New York, July 13, 2023 (GLOBE NEWSWIRE) — The global ferroalloys market size is slated to expand at ~5% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 160 billion by the end of 2033, up from a revenue of ~USD 94 billion in the year 2022. The growth of the market over the forecast period can be attributed to the surging production of pig iron as well as growing demand for cast iron with specific properties to perform crucial tasks during manufacture together with the augmenting need for ferroalloys in the making of cast iron which are injected into the process as an inoculant. As per the U.S. Geological Survey, it was observed that the production of pig iron worldwide climbed from ~1,310 million metric tons in 2020 to 1,400 million metric tons in 2021. Ferroalloys entail several iron alloys that contain a significant amount of one or more other elements, such as silicon, manganese, or aluminium.

(GlobeNewsWire)