Global Manganese Market Benefits from an Uptick in Demand from Steel Manufacturing Industry
A steep inclination in the growth curve of the manganese market can be accredited to its comprehensive application in steel production. Unprecedentedly, manganese plays an instrumental role in steel and iron production due to its exceptional properties including deoxidisation, alloy, and sulfur fixing. World Steel Association cites an increment of 3.7% in the production of steel, in 2021. It further anticipates the production of steel to reach 1,950 million tons and is likely to build on the momentum. Besides, the United States Geological Survey (USGS) highlighted the use of manganese in steel production with an overarching domestic demand of 80-90%. Such a business landscape has propelled the demand for manganese in steel production. Mounting demand and concurrent rise in the production of steel are, thus, contributing to the holistic growth of the global manganese market.
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Ascending Production and Sales of EVs, Significant Application in Lithium-ion Battery to Bode Well for Manganese Market
Manganese possesses exceptional properties that have raised its demand for the production of lithium-ion batteries and other battery-powered products. Furthermore, it functions as a stabilizer that has promoted its use in the structure of nickel manganese cobalt (NMC) cathode materials. Unlike cobalt, manganese is more affordable and highly stable. It facilitates enhancements in energy density to refine the battery capacity which ultimately improves the driving range of electric vehicles. Moreover, manganese is also capable of minimizing the combustibility of electric vehicle batteries. These factors are boosting the use of manganese in lithium-ion batteries used in electric vehicles. With the burgeoning sales and production of electric vehicles, the way ahead for the manganese market is projected to be extremely lucrative and fruitful.
Manganese Market to Flourish amid Rising Urbanization, and Industrialization
With rising urbanisation, the need for sophisticated infrastructure has also grown at a momentous pace. The extensive use of manganese in the construction and steel industries has fuelled its demand around the globe. It is widely used in the production of steel which is used in the development of infrastructure and buildings. In addition to this, the growing industrialisation is also accentuating the need for well-established infrastructure. To this end, the demand for manganese has risen significantly. This, in turn, has translated into numerous opportunities for the global manganese market. Market players are pursuing value creation through a focus on product margin optimization, channel sales excellence, and programmatic M&A.
Asia Pacific to Outcompete Other Regional Markets Owing to Burgeoning Sales of Manganese
During the projection timeframe, Asia Pacific is likely to hold a dominant position in the global manganese market. This can be attributed to the rise in sales of manganese in regional economies including China, Japan, and India. Demand for manganese, in the region, is majorly driven by the construction and steel industries. Rising urbanisation and suboptimal infrastructure have unlocked the demand for more infrastructure development across ASEAN countries. This, coupled with growing industrialization, has substantial demand for manganese in Asia Pacific.
Prominent Market Players
Some of the most competitive players operating at the vanguard of the manganese market include Accura Weldrods Kovai Pvt. Ltd., Ningxia Tianyuan Manganese Industry Group Co. Ltd., Mesa Minerals Limited, Assore Limited, Anglo-American PLC, Transalloy India Pvt. Ltd., Eramet, Afarak Group Plc, Sakura Ferroalloys, Mizushima Ferroalloy Co. Ltd., African Rainbow Minerals Ltd., and Metals and Alloys Corporation.
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