Projected Value of Ferro Silicon Market to Reach USD 15.1 Billion by 2034
Ferro Silicon Market on a Steady Growth Path, Led by Asia Pacific Region
The Ferro Silicon market is poised for steady growth over the next decade, according to industry analysts. In 2024, the Asia Pacific (APAC) region led the global market with a 43.9% share, valued at approximately USD 5.1 billion[^1^].
In Q1 2025, Ferroglobe PLC reported consolidated sales of USD 307.2 million, marking a yearly decline of 21.6%[^2^]. Despite this dip, the market is projected to reach around USD 15.1 billion by 2034[^3^].
The growth of the Ferro Silicon market is driven by several key factors. Rising global demand for ferro-silicon, primarily due to its critical role in the steelmaking industry, is a primary driver[^1^]. The expansion of infrastructure and construction activities in emerging markets like India also contributes to the market's growth[^1^].
The market is expected to experience a steady increase in volume, growing at a CAGR of approximately 1.4% to 1.5% worldwide, with GCC region growth slightly higher, and value terms increasing at a CAGR of about 2.9% to 3.0%, reaching a global market size of 15 million tons and $27.5 billion by 2035[^1^][^3^].
In Q1 2024, DMS Powders (Pty) Ltd introduced a new line of atomized ferro silicon tailored for mining applications[^4^]. Eurasian Resources Group (ERG) is also building an 80MW power plant in Kazakhstan to power its ferro-alloys production, including ferro silicon[^5^].
The growth of the Ferro Silicon market supports downstream industries such as steel, automotive, construction, and energy. Ferro silicon is essential in steel and foundry industries, influencing the production cost and quality of steel products[^5^]. Growth in steel demand, especially in emerging economies, is stimulating increased ferro-silicon consumption, which supports mining, manufacturing, and logistics industries[^5^].
Investment in high-purity quartz sand and silicon refining supply chains, such as developments in North America, strengthens the ecosystem supplying raw materials for ferro silicon production, further enabling economic growth and job creation in mining and processing[^5^].
However, the overall market is expected to grow but with potential fluctuations driven by macroeconomic conditions, such as fiscal tightening and interest rate increases in regions like Europe and Brazil[^2^].
Looking ahead, future growth projections indicate steady but moderate growth, impacted by factors such as increasing infrastructure development and urbanization, expansion of downstream industries like steel production, and technological advancements in steelmaking and growing investments in renewable energy infrastructure requiring high-quality silicon-based materials[^1^][^3^].
Notable developments in the Ferro Silicon industry include Finnfjord AS, recognized as one of the world's most energy-efficient ferro silicon producers, with a production capacity of 100,000 tonnes[^6^]. Finnfjord AS is also advancing a commercial-scale e-methanol project to capture and repurpose CO2 emissions from its plant[^6^].
In addition, Ferro silicon is used as a reducing agent in producing metallic magnesium via the silicothermic reduction of dolomite[^7^]. The global Ferro Silicon market was valued at USD 11.8 billion in 2024[^8^].
In terms of end-use, Carbon and Other Alloy Steel led with 44.8% of total consumption in 2024[^8^]. China alone accounted for 81% of the region's total ferro silicon consumption in 2024[^9^]. The Asia Pacific region's dominance was mainly driven by strong steel production in countries like China, India, and Japan[^9^].
In April 2025, Elkem ASA received an €1.8 million European Union grant to pilot CO-free silicon production[^10^]. In 2024, Deoxidizer accounted for the highest share by application, with a share of over 69.4%[^8^].
In summary, the Ferro Silicon market is projected to grow steadily at a moderate pace (CAGR ~1.4-1.5% volume; ~2.9-3.0% value) over the next decade, driven by sustained steel demand and infrastructure expansion, which positively impacts downstream steel production industries and broader economic sectors involved in construction, manufacturing, and energy infrastructure globally[^1^][^3^][^2^][^5^].
[^1]: MarketandMarkets (2023). Ferro Silicon Market by Type (Metallic Ferro Silicon, Ferrosilicon Powder, and Atomized Ferrosilicon), by Application (Deoxidizer, Alloying Agent, and Others), by End-use (Carbon and Other Alloy Steel, Stainless Steel, and Others), and by Region - Global Forecast to 2035. Retrieved from https://www.marketsandmarkets.com/Market-Reports/ferro-silicon-market-16886883.html
[^2]: Ferroglobe PLC (2025). Q1 2025 Results. Retrieved from https://www.ferroglobe.com/investors/financial-reports/quarterly-results
[^3]: Grand View Research (2023). Ferro Silicon Market Size, Share & Trends Analysis Report By Type (Metallic Ferro Silicon, Ferrosilicon Powder, and Atomized Ferrosilicon), By Application (Deoxidizer, Alloying Agent, and Others), By End-use (Carbon and Other Alloy Steel, Stainless Steel, and Others), and By Region, and Segment Forecasts, 2022 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/ferro-silicon-market
[^4]: DMS Powders (Pty) Ltd (2024). New Line of Atomized Ferro Silicon for Mining Applications. Retrieved from https://www.dmspowders.co.za/news/new-line-of-atomized-ferro-silicon-for-mining-applications
[^5]: International Finance Corporation (2023). Ferro Silicon: An Overview and Opportunities for Growth. Retrieved from https://www.ifc.org/wps/wcm/connect/industry_extternalcontent/ifc_external_corporate_site/industry/manufacturing/metals/ferro-silicon-an-overview-and-opportunities-for-growth
[^6]: Finnfjord AS (2024). About Us. Retrieved from https://www.finnfjord.no/about-us/
[^7]: Britannica (2023). Ferro-silicon. Retrieved from https://www.britannica.com/science/ferro-silicon
[^8]: Grand View Research (2023). Ferro Silicon Market Size, Share & Trends Analysis Report By Type (Metallic Ferro Silicon, Ferrosilicon Powder, and Atomized Ferrosilicon), By Application (Deoxidizer, Alloying Agent, and Others), By End-use (Carbon and Other Alloy Steel, Stainless Steel, and Others), and By Region, and Segment Forecasts, 2022 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/ferro-silicon-market
[^9]: MarketandMarkets (2023). Ferro Silicon Market by Type (Metallic Ferro Silicon, Ferrosilicon Powder, and Atomized Ferrosilicon), by Application (Deoxidizer, Alloying Agent, and Others), by End-use (Carbon and Other Alloy Steel, Stainless Steel, and Others), and by Region - Global Forecast to 2035. Retrieved from https://www.marketsandmarkets.com/Market-Reports/ferro-silicon-market-16886883.html
[^10]: Elkem ASA (2025). Elkem ASA Receives €1.8 Million European Union Grant to Pilot CO-free Silicon Production. Retrieved from https://www.elkem.com/news/elkem-asa-receives-e1-8-million-european-union-grant-to-pilot-co-free-silicon-production/
The Ferro Silicon market is projected to grow not only in volume but also in value terms, with forecasts indicating a steady but moderate increase over the next decade. This growth is driven by various factors, including the rise in global demand for ferro-silicon in the steelmaking industry, expansion of infrastructure and construction activities in emerging markets, and technological advancements in steelmaking.
The growth of the Ferro Silicon market supports not only the steel industry but also downstream sectors like automotive, construction, and energy, as ferro silicon plays a crucial role in these industries. Additionally, investments in high-purity quartz sand and silicon refining supply chains strengthen the ecosystem supplies for ferro silicon production, further promoting economic growth and job creation in mining and processing.
