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Mar 25, 2025

Asia-Pacific's Ferro-Alloys Market to Witness 3.2% CAGR Growth, Reaching $179.9B by 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: Asia-Pacific - Ferro-Alloys - Market Analysis, Forecast,

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

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

Driven by rising demand in Asia-Pacific, the ferro-alloys market is expected to grow steadily with a CAGR of +3.2% in volume and +3.4% in value from 2024 to 2035. By the end of 2035, market volume is projected to reach 53M tons and market value to hit $179.9B in nominal prices.

Driven by increasing demand for ferro-alloys in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.2% for the period from 2024 to 2035, which is projected to bring the market volume to 53M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2024 to 2035, which is projected to bring the market value to $179.9B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of ferro-alloys increased by 9.5% to 38M tons for the first time since 2021, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +2.6% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 39M tons. From 2022 to 2024, the growth of the consumption remained at a somewhat lower figure.

The size of the ferro-alloys market in Asia-Pacific stood at $124.8B in 2024, almost unchanged from 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 recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $153.9B. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

The country with the largest volume of ferro-alloys consumption was China (28M tons), comprising approx. 75% of total volume. Moreover, ferro-alloys consumption in China exceeded the figures recorded by the second-largest consumer, India (2.7M tons), tenfold. Japan (2.1M tons) ranked third in terms of total consumption with a 5.5% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to +2.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+5.9% per year) and Japan (-0.3% per year).

In value terms, China ($56B) led the market, alone. The second position in the ranking was held by India ($3.3B). It was followed by Japan.

From 2013 to 2024, the average annual growth rate of value in China amounted to +3.1%. In the other countries, the average annual rates were as follows: India (+6.6% per year) and Japan (+0.0% per year).

In 2024, the highest levels of ferro-alloys per capita consumption was registered in Hong Kong SAR (116 kg per person), followed by China (20 kg per person), South Korea (19 kg per person) and Japan (17 kg per person), while the world average per capita consumption of ferro-alloys was estimated at 8.7 kg per person.

In Hong Kong SAR, ferro-alloys per capita consumption increased at an average annual rate of +68.2% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: China (+1.8% per year) and South Korea (-2.6% per year).

The products with the highest volumes of consumption in 2024 were ferro-silico-manganese (12M tons), ferro-chromium (12M tons) and miscellaneous ferro-alloys (4.7M tons), together accounting for 76% of the total volume.

From 2013 to 2024, the biggest increases were recorded for miscellaneous ferro-alloys (with a CAGR of +17.8%), while consumption for the other products experienced more modest paces of growth.

In value terms, ferro-manganese ($60.2B) led the market, alone. The second position in the ranking was taken by ferro-chromium ($23.1B). It was followed by miscellaneous ferro-alloys.

From 2013 to 2024, the average annual growth rate of the value of ferro-manganese market amounted to -1.5%. For the other products, the average annual rates were as follows: ferro-chromium (+3.8% per year) and miscellaneous ferro-alloys (+15.2% per year).

After three years of growth, production of ferro-alloys decreased by -4.5% to 36M tons in 2024. The total output volume increased at an average annual rate of +2.7% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 14% against the previous year. The volume of production peaked at 37M tons in 2023, and then contracted slightly in the following year.

In value terms, ferro-alloys production reduced rapidly to $61B in 2024 estimated in export price. The total production indicated a perceptible expansion from 2013 to 2024: its value increased at an average annual rate of +2.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. The level of production peaked at $72B in 2023, and then declined markedly in the following year.

China (21M tons) remains the largest ferro-alloys producing country in Asia-Pacific, accounting for 59% of total volume. Moreover, ferro-alloys production in China exceeded the figures recorded by the second-largest producer, Indonesia (7.1M tons), threefold. The third position in this ranking was held by India (4.4M tons), with a 12% share.

In China, ferro-alloys production remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: Indonesia (+42.3% per year) and India (+2.9% per year).

The products with the highest volumes of production in 2024 were ferro-silico-manganese (13M tons), miscellaneous ferro-alloys (7.7M tons) and ferro-chromium (6M tons), with a combined 74% share of the total output.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main produced products, was attained by miscellaneous ferro-alloys (with a CAGR of +23.6%), while production for the other products experienced more modest paces of growth.

In value terms, miscellaneous ferro-alloys ($17B), ferro-silico-manganese ($15.9B) and ferro-chromium ($12B) constituted the products with the highest levels of production in 2024, with a combined 74% share of the total output.

In terms of the main produced products, miscellaneous ferro-alloys, with a CAGR of +18.7%, recorded 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, overseas purchases of ferro-alloys increased by 21% to 13M tons for the first time since 2021, thus ending a two-year declining trend. Overall, imports enjoyed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 94% against the previous year. As a result, imports reached the peak of 15M tons. From 2022 to 2024, the growth of imports failed to regain momentum.

In value terms, ferro-alloys imports expanded slightly to $18.6B in 2024. In general, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 158%. Over the period under review, imports hit record highs at $33.6B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

In 2024, China (7.6M tons) represented the main importer of ferro-alloys, mixing up 59% of total imports. Japan (1,432K tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (7.9%), Hong Kong SAR (6.9%) and South Korea (4.8%). The following importers - Taiwan (Chinese) (491K tons) and India (333K tons) - together made up 6.4% of total imports.

From 2013 to 2024, average annual rates of growth with regard to ferro-alloys imports into China stood at +12.4%. At the same time, Hong Kong SAR (+71.2%), Indonesia (+32.0%) and India (+5.0%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +71.2% from 2013-2024. By contrast, Japan (-1.5%), Taiwan (Chinese) (-2.9%) and South Korea (-3.8%) illustrated a downward trend over the same period. While the share of China (+24 p.p.), Indonesia (+7.1 p.p.) and Hong Kong SAR (+6.9 p.p.) increased significantly in terms of the total imports from 2013-2024, the share of Taiwan (Chinese) (-7.6 p.p.), South Korea (-11 p.p.) and Japan (-17.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($11.5B) constitutes the largest market for imported ferro-alloys in Asia-Pacific, comprising 62% of total imports. The second position in the ranking was held by Japan ($2.2B), with a 12% share of total imports. It was followed by Indonesia, with a 5.7% share.

From 2013 to 2024, the average annual growth rate of value in China amounted to +12.0%. In the other countries, the average annual rates were as follows: Japan (-2.0% per year) and Indonesia (+25.7% per year).

Ferro-chromium represented the main imported product with an import of about 6.6M tons, which recorded 52% of total imports. It was distantly followed by miscellaneous ferro-alloys (4.4M tons), ferro-silicon (0.9M tons) and ferro-silico-manganese (0.8M tons), together committing a 46% share of total imports. Ferro-manganese (223K tons) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for miscellaneous ferro-alloys (with a CAGR of +18.5%), while purchases for the other products experienced more modest paces of growth.

In value terms, miscellaneous ferro-alloys ($8.8B), ferro-chromium ($7B) and ferro-silicon ($1.1B) constituted the products with the highest levels of imports in 2024, with a combined 91% share of total imports. Ferro-silico-manganese, ferro-molybdenum, ferro-manganese and ferro-titanium and ferro-silico-titanium lagged somewhat behind, together accounting for a further 9.5%.

Ferro-molybdenum, with a CAGR of +17.3%, recorded the highest rates of growth with regard to the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the import price in Asia-Pacific amounted to $1,441 per ton, which is down by -16.2% against the previous year. In general, the import price recorded a mild slump. The pace of growth was the most pronounced in 2021 an increase of 33%. The level of import peaked at $2,312 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was ferro-molybdenum ($29,175 per ton), while the price for ferro-silico-manganese ($972 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 (+5.2%), while the other products experienced mixed trends in the import price figures.

The import price in Asia-Pacific stood at $1,441 per ton in 2024, reducing by -16.2% against the previous year. Over the period under review, the import price showed a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 33%. The level of import peaked at $2,312 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($2,586 per ton), while Hong Kong SAR ($149 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.7%), while the other leaders experienced mixed trends in the import price figures.

After three years of growth, shipments abroad of ferro-alloys decreased by -19.9% to 11M tons in 2024. In general, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 123%. The volume of export peaked at 13M tons in 2023, and then reduced rapidly in the following year.

In value terms, ferro-alloys exports shrank remarkably to $13.6B in 2024. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 199% against the previous year. Over the period under review, the exports attained the peak figure at $23.6B in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

Indonesia represented the major exporter of ferro-alloys in Asia-Pacific, with the volume of exports amounting to 7M tons, which was near 65% of total exports in 2024. India (2M tons) ranks second in terms of the total exports with an 18% share, followed by Malaysia (7.9%). China (403K tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to ferro-alloys exports from Indonesia stood at +50.2%. At the same time, Malaysia (+62.2%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +62.2% from 2013-2024. India experienced a relatively flat trend pattern. By contrast, China (-7.0%) illustrated a downward trend over the same period. From 2013 to 2024, the share of Indonesia and Malaysia increased by +63 and +7.8 percentage points, respectively.

In value terms, Indonesia ($7.6B) remains the largest ferro-alloys supplier in Asia-Pacific, comprising 56% of total exports. The second position in the ranking was held by India ($2.4B), with an 18% share of total exports. It was followed by China, with a 6.6% share.

In Indonesia, ferro-alloys exports expanded at an average annual rate of +36.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: India (+2.2% per year) and China (-4.7% per year).

Miscellaneous ferro-alloys represented the major exported product with an export of about 7.4M tons, which amounted to 68% of total exports. Ferro-silico-manganese (1,536K tons) held the second position in the ranking, distantly followed by ferro-manganese (652K tons), ferro-chromium (630K tons) and ferro-silicon (588K tons). All these products together held near 32% share of total exports.

Miscellaneous ferro-alloys was also the fastest-growing in terms of exports, with a CAGR of +24.7% from 2013 to 2024. At the same time, ferro-silico-manganese (+1.9%) and ferro-manganese (+1.8%) displayed positive paces of growth. Ferro-chromium experienced a relatively flat trend pattern. By contrast, ferro-silicon (-3.7%) illustrated a downward trend over the same period. Miscellaneous ferro-alloys (+52 p.p.) significantly strengthened its position in terms of the total exports, while ferro-manganese, ferro-chromium, ferro-silicon and ferro-silico-manganese saw its share reduced by -7.4%, -10.5%, -17% and -17.1% from 2013 to 2024, respectively.

In value terms, miscellaneous ferro-alloys ($9.2B) remains the largest type of ferro-alloys supplied in Asia-Pacific, comprising 67% of total exports. The second position in the ranking was held by ferro-silico-manganese ($1.5B), with an 11% share of total exports. It was followed by ferro-chromium, with a 7% share.

For miscellaneous ferro-alloys, exports increased at an average annual rate of +14.8% over the period from 2013-2024. With regard to the other exported products, the following average annual rates of growth were recorded: ferro-silico-manganese (+1.8% per year) and ferro-chromium (+1.6% per year).

In 2024, the export price in Asia-Pacific amounted to $1,261 per ton, reducing by -23.2% against the previous year. Overall, the export price recorded a slight downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by 34%. Over the period under review, the export prices attained the maximum at $1,998 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was ferro-molybdenum ($24,895 per ton), while the average price for exports of ferro-manganese ($774 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 (+3.8%), while the other products experienced mixed trends in the export price figures.

In 2024, the export price in Asia-Pacific amounted to $1,261 per ton, dropping by -23.2% against the previous year. In general, the export price showed a slight curtailment. The pace of growth was the most pronounced in 2021 an increase of 34% against the previous year. Over the period under review, the export prices attained the peak figure at $1,998 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($2,235 per ton), while Malaysia ($864 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the ferro-alloys market in Asia-Pacific. 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.

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