According to the report titled ‘Global Manganese Iron Alloy Market Size study with COVID-19 Impact, by Type (Electric Furnace Ferromanganese, Blast Furnace Ferromanganese, Others), by Application (Metallurgy, Light Industry, Chemical, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global manganese iron alloy market is projected to record substantial growth during 2020-2027.
 

Technological development in mining furnace, and increasing applications in electric vehicles are the key factors driving the growth of global manganese iron alloy market. Notably, ferromanganese or manganese iron alloy possesses properties like better resistance, lightweight, ductility, and durability. The alloy is utilized in production as well as oxidation of steel for improving latter’s effectiveness and durability.
 

Raw material invasion leads to enhancement in supply and helps meet the demand. According to China Natural Resources News, during the time period of 2011-2018, manganese mineral reserves of over 1.1 billion metric tons were explored across China, which in turn improved trade across economies, thereby stimulating global manganese iron alloy market trends.
 

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In the view of the COVID-19 outbreak, non-functionality of several industries and imposition on exports are the factors arresting growth of global manganese iron alloy industry. Besides, availability of substitutes and volatility of raw materials prices will also restrain the market renumeration.
 

Based on type, worldwide manganese iron alloy market is divided into blast furnace ferromanganese, electric furnace ferromanganese, and others. Speaking of product application, the industry is bifurcated into chemical, light industry, metallurgy, and others.
 

Citing regional landscape, Asia Pacific presently holds significant share of global manganese iron alloy market and is anticipated to accrue notable gains by the year 2027, owing to rising use of lithium-ion batteries and adoption of electric vehicles.
 

Major contenders impacting global manganese iron alloy market trends are Orange City Alloys Pvt. Ltd., Marubeni Tetsugen Co. Ltd., Tradewell Ferromet Pvt. Ltd., Westbrook Resources Ltd., Abhinav Alloys Pvt. Ltd., Hafslund ASA, Russian Ferro-Alloys Inc., Jiangsu Jinsheng Industry Co. Ltd., Mechel, and Elkem.