Analysis of the silicomanganese market worldwide: а review

Abstract

This article presents data on the production and trade turnover of silicomanganese (SiMn) in the world and Kazakhstan. Based on these studies, it is possible to predict the future state of silicomanganese. The global silicomanganese market is expected to grow from $25.98 billion in 2022 to $28.33 billion in 2023 at a cumulative annual growth rate (CAGR) of 9%. The Russian-Ukrainian war has undermined the chances of a global economic recovery after the Covid-19 pandemic, at least in the short term. The war between the two countries led to economic sanctions against many countries, rising commodity prices and supply chain disruptions, which caused inflation of goods and services and affected many markets around the world. The global silicomanganese market is expected to reach $38.35 billion in 2027 with an average annual growth rate of 7.9%. It is expected that the growing demand for steel products will contribute to the further growth of the silicomanganese market. Steel products are products that are made from iron and metal in factories by various methods and mixed with alloys such as carbon, zinc and others. Silicomanganese is used to produce various types of steel for various purposes, such as carbon steel, alloy steel, manganese steel. Such use leads to an increase in demand for silicomanganese in the production of steel products. For example, in 2022, according to the World Steel Association (WSA), the Belgian international trade organization for Ferrous Metallurgy, steel consumption will increase by 0.4% in 2022, reaching 1.840 million tons. Steel consumption will increase by 2.2% in 2023, reaching 1.881 million tons. Thus, the growing demand for steel products stimulates the silicomanganese market.