Manganese Market is Predominantly led by the Spurring Rise at a CAGR of 5.02% by 2030 in the Packaging Industry | Market Research Future Releases Forecast for 2022 – 2030
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Sep 26, 2023
Insights from Future Market Research
In 2021, the Manganese Market was estimated to be worth USD 22.1 billion. From USD 23.21 billion in 2022 to USD 32.70 billion in 2030, the manganese industry is anticipated to expand at a compound annual growth rate (CAGR) of 5.02%. (2022 – 2030).
The use of steel in batteries and rising demand for steel products in the building and infrastructure sector are the main factors boosting market expansion.
Due to an increase in the demand for lithium-ion batteries, the sector is anticipated to rise significantly throughout the projected period. In addition, rising investments in infrastructure development projects, the manufacturing of automobiles, and the quick urbanisation of emerging nations all contribute to market expansion. The rebound in ore and ferroalloy prices as well as the advent of new application areas are the other market-supplementing elements.
Also, growing US steel demand is predicted to have a favourable influence on the market over the course of the forecast period due to rising investments in residential and non-residential building projects.
For instance, Google said in April 2022 that it will spend USD 9.5 billion building offices and data centres around the US. The organisation makes investments in Boulder, Pittsburgh, Cambridge, Austin, Oklahoma, Virginia, and Tennessee.
The automotive industry has also long looked for materials that may provide the car’s body construction more strength. Due to its outstanding impact resistance and high strength-to-weight ratio, steel has been the material of choice for vehicle bodywork among auto and commercial vehicle makers. Steel demand is anticipated to increase throughout the projected period as the automobile sector is anticipated to rebound following COVID-19 as a result of rising consumer expenditure, particularly in Asian and Latin American nations.
Also, the market is seeing an increase in the need for commercial vehicles for heavy-duty work and logistics, which will be a key factor in the profitable development in demand for alloy steels and, in turn, drive the expansion of the entire market during the projection period. Because of this, the increasing demand for the commodity from vehicles has increased the CAGR of the manganese market in recent years.
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Regional Analysis:
Asia Pacific, Europe, Latin America, North America, as well as the Middle East and Africa, are important geographical areas. With more than 3/4 of the global market in 2018 and a value of USD 11,947.8 million, Asia Pacific is in the lead. Additionally, during the review period, the Asia Pacific regional market will expand at the highest CAGR. When it came to market share, Europe held the second-largest position globally in 2018, with a valuation of over USD 2,000 million.
China is recognised as the biggest contributor, supported by its status as one of the top automotive manufacturers in the area, following a detailed analysis of the Asia Pacific market. With a total production estimated at 29,015,434 automobiles, the nation’s automotive manufacturing increased by 3.19% in 2017 compared to 2016. Railways, airports, roads, energy, water, and rural programmes have all increased significantly in the area. Additionally, with the production of 9,693,746 vehicles in 2017, Japan’s automotive industry saw growth of 5.31% over 2016. The nation also takes pride in having a developed infrastructure thanks to the expansion of the construction and transportation industries. Therefore, the demand for manganese in the region is destined to experience a significant development from 2018 to 2023 because of the accelerated demand from several end-user sectors.
The manganese market in Russia dominated the continent of Europe in 2018 and is anticipated to grow at the highest CAGR of 3.34% over the projected period. Germany, which came in second place to Russia in terms of market share in 2018, with a share of over 20%, is expected to experience market growth at a CAGR of 2.96% over the coming years.
Market Segmentation:
According to type, the manganese market is divided into high-carbon, medium-carbon, and low-carbon ferromanganese as well as silico-manganese, electrolyte manganese metal, and electrolyte manganese dioxide. Due to increased steel production and consumption in 2021, silico-manganese held a significant portion of the manganese market revenue.
To enhance the qualities of steel, such as strength, flexibility, and corrosion resistance, silico manganese is used in the production process. The fastest-growing category, however, is electrolyte manganese metal, which is used increasingly in batteries for both rechargeable lithium-ion batteries and non-rechargeable alkaline cells. The battery storage industry is expanding swiftly as an essential component of the energy supply. A lesser grade, nevertheless, is what some businesses provide and works well with battery materials.
The market data for manganese has been divided into colouring agents, oxidising agents, alloying additives, polarizers, and others based on application. Over the forecast period, 2022–2030, the alloying additive segment, which led the market in 2021, is anticipated to increase at a higher rate.
It is typically employed to strengthen copper and aluminium alloys. Nonetheless, because of the rising need for colouring agents in the automotive sector, this category is expected to increase at the quickest rate. hence has a favourable effect on market expansion.
Key Players:
The top companies in the global manganese market include Autlán (Mexico), Mizushima Ferroalloy Co., Ltd (Japan), Accura Weldrods Kovai Pvt Ltd (India), Eramet (France), MOIL Limited (India), OM Holdings Ltd (Singapore), Sakura Ferroalloys (Malaysia), Mesa Minerals Limited (Australia), Metals and Alloys Corporation (India), Nippon Denko Co., Ltd (Japan), African Rainbow Minerals Ltd (South Africa), Afarak Group Plc (Finland), Transalloys (South Africa), Translloy India Pvt Ltd (India), and Ferro Alloys Corporation Limited (FACOR) (India).
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