Ferro-Chromium Market

The article provides a detailed analysis of the global ferro-chromium market, highlighting consumption trends, market performance forecasts, and key insights for the period from 2022 to 2030. The analysis includes data on market volume, value, consumption patterns in key countries such as China, South Africa, and Japan, as well as production and import/export trends. Key findings include the expected CAGR growth rate, market value projections, and insights into the different types of ferro-chromium products dominating the market. Overall, the article offers a comprehensive overview of the global ferro-chromium market and its expected trajectory in the coming years.

Market Forecast

Driven by increasing demand for ferro-chromium worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 18M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market value to $30B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ferro-Chromium

In 2022, approx. 14M tons of ferro-chromium were consumed worldwide; reducing by -3% against the previous year. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Global consumption peaked at 14M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global ferro-chromium market revenue fell modestly to $19.3B in 2022, which is down by -3.1% 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). The market value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $21.9B. From 2015 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (8M tons) constituted the country with the largest volume of ferro-chromium consumption, comprising approx. 59% of total volume. Moreover, ferro-chromium consumption in China exceeded the figures recorded by the second-largest consumer, South Africa (799K tons), tenfold. Japan (659K tons) ranked third in terms of total consumption with a 4.9% share.

In China, ferro-chromium consumption expanded at an average annual rate of +6.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: South Africa (-4.9% per year) and Japan (-1.4% per year).

In value terms, China ($10.9B) led the market, alone. The second position in the ranking was held by Japan ($1.3B). It was followed by the United States.

In China, the ferro-chromium market expanded at an average annual rate of +5.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+1.1% per year) and the United States (+4.3% per year).

In 2022, the highest levels of ferro-chromium per capita consumption was registered in Finland (51 kg per person), followed by Belgium (24 kg per person), South Africa (13 kg per person) and the Netherlands (13 kg per person), while the world average per capita consumption of ferro-chromium was estimated at 1.7 kg per person.

In Finland, ferro-chromium per capita consumption expanded at an average annual rate of +5.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+1.1% per year) and South Africa (-6.2% per year).

Production

World Production of Ferro-Chromium

Global ferro-chromium production reduced slightly to 15M tons in 2022, waning by -3.2% against the previous year. The total output volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 with an increase of 9.8%. Over the period under review, global production attained the maximum volume at 15M tons in 2021, and then fell modestly in the following year.

In value terms, ferro-chromium production dropped to $15.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 34%. Over the period under review, global production hit record highs at $18.4B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (5.7M tons), South Africa (4.2M tons) and Kazakhstan (1.6M tons), with a combined 78% share of global production. India, Finland, Russia and Zimbabwe lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +8.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ferro-Chromium

In 2022, global imports of ferro-chromium shrank to 6.2M tons, reducing by -11.1% compared with the previous year's figure. Over the period under review, imports, however, recorded modest growth. The pace of growth appeared the most rapid in 2021 when imports increased by 13%. As a result, imports reached the peak of 6.9M tons, and then fell in the following year.

In value terms, ferro-chromium imports expanded remarkably to $10.2B in 2022. Overall, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 52%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

China represented the key importing country with an import of around 2.4M tons, which reached 39% of total imports. Japan (649K tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by the United States (9.8%), Indonesia (9.1%), South Korea (5.4%) and Belgium (5.1%). The following importers - the Netherlands (269K tons), Spain (151K tons), Germany (137K tons), Taiwan (Chinese) (127K tons) and Sweden (97K tons) - together made up 13% of total imports.

From 2012 to 2022, average annual rates of growth with regard to ferro-chromium imports into China stood at +4.6%. At the same time, Indonesia (+16.5%), the Netherlands (+13.9%), Sweden (+5.4%), the United States (+1.9%) and Belgium (+1.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in the world, with a CAGR of +16.5% from 2012-2022. By contrast, Japan (-1.3%), Spain (-1.8%), South Korea (-4.4%), Taiwan (Chinese) (-7.4%) and Germany (-10.3%) illustrated a downward trend over the same period. China (+12 p.p.), Indonesia (+6.9 p.p.) and the Netherlands (+3.1 p.p.) significantly strengthened its position in terms of the global imports, while Japan, Taiwan (Chinese), South Korea and Germany saw its share reduced by -2.7%, -2.8%, -3.9% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.2B) constitutes the largest market for imported ferro-chromium worldwide, comprising 31% of global imports. The second position in the ranking was held by Japan ($1.4B), with a 14% share of global imports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +6.1%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+2.9% per year) and the United States (+6.4% per year).

Imports By Type

Ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon dominates imports structure, finishing at 5.8M tons, which was approx. 94% of total imports in 2022. It was distantly followed by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon (368K tons), achieving a 6% share of total imports.

Ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon experienced a relatively flat trend pattern with regard to volume of imports. Ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon ($8.7B) constitutes the largest type of ferro-chromium imported worldwide, comprising 86% of global imports. The second position in the ranking was taken by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon ($1.5B), with a 14% share of global imports.

For ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon, imports expanded at an average annual rate of +3.1% over the period from 2012-2022.

Import Prices By Type

In 2022, the average ferro-chromium import price amounted to $1,655 per ton, increasing by 27% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 an increase of 34%. Global import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon ($3,984 per ton), while the price for ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon totaled $1,507 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon (+3.1%).

Import Prices By Country

In 2022, the average ferro-chromium import price amounted to $1,655 per ton, with an increase of 27% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2021 an increase of 34% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($3,210 per ton), while Indonesia ($1,073 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ferro-Chromium

In 2022, approx. 7.3M tons of ferro-chromium were exported worldwide; dropping by -10.3% compared with the previous year. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 22%. As a result, the exports reached the peak of 8.1M tons, and then declined in the following year.

In value terms, ferro-chromium exports soared to $10.9B in 2022. Overall, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.7% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 53% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, South Africa (3.4M tons) was the main exporter of ferro-chromium, generating 46% of total exports. It was distantly followed by Kazakhstan (1,448K tons), India (699K tons) and Zimbabwe (383K tons), together creating a 35% share of total exports. The following exporters - Finland (248K tons), Russia (242K tons) and the Netherlands (200K tons) - each amounted to a 9.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to ferro-chromium exports from South Africa stood at +2.0%. At the same time, Zimbabwe (+13.7%), Finland (+9.0%) and India (+1.1%) displayed positive paces of growth. Moreover, Zimbabwe emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.7% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, Russia (-2.5%) and Kazakhstan (-4.3%) illustrated a downward trend over the same period. While the share of South Africa (+5.2 p.p.), Zimbabwe (+3.7 p.p.) and Finland (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Kazakhstan (-13.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($3.6B), Kazakhstan ($2.7B) and India ($962M) constituted the countries with the highest levels of exports in 2022, with a combined 67% share of global exports. Russia, the Netherlands, Zimbabwe and Finland lagged somewhat behind, together accounting for a further 18%.

Zimbabwe, with a CAGR of +11.0%, saw 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-chromium, containing by weight more than 4% of carbon dominates exports structure, resulting at 6.9M tons, which was near 94% of total exports in 2022. It was distantly followed by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon (424K tons), achieving a 5.8% share of total exports.

Ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon experienced a relatively flat trend pattern with regard to volume of exports. Ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon ($9.3B) remains the largest type of ferro-chromium supplied worldwide, comprising 85% of global exports. The second position in the ranking was taken by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon ($1.6B), with a 15% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon exports stood at +2.2%.

Export Prices By Type

The average ferro-chromium export price stood at $1,494 per ton in 2022, rising by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon ($3,878 per ton), while the average price for exports of ferro-alloys; ferro-chromium, containing by weight more than 4% of carbon stood at $1,347 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by ferro-alloys; ferro-chromium, containing by weight 4% or less of carbon (+3.0%).

Export Prices By Country

The average ferro-chromium export price stood at $1,494 per ton in 2022, rising by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue 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 ($2,910 per ton), while Zimbabwe ($949 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform