Manganese Alloys Market - An Overview
Manganese, the fifth most abundant metal found in the Earth's crust, is a hard, brittle, and grey-white to silvery colored metal. Manganese is used as an alloying agent and manganese alloys are used in steel production as it helps to increase the hardenability aspect of steel. Alloys with a high manganese content also have properties such as formability, ductility, and strain hardening. These characteristics enhance resistance against any damage caused by mechanical impact.
These alloys are processed into different levels of superalloys and steel and are used in different kinds of industrial applications. Some of the other properties that manganese lends to steel include stiffness, toughness, hardness, and wear resistance. With manganese alloys playing such an important role in enhancing steel’s properties, its usage could help boost the manganese alloys market, further.
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The manganese-based steel alloys have witnessed a rise in demand in automotive applications because of the high demand for weight saving to decrease the overall weight of the component. By adding manganese to steel, it helps form features such as high corrosion resistance, machinability, and high thermal conductivity. The steel demand is anticipated to rise swiftly because of an increase in capacity expansion in the automotive industry. The industry is expected to grow at a significant pace during the forecast period.
The manganese alloys market worldwide has been divided into five different regions: Latin America, Europe, North America, Asia Pacific, and Middle East Africa. In 2018, Asia Pacific emerged as the leader in the global manganese alloys market, with approximately 77.1 of the share, primarily because this region is a major automotive and industrial hub. The manganese alloys market in Asia Pacific is expected to grow at a substantial rate during the forecast period because of an increase in automobile demand in developing economies such as India and China.
The manganese alloys market has its own set of challenges, as well. The manufacturing costs of manganese alloys depends upon factors such as cost of labor, cost of transportation, cost of power, and cost of raw materials.
The production process of manganese alloys needs high temperatures as well as high power and thereby, the production costs for the manganese alloys are high. The large production costs, coupled with volatility in the market could impact the manganese alloys market.
Few Large Players Operate in Global Manganese Alloy Market
Key players operating in the global manganese alloy market include ERAMET S.A., South32, Ferroglobe, ArcelorMittal, Jindal Stainless Ltd, Sakura Ferroalloys SDN BHD, Pertama Ferroalloys Sdn. Bhd., Mortex Group, Georgian American Alloys, Nikopol Ferroalloy Plant, and Maithan Alloys Ltd.
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Manganese Alloys Market - Snapshot
Manganese is a brittle, hard, grey-white to silvery metal with the chemical symbol Mn. It is the fifth most abundant metal found in the Earth’s crust. Manganese serves as an important alloying agent. Manganese alloys are primarily used in the production of steel. Manganese enhances the strength, stiffness, hardness, toughness, hardenability, wear resistance, and forging and rolling qualities in steel. Manganese alloys are processed into different grades of superalloys and steel; therefore, these are employed in various industrial applications.
Alloys with high manganese content possess properties such as ductility, formability, strain hardening, and strength level parameters, which reduce the weight of vehicles and improve resistance against effects of mechanical impact. Manganese increases the hardenability of steel. Manganese alloys are more durable as cost-effective as compared to other metals alloys.
Increase in Use of Magnesium Alloys in Automotive Industry to Drive Market
Demand for manganese-based steel alloys is increasing in automotive applications due to high demand for weight saving to reduce fuel consumption. Manganese and steel are alloyed together to reduce the weight of the component. Aluminum is alloyed with other elements, including manganese ore and silicomanganese, to create moderate-to-high strength, non-heat-treatable alloys that are readily weldable and corrosion-resistant. The addition of manganese alloys to steel creates favorable properties such as high thermal conductivity, good castability, high corrosion resistance, and machinability.
High Production Cost of Manganese Alloy to Restrain Market
The production cost of manganese alloys depends on key variables such as cost of power, cost of raw materials, cost of labor, and cost of transportation. The production process power intensive as it requires high temperatures and high power; therefore, the production cost is high. Thus, the high production cost and market volatility are projected to hamper the manganese alloys market. Several governments have imposed stringent mining regulations for the extraction of manganese. It ultimately hampers the production cost of manganese alloys. According to a report by the Bureau of Mines India, India is expected to experience a 5mtpa shortage of manganese ore by 2020. This likely to hamper the prices of manganese alloys. Implementation of stringent environment rules regarding water and air pollution in developing and developed countries is expected to affect the production of manganese alloys.
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Growth in Automotive Industry to Create Lucrative Opportunities in Manganese Alloys Market
The automotive industry was valued at US$ 74 Bn in 2015 and surpass US$ 260 Bn by 2026. Demand for steel is expected to increase rapidly due to rise in capacity expansion in the automotive industry. The global automotive industry, which includes passenger cars, trucks, and heavy duty vehicles, is expected to grow at a substantial pace during the forecast period. Around 91.5 million units of passenger cars and commercial vehicles were manufactured in 2018. Global sales of cars and commercial vehicles increased in the last few years. This, in turn, drives the demand for manganese alloys.
Asia Pacific Constituted around 77.1% Share of Global Market in 2018
Based on region, the global manganese alloy market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East Africa. Asia Pacific dominated the global market in 2018, as the region is an automotive and industrial hub. Moreover, the market in Asia Pacific is anticipated to expand at a significant pace during the forecast period due to the rise in demand for automobiles in the region, especially in developing countries such as China and India.
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