The Role of Ferrosilicon in the Booming Electronics Industry

The KSA and GCC ferrosilicon market is witnessing significant growth due to the booming steel and electronics industries in the region. With the rising demand for deoxidizers in steelmaking and the production of alloys, ferrosilicon's high silicon content makes it a crucial component. Additionally, the increasing use of ferrosilicon in electronics for semiconductor and solar cell production further drives market growth. As the region emphasizes industrial and infrastructure development, the demand for ferrosilicon in the production of cast iron and steel is expected to surge, bolstering market growth in KSA and GCC.

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Data Bridge Market Research analyses that the KSA and GCC Ferrosilicon Market which was USD 57.35 million in 2022, would rocket up to USD 74.36 million by 2030, and is expected to undergo a CAGR of 3.3% during the forecast period of 2023 to 2030. The rising demand for sustainable practices and eco-friendly materials in the KSA and GCC region is driving the adoption of ferrosilicon, as it aligns with environmental objectives and supports responsible manufacturing processes, contributing to the market's growth.

Key Findings of the Study

The strong economic growth in the KSA and GCC region expected to drive the market's growth rate

The strong economic growth in the KSA and GCC region has resulted in increased investments across various sectors, including construction, automotive, electronics, and infrastructure. This economic prosperity has stimulated demand for ferrosilicon, which finds extensive applications as a deoxidizer in steelmaking and in the production of alloys used in these industries. As the region continues to witness robust economic development and industrial expansion, the demand for ferrosilicon is expected to grow, driving the overall market growth.

Report Scope and Market Segmentation

Segment Analysis:

The ferrosilicon market is segmented on the basis of silicon content, distribution channel, application, and end-user.

• On the basis of silicon content, the ferrosilicon market is segmented into 15%, 45%, 75%, and 90%.
• On the basis of distribution channel, the ferrosilicon market is segmented into offline and online.
• On the basis of application, the ferrosilicon market is segmented into inoculant, deoxidizer, and others.
• On the basis of end-user, the ferrosilicon market is segmented into steel and metallurgy, chemicals, semiconductors, ferrous foundry, photovoltaic solar energy, and others.

Major Players

Data Bridge Market Research recognizes the following companies as the major KSA and GCC ferrosilicon market  players in KSA and GCC ferrosilicon market  are Elkem A.S.A., (Norway) , Steel Force (Saudi Arabia), iran-ifc (Iran), MORTEX GROUP (India), K.F.A. Ferro Alloys(India),  O.M. Holdings Ltd.(Singapore), Sabayek(Turkey), Capstone Alloys (U.A.E) , and others

Market Developments

• In June 2022, Ferroglobe PLC achieved a significant milestone in its silicon metal powder project, producing high-purity silicon metal (up to 99.995%) in micrometer and sub-micrometer sizes, targeting batteries and advanced technologies.
• In June 2022, Ferroglobe PLC announced a Memorandum of Understanding (MOU) with REC Silicon, wherein Ferroglobe will utilize its asset platform in the United States to supply high-purity silicon metal to REC Silicon. The collaboration aims to establish a low-carbon and fully traceable U.S.-based solar supply chain
• In February 2020, Elkem and Vow Industry, ASA's subsidiary, signed a letter of intent to collaborate on reducing fossil CO2 emissions in silicon and ferrosilicon production. They plan to combine expertise and technology solutions to develop and manufacture ferrosilicon and other products for Elkem's production processes, with production at Vow Industries' plant in Follum, Norway.
• In January 2021, the Aksu ferroalloy plant of JSC TNC Kazchrome, owned by Eurasian Resources Group, achieved a significant milestone by reaching a lifetime production of 35 Mt in ferroalloy smelting. Kazchrome is a leading producer of chrome, silicon, and manganese alloys, contributing to over 60% of Kazakhstan's total ferroalloy output.

Regional Analysis

Geographically, the countries covered in the KSA and GCC ferrosilicon market report are Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman.

As per Data Bridge Market Research analysis:

Saudi Arabia is expected to dominate in KSA and GCC ferrosilicon market during the forecast period 2023 - 2030

Saudi Arabia is expected to dominate the Ferrosilicon market due to its growing industrial and infrastructure sectors, particularly in metallurgy, semiconductor manufacturing, solar energy, and chemical industries. The increased demand for ferrosilicon as a deoxidizer in steelmaking and its use in various alloy productions further contributes to its dominance. With the region's emphasis on economic diversification and development, the demand for ferrosilicon is projected to remain strong, driving its market growth. 

For more detailed information about the KSA and GCC ferrosilicon market report, click here – https://www.databridgemarketresearch.com/es/reports/ksa-and-gcc-ferrosilicon-market