Ferro-Silicon Market

The article provides a detailed analysis of the global ferro-silicon market, projecting an upward consumption trend driven by rising demand. Key highlights include forecasted growth in market volume and value, consumption patterns, production trends, imports and exports data. China emerges as the largest consumer and producer of ferro-silicon, with notable fluctuations in pricing and growth rates observed across different countries. The article offers valuable insights for stakeholders looking to understand the dynamics of the ferro-silicon market.

Market Forecast

Driven by rising demand for ferro-silicon worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 7.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $13.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ferro-Silicon

In 2022, consumption of ferro-silicon increased by 2.3% to 7M tons for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, showed a pronounced curtailment. As a result, consumption attained the peak volume of 9.8M tons. From 2014 to 2022, the growth of the global consumption failed to regain momentum.

The global ferro-silicon market value was estimated at $11.2B in 2022, increasing by 5.3% against 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, however, saw a mild reduction. Over the period under review, the global market reached the maximum level at $13.7B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (2.8M tons) constituted the country with the largest volume of ferro-silicon consumption, comprising approx. 40% of total volume. Moreover, ferro-silicon consumption in China exceeded the figures recorded by the second-largest consumer, Russia (641K tons), fourfold. The third position in this ranking was taken by the United States (587K tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to -6.2%. In the other countries, the average annual rates were as follows: Russia (-0.3% per year) and the United States (+1.7% per year).

In value terms, China ($3.8B) led the market, alone. The second position in the ranking was held by the United States ($1.1B). It was followed by Russia.

In China, the ferro-silicon market declined by an average annual rate of -6.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+3.4% per year) and Russia (+0.8% per year).

The countries with the highest levels of ferro-silicon per capita consumption in 2022 were the Netherlands (8.8 kg per person), Russia (4.5 kg per person) and South Korea (4.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +9.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Ferro-Silicon

In 2022, production of ferro-silicon increased by 2.1% to 7M tons, rising for the second year in a row after two years of decline. In general, production, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of 4.3%. Over the period under review, global production attained the maximum volume at 9.4M tons in 2013; however, from 2014 to 2022, production failed to regain momentum.

In value terms, ferro-silicon production shrank notably to $9.4B in 2022 estimated in export price. Overall, production, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2021 when the production volume increased by 50% against the previous year. Global production peaked at $13.3B in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Production By Country

China (3.4M tons) constituted the country with the largest volume of ferro-silicon production, accounting for 49% of total volume. Moreover, ferro-silicon production in China exceeded the figures recorded by the second-largest producer, Russia (880K tons), fourfold. Norway (390K tons) ranked third in terms of total production with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to -5.0%. In the other countries, the average annual rates were as follows: Russia (-1.7% per year) and Norway (+3.7% per year).

Imports

World Imports of Ferro-Silicon

In 2022, supplies from abroad of ferro-silicon increased by 3.8% to 3.2M tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 19%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, ferro-silicon imports skyrocketed to $7.4B in 2022. Overall, imports saw strong growth. The growth pace was the most rapid in 2021 with an increase of 75%. Over the period under review, global imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, Japan (427K tons), the United States (318K tons), India (226K tons), South Korea (225K tons), Germany (218K tons), the Netherlands (214K tons), Turkey (179K tons), Italy (176K tons), Spain (121K tons), Belgium (113K tons) and Indonesia (96K tons) represented the major importer of ferro-silicon in the world, achieving 73% of total import. The following importers - Taiwan (Chinese) (61K tons) and Austria (60K tons) - each recorded a 3.8% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +15.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest ferro-silicon importing markets worldwide were Japan ($1B), the United States ($941M) and Germany ($590M), with a combined 35% share of global imports. The Netherlands, South Korea, India, Italy, Turkey, Belgium, Indonesia, Austria, Spain and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 42%.

Indonesia, with a CAGR of +19.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon represented the major type of ferro-silicon in the world, with the volume of imports recording 2.8M tons, which was near 86% of total imports in 2022. It was distantly followed by ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon (432K tons), constituting a 14% share of total imports.

Ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon was also the fastest-growing in terms of imports, with a CAGR of +1.8% from 2012 to 2022. At the same time, ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon (+1.1%) displayed positive paces of growth. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon ($6.6B) constitutes the largest type of ferro-silicon imported worldwide, comprising 89% of global imports. The second position in the ranking was taken by ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon ($786M), with an 11% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon imports amounted to +6.7%.

Import Prices By Type

In 2022, the average ferro-silicon import price amounted to $2,308 per ton, growing by 38% against the previous year. In general, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon import price increased by +101.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 46% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon ($2,385 per ton), while the price for ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon amounted to $1,819 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon (+4.8%).

Import Prices By Country

In 2022, the average ferro-silicon import price amounted to $2,308 per ton, picking up by 38% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon import price increased by +101.5% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 46% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($2,958 per ton), while Spain ($1,178 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ferro-Silicon

In 2022, overseas shipments of ferro-silicon increased by 3.3% to 3.2M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 26% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, ferro-silicon exports soared to $7B in 2022. In general, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 79%. The global exports peaked in 2022 and are likely to see steady growth in years to come.

Exports By Country

In 2022, China (663K tons), distantly followed by Norway (333K tons), Russia (279K tons), the Netherlands (210K tons), Bhutan (204K tons), Malaysia (197K tons), Iceland (170K tons) and Brazil (167K tons) were the major exporters of ferro-silicon, together committing 70% of total exports. Kazakhstan (132K tons), Germany (80K tons), Poland (68K tons), Iran (65K tons) and Canada (61K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Malaysia (with a CAGR of +94.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest ferro-silicon supplying countries worldwide were China ($1.2B), Russia ($881M) and Norway ($788M), with a combined 41% share of global exports. The Netherlands, Brazil, Malaysia, Iceland, Kazakhstan, Bhutan, Germany, Poland, Canada and Iran lagged somewhat behind, together accounting for a further 42%.

Malaysia, with a CAGR of +108.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon was the major exported product with an export of around 2.8M tons, which recorded 88% of total exports. It was distantly followed by ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon (394K tons), constituting a 12% share of total exports.

Ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon was also the fastest-growing in terms of exports, with a CAGR of +2.6% from 2012 to 2022. Ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon experienced a relatively flat trend pattern. From 2012 to 2022, the share of ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon increased by +2.1 percentage points.

In value terms, ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon ($6.2B) remains the largest type of ferro-silicon supplied worldwide, comprising 89% of global exports. The second position in the ranking was taken by ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon ($801M), with an 11% share of global exports.

For ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon, exports expanded at an average annual rate of +6.9% over the period from 2012-2022.

Export Prices By Type

In 2022, the average ferro-silicon export price amounted to $2,211 per ton, increasing by 34% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon export price increased by +89.9% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 42% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon ($2,236 per ton), while the average price for exports of ferro-alloys; ferro-silicon, containing by weight 55% or less of silicon amounted to $2,036 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by ferro-alloys; ferro-silicon, containing by weight more than 55% of silicon (+4.2%).

Export Prices By Country

In 2022, the average ferro-silicon export price amounted to $2,211 per ton, with an increase of 34% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon export price increased by +89.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 42% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Russia ($3,159 per ton), while Bhutan ($1,027 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+8.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform