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Mar 06, 2025

Asia-Pacific's Ferro-Alloys Market to Reach $179.9B by 2035, Growing at a CAGR of +3.4% - 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,

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

The demand for ferro-alloys in Asia-Pacific is driving market growth, with a projected CAGR of +3.2% in volume and +3.4% in value from 2024 to 2035. By the end of 2035, the market volume is expected to reach 53M tons, with a market value of $179.9B (in nominal wholesale 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 was finally on the rise to reach 38M tons after two years of decline. 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 reached the peak volume of 39M tons. From 2022 to 2024, the growth of the consumption remained at a lower figure.

The value of the ferro-alloys market in Asia-Pacific totaled $124.8B in 2024, flattening at 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). Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained 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), accounting for 75% of total volume. Moreover, ferro-alloys consumption in China exceeded the figures recorded by the second-largest consumer, India (2.7M tons), tenfold. The third position in this ranking was taken by Japan (2.1M tons), with a 5.5% share.

In China, ferro-alloys consumption expanded at an average annual rate of +2.2% over the period from 2013-2024. 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 taken by India ($3.3B). It was followed by Japan.

From 2013 to 2024, the average annual rate of growth in terms of value in China stood at +3.1%. The remaining consuming countries recorded the following average annual rates of market growth: 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.

From 2013 to 2024, the average annual rate of growth in terms of the ferro-alloys per capita consumption in Hong Kong SAR stood at +68.2%. In the other countries, the average annual rates were as follows: 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 most notable rate of growth in terms of consumption, amongst the main consumed products, was attained by 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.

For ferro-manganese, market declined by an average annual rate of -1.5% over the period from 2013-2024. 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 pace of growth was the most pronounced in 2021 when the production volume increased by 14%. The volume of production peaked at 37M tons in 2023, and then reduced modestly in the following year.

In value terms, ferro-alloys production reduced dramatically to $61B in 2024 estimated in export price. The total production indicated perceptible growth from 2013 to 2024: its value increased at an average annual rate of +2.9% over the last eleven-year period. 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%. Over the period under review, production attained the maximum level at $72B in 2023, and then fell dramatically in the following year.

The country with the largest volume of ferro-alloys production was China (21M tons), comprising approx. 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 leading 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, the largest types of ferro-alloys in terms of market size were miscellaneous ferro-alloys ($17B), ferro-silico-manganese ($15.9B) and ferro-chromium ($12B), together accounting for 74% of the total output.

Among 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 were finally on the rise to reach 13M tons after two years of decline. In general, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 94% against the previous year. As a result, imports attained the peak of 15M tons. From 2022 to 2024, the growth of imports failed to regain momentum.

In value terms, ferro-alloys imports rose to $18.6B in 2024. Overall, imports recorded a strong increase. The growth pace was the most rapid in 2021 when imports increased by 158%. The level of import peaked 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 key importer of ferro-alloys, making up 59% of total imports. It was distantly followed by Japan (1,432K tons), Indonesia (1,016K tons), Hong Kong SAR (895K tons) and South Korea (613K tons), together making up a 31% share of total imports. Taiwan (Chinese) (491K tons) and India (333K tons) took a little share 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. China (+24 p.p.), Indonesia (+7.1 p.p.) and Hong Kong SAR (+6.9 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by -7.6%, -11% and -17.1% from 2013 to 2024, respectively. 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 stood at +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 key type of ferro-alloys in Asia-Pacific, with the volume of imports amounting to 6.6M tons, which was approx. 52% of total imports in 2024. It was distantly followed by miscellaneous ferro-alloys (4.4M tons), ferro-silicon (0.9M tons) and ferro-silico-manganese (0.8M tons), together creating 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, the largest types of imported ferro-alloys were miscellaneous ferro-alloys ($8.8B), ferro-chromium ($7B) and ferro-silicon ($1.1B), together comprising 91% 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%.

In terms of the main imported products, ferro-molybdenum, with a CAGR of +17.3%, recorded the highest rates of growth with regard to the value of imports, 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, falling by -16.2% against the previous year. In general, the import price recorded a mild reduction. The most prominent rate of growth was recorded in 2021 an increase of 33%. Over the period under review, import prices reached the peak figure 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, shrinking by -16.2% against the previous year. Over the period under review, the import price showed a mild contraction. The most prominent rate of growth was recorded in 2021 an increase of 33% against the previous year. Over the period under review, import prices attained the peak figure at $2,312 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

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.

In 2024, overseas shipments of ferro-alloys decreased by -19.9% to 11M tons for the first time since 2020, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 123% against the previous year. Over the period under review, the exports hit record highs at 13M tons in 2023, and then dropped dramatically in the following year.

In value terms, ferro-alloys exports contracted significantly to $13.6B in 2024. Overall, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2021 when exports increased by 199%. The level of export peaked at $23.6B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Indonesia represented the key exporting country with an export of around 7M tons, which amounted to 65% of total exports. It was distantly followed by India (2M tons) and Malaysia (0.9M tons), together committing a 26% share of total exports. China (403K tons) took a little share of total exports.

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. While the share of Indonesia (+63 p.p.) and Malaysia (+7.8 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of China (-18.5 p.p.) and India (-29.7 p.p.) displayed negative dynamics.

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 taken by India ($2.4B), with an 18% share of total exports. It was followed by China, with a 6.6% share.

From 2013 to 2024, the average annual rate of growth in terms of value in Indonesia totaled +36.5%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+2.2% per year) and China (-4.7% per year).

In 2024, miscellaneous ferro-alloys (7.4M tons) was the key type of ferro-alloys, committing 68% of total exports. Ferro-silico-manganese (1,536K tons) ranks second in terms of the total exports with a 14% share, followed by ferro-manganese (6%), ferro-chromium (5.8%) and ferro-silicon (5.4%).

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 taken by ferro-silico-manganese ($1.5B), with an 11% share of total exports. It was followed by ferro-chromium, with a 7% share.

From 2013 to 2024, the average annual growth rate of the value of miscellaneous ferro-alloys exports amounted to +14.8%. 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).

The export price in Asia-Pacific stood at $1,261 per ton in 2024, dropping by -23.2% against the previous year. Overall, the export price showed a mild contraction. The pace of growth was the most pronounced in 2021 an increase of 34% against the previous year. The level of export peaked 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.

The export price in Asia-Pacific stood at $1,261 per ton in 2024, which is down by -23.2% against the previous year. Over the period under review, the export price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2021 when the export price increased by 34%. The level of export peaked 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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