Global manganese sales continue to see a stable trajectory and manganese market that touched the valuation of around US$25 Bn in the year 2020 will most likely surge ahead steadily over the next few years.
Increasing Use in Steel Production to Complement Manganese Market Growth
Use of manganese in steel production remains a crucial aspect driving growth of its market worldwide. Manganese is a vital component in steel and iron production on the back of its deoxidising, alloying, and sulfur fixing properties. According to the United States Geological Survey (USGS), use of manganese in the production of steel is higher, accounting for around 80-90% of the total domestic demand. That said, growth in the production of steel directly complements the use of manganese, in turn providing new pathways of growth for the market. According to World Steel Association, production of steel increased by 3.7% in 2021 as compared to the previous year to touch 1,950 million tons and is likely to maintain status quo. This factor is poised to complement growth of the manganese market in the forthcoming years.
Demand in Lithium Ion Battery Manufacturing Coupled with Rising EV Sales to Bolster Growth of Manganese Market
Growing demand for manganese in the production of lithium ion batteries is expected to augur well for the market. Manganese is an essential component in the lithium ion battery and other battery powered products. Manganese plays a vital stabilising role in the structure of nickel manganese cobalt (NMC) cathode materials. These cathode materials are critical performers driving the efficiency and functionality of lithium ion batteries. In addition, manganese is comparatively less expensive than cobalt. Moreover, its high stability and ability to enhance the energy density can improve battery capacity offering an improved driving range in electric vehicles. In addition, manganese reduces combustibility of electric vehicle batteries, unlike cobalt infused batteries. This factor coupled with increasing sales and production of electric vehicles is expected to bode well for the growth of the market in the coming years.
Manganese Market Flourishes in Asia Pacific, China Remains Vital
Sale of manganese across Asian countries such as India, China, Japan, and other economies has remained on an upswing since the recent past. The manganese market in Asia Pacific is expected to grow at a momentous pace in the forthcoming years on the back of rising demand from construction and steel industries. In addition, other macro factors such as rapid urbanisation coupled with new investments in infrastructure development across ASEAN countries continue to contribute towards growth of the manganese market in the region. Furthermore, growing industrialisation has also influenced dependency on manganese. For instance, according to National Bureau of Statistics, in China, the industrial production went up by around 2.4% in 2020 in comparison with the previous year statistics and is expected to be on an upward trend in the coming years.
Moreover, China being one of the major steel producers and a large consumer is most likely to remain at the helm of the manganese market in Asia Pacific. In this backdrop, Asia Pacific is expected to reflect high growth opportunity and companies operating in the market can expect potential avenues from the region in the forthcoming years. On the contrary, developed economies North America, and Europe are expected to trail behind Asia Pacific in terms of production and consumption of manganese. Rapidly growing steel industry across economies such as the US, and Canada along with increasing sales of electric vehicles is likely to offer new avenues of growth for the manganese market in North America. Furthermore, stable rise in the GDP along with increasing urbanisation and automobile production is expected to augur well for manganese market in the region.
Manganese Market: Competitive Landscape
New product launches, collaborations and acquisitions have been observed in the market by key players and investment firms. By using these strategies, companies in the market look forward to strengthening their position and gain competitive advantage. A few of the major players in 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.
Recent Notable Developments
The Global Manganese Market Is Segmented As Below:
By End Use Industry
Key Elements Included In The Study: Global Manganese Market
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