The global manganese market, which reached a valuation of approximately US $25 billion in 2020, is projected to experience a stable growth trajectory in the coming years, according to a study by Fairfield Market Research. The increasing demand for manganese in steel production and its essential role in lithium ion batteries are expected to be key drivers of this growth.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/manganese-market
Key Growth Factors:
- Crucial in Steel Production: Manganese plays a vital role in steel and iron production due to its deoxidizing, alloying, and sulfur-fixing properties. Around 80-90% of domestic demand for manganese comes from its use in steel production, according to the United States Geological Survey (USGS). As the production of steel grows, the demand for manganese increases, contributing to the expansion of the market. The World Steel Association reported a 3.7% increase in steel production in 2021, reaching 1.95 billion tons.
- Lithium Ion Battery Demand: The manganese market is also benefiting from the growing demand for lithium ion batteries, in which manganese plays a crucial role. Manganese stabilizes the structure of nickel manganese cobalt (NMC) cathode materials, enhancing the efficiency and functionality of lithium ion batteries. Manganeses lower cost compared to cobalt, along with its stability and energy density-enhancing properties, make it an attractive component for battery production. With the rising sales and production of electric vehicles, the demand for manganese is expected to further increase.
Asia Pacific Dominance:
- Rising Demand in Asia Pacific: The sale of manganese is experiencing an upward trend in Asian countries such as China, India, and Japan. The Asia Pacific manganese market is expected to witness significant growth due to increasing demand from the construction and steel industries. Rapid urbanization and infrastructure investments across ASEAN countries are driving this growth. China, as a major steel producer and consumer, is a pivotal player in the Asian manganese market.
Competitive Landscape:
- Strategies for Market Positioning: Key players and investment firms in the manganese market are focusing on new product launches, collaborations, and acquisitions to strengthen their positions and gain a competitive edge. Companies are aligning their strategies with the growing demand for manganese in steel production and battery manufacturing.
- Notable players in the global manganese market include Mesa Minerals Limited, Ningxia Tianyuan Manganese Industry Group Co. Ltd., Sibelco, Assore Limited, Anglo American PLC, Transalloy India Pvt. Ltd., Eramet, Afarak Group Plc, FACOR (Ferro Alloys Corporation Limited), Accura Weldrods Kovai Pvt. Ltd., Sakura Ferroalloys, Mizushima Ferroalloy Co. Ltd., African Rainbow Minerals Ltd., and Metals and Alloys Corporation.
Browse Manganese Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/manganese-market
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COMTEX_439009406/2840/2023-08-25T02:56:51
