The consumption of ferromanganese in manufacturing, expressed in terms of manganese content, stood at 349.51 thousand metric tons in 2023. The historical data shows a general upward trend with minor fluctuations over the years. From 2013 to 2023, the consumption grew steadily, and the year-on-year variation was modest, mostly under 2% except for a noticeable dip in 2020 by -3.35% and a significant rise in 2021 by 7.02%, likely reflecting economic impacts and recovery patterns. The compound annual growth rate (CAGR) over the last five years indicates an average annual growth rate of about 1.67%.
Future trends indicate a continued upward trajectory in consumption, with a forecasted 5-year CAGR of 1.21%, pointing towards steady growth. By 2028, the consumption is expected to reach 377.4 thousand metric tons, reflecting a total approximate growth rate of 6.2% over the forecast period.
Future trends to watch for include:
- Potential impacts of technological advancements in manufacturing processes that could affect manganese demand.
- Economic fluctuations and policies that might influence industrial production.
- Environmental regulations and the shift towards sustainable practices that could alter raw material requirements.
