Market Trends of Ferroboron Industry
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.
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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.
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