-titanium lagged somewhat behind, together comprising a further 19%.

Among the main produced products, ferro-molybdenum, with a CAGR of +3.9%, saw the highest rates of growth with regard to market size over the period under review, while production for the other products experienced more modest paces of growth.

In 2024, supplies from abroad of ferro-alloys increased by 27% to 7.6M tons for the first time since 2021, thus ending a two-year declining trend. In general, imports showed a strong expansion. The growth pace was the most rapid in 2021 when imports increased by 150%. As a result, imports reached the peak of 9.6M tons. From 2022 to 2024, the growth of imports failed to regain momentum.

In value terms, ferro-alloys imports expanded notably to $11.5B in 2024. Overall, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 221%. Over the period under review, imports reached the peak figure at $22.3B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

South Africa (1.9M tons), Colombia (1.8M tons) and Brazil (1.5M tons) were the main suppliers of ferro-alloys imports to China, with a combined 85% share of total imports. Kazakhstan, India, Myanmar, Japan, Zimbabwe and Indonesia lagged somewhat behind, together accounting for a further 39%.

From 2013 to 2023, the biggest increases were recorded for Myanmar (with a CAGR of +90.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($4.6B), Colombia ($4.4B) and South Africa ($2.1B) constituted the largest ferro-alloys suppliers to China.

Among the main suppliers, Myanmar, with a CAGR of +102.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Miscellaneous ferro-alloys (3.9M tons), ferro-chromium (3.7M tons) and ferro-silico-manganese (30K tons) were the main products of ferro-alloys imports to China, with a combined 100% share of total imports. Ferro-molybdenum, ferro-silicon, ferro-manganese and ferro-titanium and ferro-silico-titanium lagged somewhat behind, together accounting for a further 0.3%.

From 2013 to 2024, the biggest increases were recorded for ferro-molybdenum (with a CAGR of +50.2%), while purchases for the other products experienced more modest paces of growth.

In value terms, ferro-alloys with the largest imports in China were miscellaneous ferro-alloys ($6.8B), ferro-chromium ($4.4B) and ferro-molybdenum ($239M), together comprising 100% of total imports.

Among the main product categories, ferro-molybdenum, with a CAGR of +59.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the average ferro-alloys import price amounted to $1,510 per ton, declining by -11.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 39% against the previous year. Over the period under review, average import prices reached the peak figure at $2,319 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was ferro-molybdenum ($30,026 per ton), while the price for ferro-silico-manganese ($858 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by ferro-molybdenum (+5.8%), while the prices for the other products experienced more modest paces of growth.

In 2023, the average ferro-alloys import price amounted to $1,704 per ton, reducing by -26.5% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 39% against the previous year. The import price peaked at $2,319 per ton in 2022, and then fell rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Brazil ($3,155 per ton), while the price for South Africa ($1,095 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Myanmar (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, overseas shipments of ferro-alloys decreased by -5.3% to 403K tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2021 with an increase of 89% against the previous year. The exports peaked at 1.2M tons in 2015; however, from 2016 to 2024, the exports remained at a lower figure.

In value terms, ferro-alloys exports dropped sharply to $901M in 2024. Overall, exports showed a perceptible descent. The growth pace was the most rapid in 2021 with an increase of 190%. Over the period under review, the exports reached the peak figure at $3B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Japan (315K tons) was the main destination for ferro-alloys exports from China, accounting for a 74% share of total exports. Moreover, ferro-alloys exports to Japan exceeded the volume sent to the second major destination, India (102K tons), threefold. The third position in this ranking was held by Mexico (87K tons), with a 21% share.

From 2013 to 2023, the average annual growth rate of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+17.6% per year) and Mexico (+33.4% per year).

In value terms, the largest markets for ferro-alloys exported from China were Japan ($747M), India ($393M) and Mexico ($201M).

In terms of the main countries of destination, Mexico, with a CAGR of +35.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Ferro-silicon (220K tons) was the largest type of ferro-alloys exported from China, accounting for a 55% share of total exports. Moreover, ferro-silicon exceeded the volume of the second product type, miscellaneous ferro-alloys (110K tons), twofold. Ferro-silico-manganese (43K tons) ranked third in terms of total exports with an 11% share.

From 2013 to 2024, the average annual growth rate of the volume of ferro-silicon exports amounted to -10.1%. With regard to the other exported products, the following average annual rates of growth were recorded: miscellaneous ferro-alloys (-0.4% per year) and ferro-silico-manganese (+8.7% per year).

In value terms, ferro-alloys with the largest exports in China were miscellaneous ferro-alloys ($444M), ferro-silicon ($316M) and ferro-silico-manganese ($55M), together comprising 90% of total exports. Ferro-chromium, ferro-molybdenum, ferro-titanium and ferro-silico-titanium and ferro-manganese lagged somewhat behind, together accounting for a further 9.5%.

Among the main product categories, ferro-titanium and ferro-silico-titanium, with a CAGR of +24.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

The average ferro-alloys export price stood at $2,235 per ton in 2024, dropping by -12.1% against the previous year. Overall, export price indicated a perceptible expansion from 2013 to 2024: its price increased at an average annual rate of +2.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, ferro-alloys export price decreased by -19.9% against 2022 indices. The most prominent rate of growth was recorded in 2021 an increase of 54% against the previous year. Over the period under review, the average export prices hit record highs at $2,789 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major types of exported product. In 2024, the product with the highest price was ferro-molybdenum ($21,735 per ton), while the average price for exports of ferro-silico-manganese ($1,278 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: ferro-molybdenum (+4.1%), while the prices for the other products experienced more modest paces of growth.

In 2023, the average ferro-alloys export price amounted to $2,542 per ton, waning by -8.9% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2013 to 2023: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-alloys export price increased by +69.4% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 54%. Over the period under review, the average export prices reached the peak figure at $2,789 per ton in 2022, and then declined in the following year.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($6,067 per ton), while the average price for exports to Indonesia ($1,617 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the ferro-alloys market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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