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Ferrochrome and Chromite Ore Market to Gain Traction; Increasing Adoption of High-grade Steel in Manufacturing Applications in Europe to Stoke Demand
The globalferrochrome and chromite ore marketsize is expected to experience substantial growth owing to the increasing demand for stainless steel in automotive production and the growing export of stainless steel products by the APAC in the forthcoming years.
Fortune Business Insights, published this information in its upcoming report, titled,“Ferrochrome and Chromite Ore Market Size, Share and Industry Analysis By Type (Chromite [High chromium chromite, High iron chromite, High aluminium chromite], Ferrochrome [High carbon, Low carbon]), By Application (Metallurgy, Chemicals, Refractory, Others) and Regional Forecast, 2022-2029.”
Ferrochrome and chromite ore are type of alloys adopted in the manufacturing of several industrial applications such as tool steels, ball-bearing steels, and other alloy steels. In addition to this, they are extensively used in the manufacturing of acid-resistant steels across the globe. Chromite is generally composed of iron, chromium, and oxygen, while being found in black to dark grey color in nature.
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List of the Companies Profiled in the Global Market forFerrochrome and Chromite Ore:
What does the Report Include?
The global market for ferrochrome and chromite ore report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period.
It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Rising Export of Stainless Steel in APAC to Augment Growth
According to the International Trade Administration, China exported about 62.0 million metric tons of steel from the APAC region and was the largest producer of steel in 2019 across the globe. The rising export of stainless steel is propelling the manufacturers to produce high-quality stainless steel obtained from ferrochrome and chromite ores.
Owing to its properties such as high tensile strength and ability to resist corrosion, stainless steel is in great demand across several automotive and manufacturing applications. This is expected to favor the growth of the global ferrochrome and chromite ore market in the forthcoming years.
Increasing Demand for Stainless Steel in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global ferrochrome and chromite ore market during the forecast period. This is attributable to the increasing demand for stainless steel owing to rapid industrialization that leads to the growth of the construction industry in the region.
Europe is expected to showcase a considerable growth backed by the increasing demand for high-grade ferrochrome and chromite ore across several manufacturing and transportation applications in the region between 2019 and 2026.
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Merger and Acquisition by Major Companies to Amplify Their Market Prospects
The market is experiencing fierce competition amongst the companies to maintain their stronghold and gain a competitive edge over their rivals. These companies are focusing on acquiring other enterprises that is anticipated to aid in the expansion of ferrochrome and chromite ore product portfolio and further brighten their market prospects.
Key players present in the global ferrochrome and chromite ore market are further adopting strategies such as partnership, collaboration, and the introduction of new products to maintain their presence during the forecast period.
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To view the original version on The Express Wire visit Ferrochrome and Chromite Ore Market to Garner Substantial Growth Backed by Increasing Demand for Stainless Steel from Automotive Sector, states Fortune Business Insights™
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