The consumption of ferromanganese in full alloy steel manufacturing in the US stood at 67.94 thousand metric tons in 2023. Examining the year-on-year variations, the recent years have shown a steady increase: 2.84% from 2021 to 2022 and 2.71% from 2022 to 2023. Over the past five years, the compound annual growth rate (CAGR) has maintained an average of 3%, suggesting a consistent upward trend.
Future forecasts indicate continued consumption growth, projected to reach 77.3 thousand metric tons by 2028. The forecasted 5-year CAGR stands at 2.03%, predicting a cumulative growth of approximately 10.57% over the next half-decade.
Key trends to watch for in the future include:
- Impacts of technological advancements in steel manufacturing on material efficiency.
- Rising environmental and regulatory pressures influencing raw material use.
- Changes in global supply chains and trade policies affecting ferromanganese availability.
- Shifts in demand for alloy steels from major consumer industries like automotive and construction.
