Ferroboron Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ferroboron Market Analysis
The ferroboron market is expected to register a CAGR of greater than 5.5% during the forecast period.
The market was negatively impacted due to the COVID-19 pandemic. Due to the outbreak of COVID-19, various end-user industries have been affected in the ferroboron market.
- Over the short term, the major factor driving the market is the increasing demand for ferroboron, which is becoming more useful as a deoxidizer and alloying agent in the steel and aluminum industries.
- However, owing to the high consumption of iron ore in steel production combined with stringent environmental regulations imposed by various regulatory bodies, there has been an increase in the adoption of alternatives for reducing dust emissions during mining operations, thereby negatively impacting the industry's growth, which is further likely to hinder the growth of the market.
- Nevertheless, ferroboron's increasing application in the fabrication of high-strength magnets, superconductors, and other sophisticated materials is likely to create lucrative growth opportunities for the studied market over the forecast period.
- The North American region dominated the market globally, with the largest consumption coming from countries such as the United States and Canada, and this is expected to remain the same in the future.
Ferroboron Market Trends
Rising Demand from the Steel Industry
- Ferroboron (FeB) is a ferroalloy that combines iron and boron. The metal, typically containing 17.5% to 20% boron, can be utilized to make boron steels.
- Ferroboron may be produced in two ways. To achieve a lower carbon content, carbothermic reduction of boric acid in the presence of carbon steel using an electric arc boiler and aluminothermic reduction of boric acid in the presence of iron (sometimes with magnesium) are used.
- During the forecast period, the steel sector is likely to have the largest share of the ferroboron market. Ferroboron improves the quenching degree and mechanical behavior of steel, and boron replaces chromium, molybdenum, and nickel in high-quality alloy steel without affecting their mechanical behavior. Under typical storage and handling circumstances, ferroboron is stable.
- According to the World Steel Association, China remains the world leader in crude steel production, with 77.9 million metric tons produced in December 2022, down nearly 10% from the previous year. India, Japan, the United States, and Russia trail in the distance.
- Steel demand in the developed world was predicted to rise by 1.1% in 2022 and 2.4% in 2023, after soaring by 16.5% in 2021.
- According to the World Steel Association, with an estimated demand of 1.3 billion metric tons in 2023, Asia and Oceania are expected to be the leading consumers of finished steel products. In the same year, African steel demand is predicted to reach about 42 million metric tons.
- Steel products come in a variety of shapes and sizes, including slabs, rebars, and rods, and each category has unique properties for utilization. Steel is consumed either from scrap or from virgin steel.
- Steel consumption was expected to rise by 2% between 2022 and 2023. Steel is a valuable resource in a variety of industries. Moreover, according to the World Steel Association, the projected global crude steel demand in 2023 is 1,873 million metric tons.
- All the aforementioned factors are expected to drive the steel segment, which also enhanced the demand for ferroboron during the forecast period.
North America Region to Dominate the Market
- North America dominates the ferroboron market in terms of market share and market revenue. The region is set to continue to flourish in its dominance over the forecast period.
- Ferroboron is mainly used in the steel industry. The American Iron and Steel Institute reports that in March 2023, the domestic crude steel output was 18,199,000 net tons, with a capacity utilization rate of 74.0%. In the previous year, in March, the capacity utilization was 78.7% and production was 1,710,000 net tons.
- A USD 16 billion investment in the country's steel capacity increase is planned for the years 2021-2023. The massive industry investment will allow for the creation of nearly 9 million tons of new steelmaking capacity, allowing American producers to keep up with the sector's expanding modernization and innovations.
- According to preliminary Census Bureau statistics, the United States imported a total of 2,186,000 net tons (NT) of steel in December 2022, including 1,848,000 NT of completed steel (up 8.6% and 4.8%, respectively, compared to November 2022).
- According to the United States Geological Survey, in 2022, iron and steel scrap prices in the United States were approximately USD 415 per metric ton. Manufacturers of pig iron, raw steel, and steel castings consume the majority of domestic steel industry scrap.
- These raw materials are used to manufacture steel items used in appliances, construction, manufacturing, and transportation, among other industries. Steel scrap was only employed in trace amounts for the manufacturing of ferroalloys, copper precipitation, and the chemical sector.
As a result, all the aforementioned causes are projected to increase demand for ferroboron in the future.
Ferroboron Industry Overview
The ferroboron market is consolidated in nature. Some of the major manufacturers in the market include Amg Advanced Metallurgical, Eti Maden, NIPPON DENKO CO., LTD., CRONIMET, and Tennant Metallurgical Group Ltd, among others (in no particular order).
Ferroboron Market Leaders
Amg Advanced Metallurgical
Eti Maden
NIPPON DENKO CO.,LTD.
CRONIMET
Tennant Metallurgical Group Ltd
*Disclaimer: Major Players sorted in no particular order
Ferroboron Market News
No recent developments pertaining to the market.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Ferroboron as a Deoxidizer and Alloying Agent in the Steel and Aluminum Industries
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Increased Use of Iron Ore in Steel Production, along with Stringent Environmental Rules enforced by Several Regulatory Bodies
4.2.2 Increase in the Adoption of Alternatives for Reducing Dust Emissions
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 By Type
5.1.1 Low Carbon
5.1.2 Medium Carbon
5.2 Application
5.2.1 Steel
5.2.2 Cast Iron
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/ Market Ranking Analysis
6.3 Strategies Adopted By Leading Players
6.4 Company Profiles
6.4.1 A.M.P.E.R.E. alloys
6.4.2 Amg Advanced Metallurgical
6.4.3 CRONIMET
6.4.4 Eti Maden
6.4.5 JAYESH
6.4.6 Liaoyang International Boronalloys (LIB)
6.4.7 MM Ceramics & Ferro Alloys
6.4.8 NIPPON DENKO CO., LTD.
6.4.9 Shanghai Greenearth Chemicals Co.,Ltd
6.4.10 Star Grace Mining Co.,Ltd
6.4.11 Tennant Metallurgical Group Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Application in the Fabrication of High-strength Magnets, Superconductors, and Other Sophisticated Materials
Ferroboron Industry Segmentation
Ferroboron is a powerful deoxidizer and boron element addition agent used in steel manufacturing. Boron's most important role in steel is that a relatively small quantity may greatly increase hardenability and replace a large number of alloying elements, as well as improve mechanical characteristics, cold deformation capabilities, welding properties, and high-temperature properties. It is mostly used in steel and cast iron. The ferroboron market is segmented by type, application, and geography (Asia-Pacific, North America, Europe, South America, the Middle East, and Africa). By type, the market is segmented into low-carbon and medium-carbon. By application, the market is segmented into steel and cast iron. The report also offers market sizes and forecasts for 14 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons).
| By Type | |
| Low Carbon | |
| Medium Carbon |
| Application | |
| Steel | |
| Cast Iron |
| Geography | |||||||
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Frequently Asked Questions
What is the current Ferroboron Market size?
The Ferroboron Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Ferroboron Market?
Amg Advanced Metallurgical, Eti Maden, NIPPON DENKO CO.,LTD. , CRONIMET and Tennant Metallurgical Group Ltd are the major companies operating in the Ferroboron Market.
Which is the fastest growing region in Ferroboron Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Ferroboron Market?
In 2024, the North America accounts for the largest market share in Ferroboron Market.
What years does this Ferroboron Market cover?
The report covers the Ferroboron Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ferroboron Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Ferroboron Industry Report
Statistics for the 2024 Ferroboron market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ferroboron analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
