Manganese Alloy Market to Garner $44.0 Billion, Globally, By 2031 at 6.0% CAGR, Says Allied Market Research
Growth in prevalence of automotive industry, rising demand from the electrical & electronics, aerospace & defense, and building & construction for production of various parts and equipment drive the growth of the global manganese alloy market.
PORTLAND, Ore., March 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Manganese Alloy Market by Type (Silicomanganese, High Carbon Ferromanganese, Medium and Low Carbon Ferromanganese, Others), by Application (Steel, Welding, Foundry, Superalloys, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global manganese alloy industry generated $24.7 billion in 2021, and is anticipated to generate $44.0 billion by 2031, witnessing a CAGR of 6.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Growth in prevalence of automotive industry, rising demand from the electrical & electronics, aerospace & defense, and building & construction for production of various parts and equipment, and increased use of manganese alloy in the metal fabrication industry drive the growth of the global manganese alloy market. However, the health hazards associated with the production of manganese alloys hinder market growth. Additionally, upcoming space expansion projects and increase in electric vehicle production is expected to create lucrative opportunities in the industry.
Covid-19 Scenario-
- The COVID-19 pandemic had a negative impact on the global manganese alloy market growth because the supply chain for manganese alloys was hampered by the widening supply-demand gap brought on by the health crisis.
- Furthermore, many metallurgy firms, where manganese alloy is widely used for metal fabrication, had shut down their operations because of the risk of infections among the workforces.
- However, due to its increased demand for manganese alloys in the automotive, aerospace, marine, and other industries, the manganese alloy market has bounced back after the COVID-19 situation.
The silicomanganese segment to rule the roost-
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